LONDON–(BUSINESS WIRE)–According to Technavio’s latest report, the global centrifugal pumps market is expected to exceed USD 27 billion by 2020, growing at a CAGR of over 4% during the forecast period.
A centrifugal pump is a device that converts the input power into kinetic energy of a liquid. These pumps are utilized in operations such as circulating coolants or lubricants throughout machines and equipment. They find extensive use in industrial applications and others in which such machines and equipment are used. The global centrifugal pumps market accounts for almost 52% of the global pumps market.
According to Anju Ajaykumar, lead research analyst at Technavio for engineering tools, “Although the overall global growth is likely to be robust, factors driving this growth will vary from region to region. In emerging economies such as India and China, growth will primarily result from rapid industrialization with rising investments in power generation and water infrastructure sectors whereas, in the oil producing countries of the Middle East, the market will benefit from increasing drilling activities.”
In this report, Technavio covers the present scenario and growth prospects of the Global Centrifugal Pumps Market 2016-2020. The report also presents the vendor landscape and a corresponding detailed analysis of the top four vendors operating in the market. The market is segmented into the following three regions:
EMEA: largest market for centrifugal pumps
The centrifugal pumps market in EMEA is expected to exceed USD 11 billion by 2020, growing at a CAGR of over 3%.
According to the World Bank, the most populated areas of MENA (the Middle East and North Africa) include Iran, Iraq, Saudi Arabia, and Egypt. The population in MENA is growing at the rate of 2% per year.
Increase in urban population is expected to boost the construction sector and also the water and wastewater industry to meet the rising demand of the population, as a result of which the centrifugal pumps market is expected to witness a steady growth.
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APAC: rapid industrialization and urbanization to boost growth
The centrifugal pumps market in APAC is expected to exceed 10 billion by 2020, growing at a CAGR of over 4%. The centrifugal pumps market in APAC is experiencing high demand from different end-users such as the power (nuclear), wastewater, mining, and chemical industries.
Nuclear power plants rely highly on cooling systems to ensure continuous and safe operation of the nuclear reactors. The cooling system in a nuclear power plant uses numerous centrifugal pumps to circulate water as a medium to cool the reactors.
The nuclear power sector in China is expected to grow three-fold, adding a nuclear capacity of at least 60 GWe by the end of 2020 and then another 150 GWe by the end of 2030. Therefore, growth in investment in the nuclear sector is expected to create demand for centrifugal pumps in the developing countries in APAC, including China and India.
The demand for pumps is also driven by rapid urbanization and infrastructure development in APAC. Several developing and developed countries are investing heavily in the wastewater industry for wastewater treatment, which is benefitting market growth.
“Rapid industrialization and the growing transportation sector in India and China will also raise the demand for oil and gas which in turn, is expected to boost the demand for centrifugal pumps,” says Anju.
Americas: advances in oil and natural gas production spurs demand for centrifugal pumps
The centrifugal pumps market in the Americas is expected to exceed USD 5 billion by 2020, growing at a CAGR of over 5%.
The demand for centrifugal pumps in the Americas is dominated by the oil and gas industry. There has been a growing need to renovate and upgrade the existing facilities in this region. Advances in oil and natural gas production technology have boosted oil production in the region, attracting vendors to invest in this industry.
The demand for pumps in North, Central, and South America is expected to witness a rise in 2016 due to the requirements of the mining industry. The demand for commercial and industrial centrifugal pumps market will also be driven by other end-user industries such as liquid natural gas (LNG), ethanol, flue gas desulfurization (FGD), and oil production units.
Some of the other prominent vendors listed in the report are: Atlas Copco, Baker Hughes, Busch, Clyde Union, Ebara, Schlumberger, and Weir Group.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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