PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1682804
PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1682804
The global centrifugal pump market is experiencing significant growth, driven by investments in the construction sector, rapid urbanization, and the increasing need for wastewater management in developed countries. In 2024, the market size was valued at USD 41.2 billion and is projected to reach USD 65.0 billion by 2032, advancing at a compound annual growth rate (CAGR) of 5.9% during the forecast period.
The surge in consumer demand for these devices in residential settings, coupled with government initiatives such as funding and new industrial policies, is augmenting market growth. Additionally, the adoption of the Industrial Internet of Things (IIoT) and digitalization is expected to offer lucrative opportunities for market expansion.
Key Insights
The centrifugal pump market is segmented based on operation type into electrical, hydraulic, and pneumatic categories. Among these, the electrical category accounted for the largest revenue share in 2024 and is expected to witness the fastest growth during the forecast period. This is due to the smooth handling of both liquids and solids by these systems, boosting production capacity across various sectors, including domestic, agriculture, and industrial.
Based on stage, the market is bifurcated into single-stage and multistage pumps. The multistage category is expected to undergo faster growth in the upcoming period, with a 7% CAGR. This growth is attributed to the easy installation, high energy efficiency, optimized operation, and lower internal friction losses of these variants.
The Asia-Pacific region held the largest market share in 2024 and is also the fastest-growing region. This dominance is attributed to rampant urbanization, high infrastructure investment, and growing disposable income in countries such as China and India. These factors offer opportunities for market growth, as the increasing urbanization rate has heightened awareness among consumers about the importance of clean water for maintaining a healthy lifestyle.
A key trend in the market is the integration of smart, IoT-integrated pumps. The adoption of the Industrial Internet of Things (IIoT) and digitalization is expected to offer lucrative opportunities for market expansion. These smart pumps enable real-time monitoring and control, enhancing operational efficiency and reducing maintenance costs.
The centrifugal pump market is fragmented, with numerous players striving to expand their consumer base globally. Major companies in the market include Flowserve Corporation, EBARA Corporation, Sulzer Management Ltd., Grundfos Holding A/S, Kirloskar Brothers Limited, KSB SE & Co. KGaA, Ingersoll Rand Inc., ITT Inc., Torishima Pump Mfg. Co. Ltd., The Weir Group PLC, Crompton Greaves Consumer Electricals Limited, and Havells India Ltd.