(2019 – 2024) “Centrifugal Pumps Market” Report studies the global market competition landscape, market drivers and trends, opportunities and challenges, risks and entry barriers, sales channels, distributors and Centrifugal Pumps Analysis. The Centrifugal Pumps market is expected to register a CAGR of approximately XX% during the forecast period of (2019 – 2024).
Centrifugal Pumps Market Report Covers Leading Manufacturers: Flowserve Corporation, Grundfos Holding A/S, KSB AG, ITT Inc., Sulzer Ltd., Ebara Corp., Weir Group plc, Schlumberger Ltd., Baker Hughes, Inc., Clyde Union, Inc., Dover Corporation
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The global centrifugal pumps market has witnessed some volatility in its demand in the past few years mainly due to the downturn in the oil & gas upstream sector. However, the industry has started to recover in 2017 with an increase in spending and outlook is seems to be positive on account of increasing crude oil price and an increase in activity, especially in North America. Increasing concern towards wastewater treatment has been one of the major drivers in the past few years, which has helped to reduce the level of shock from oil & gas industry. The commercial HVAC sector is expanding faster than any other industries and the growth in demand for centrifugal pumps in the commercial HVAC sector is expected to be the fastest in the Asia-pacific region. In the Middle East & Africa region, Qatar is expected one of the largest markets in the recent years on the back of its initiative to diversify its economy and preparations for the upcoming World Cup.
Rising Demand from Water & Wastewater Sector is driving the Market
The awareness level of water reuse has increased in recent years majorly attributed to decreasing level of groundwater across the world. Industrial sector consumes a large volume of water, and due to depleting reserves of groundwater, the reuse of water has become an imperative. The governments across the world are focusing on the development of strict regulatory policy to build sustainable water systems including development of centralized systems for proper distribution and design of water treatment models. China, under the 13th Five-Year-Plan (2016-2020), has planned to invest around RMB 559 billion or 0.75 percent of its GDP on its water treatment industry. Such developments are likely to promulgate the water and wastewater infrastructure development. The deployment of centrifugal pumps due to development of water and wastewater infrastructure is anticipated to increase in the near future.
Asia-Pacific to Dominate the Centrifugal Pumps Market Share
Asia-Pacific is witnessing huge economic growth which has resulted in the development of industrial infrastructure. The industrial infrastructure in the region is witnessing growth on account of business-friendly policies. Most of the countries in the Asia-Pacific region is in a growing phase, and the high rate of population growth has led to an increased requirement for water supply. Crude oil consumption in the region is growing at 3-4% in the past three years and accounted for around 35.2% of the global consumption. Increasing population and industrialization support the growth in consumption. Demand for centrifugal pumps, which is used to transport crude oil, have increased significantly in the past few years. Most of the countries in the Asia-pacific region have positive outlook pertaining to industries such as water and wastewater, oil & gas, etc. which, in turn, drives the demand for centrifugal pumps.
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Reasons to Purchase Centrifugal Pumps Market Report:
- Identification of key factors instrumental in changing the market scenario, exploiting new opportunities, and gaining a competitive edge.
- Analysing various perspectives of the market with the help of Porter’s five forces analysis.
- The authentication mode is likely to witness the highest adoption of these systems in the market.
- The regions that are expected to witness the fastest growth during the forecast period.
- The SWOT analysis for key players and a detailed study of their current strategic interests and key financial performance indicators.
- 3 months’ analyst support along with the Market Estimate sheet (in excel).
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