The centrifugal pump market is expected to reach US$ 36,879.0 million by 2028 from US$ 25,154.3 million in 2021; it is estimated to grow at a CAGR of 5.6% from 2021 to 2028.

Centrifugal pumps are designed to move fluid by transferring rotational energy from one or more driven rotors, known as impellers. It converts the rotational energy of the fluid to energy in a moving fluid. The increasing urbanization in the developing countries and the consequent surge in the need of water treatment plants are contributing to the centrifugal pump market proliferation. The market in the MEA and APAC are likely to experience high growth in the coming years owing to the rising industrial demands in these regions. The growth of the centrifugal pump market is mainly ascribed to the factors such as robust demand from the water and wastewater, and infrastructure sectors. However, the cavitation effect in centrifugal pumps restrains the market growth. On the other hand, developing countries are likely to offer lucrative opportunities to the centrifugal pump market players on account of the increasing investments in wastewater treatment plants in the coming years.

Impact of COVID-19 Pandemic on Centrifugal Pump Market

According to the latest situation report from the World Health Organization (WHO), the US, Spain, Italy, France, Germany, the UK, Russia, Turkey, Brazil, Iran, and China are among the worst-affected countries due to the COVID-19 pandemic. In 2020, the world economy suffered severe consequences of the global outbreak. The pandemic has led to disruptions in primary industries including electronics, semiconductor, and manufacturing. A sharp decline in the growth of mentioned industries is limiting the centrifugal pump market growth.

The overall centrifugal pumps market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the centrifugal pumps market with respect to all the segments. It also provides the overview and forecast for the global centrifugal pumps market based on all the segmentation provided with respect to five major regions-North America, Europe, Asia Pacific, Middle East & Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants typically involved in this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers-along with external consultants such as valuation experts, research analysts, and key opinion leaders-specializing in the centrifugal pumps market. Major players operating in the centrifugal pumps market include EBARA CORPORATION; Grundfos Holding A/S; KIRLOSKAR BROTHERS LIMITED; KSB SE & Co. KGaA; PLEUGER INDUSTRIES; Sulzer Ltd; The Weir Group PLC; Tsurumi Manufacturing Co., Ltd.; WILO SE; and Xylem Inc.