As stated in our extensive report; the Global Centrifugal Pump Market accounted forUSD 36.1 Billionin 2021.
The COVID-19 outbreak has affected all markets and industries severely. The government imposed a lockdown to minimize the spread of covid, due to which the manufacturing rate slumped. Furthermore, the supply chain was significantly disrupted due to restrictions and regulations. As a result, all businesses faced huge losses during the COVID-19 period. However, the Global Centrifugal Pump Market remained unhampered as the Centrifugal Pump were surging in demand. Furthermore, the COVID-19 guidelines encouraged biological water waste management systems that boosted the need for the wastewater industry. In addition, the World Health Organization (WHO) has promoted minimum virus transmission through sewage water, increasing the demand for Centrifugal Pump during the COVID-19 period.
The increasing demand in the oil, gas, and chemical industry is anticipated to fuel the demand for Centrifugal Pump in the forecasted period. In addition, the rapidly expanding manufacturing sector and residential and commercial infrastructure development are estimated to fuel the Global Centrifugal Pump Market growth. Furthermore, the rise in investments in the construction industry is leading to rapidly growing urbanization which is propelling the demand for Centrifugal Pump, which will further lead to the Global Centrifugal Pump Market growth.
High prevailing demand for Centrifugal Pump in the agriculture industry is anticipated to take the largest share in the growth of the Global Centrifugal Pump Market in the forecasted period. In addition, the growing demand for hydrocarbons used to fuel various power generation requirements will surge the Global Centrifugal Pump Market. Furthermore, extensive application of the Centrifugal Pump in multiple industries such as metal manufacturing, chemicals, marine, and many others is anticipated to augment the Centrifugal Pump Market growth. Moreover, the Global Centrifugal Pump Market is expected to attract many competing market players owing to the increasing demand for this Centrifugal Pump. Currently, there are several competing market players in the Centrifugal Pump Market.
The Global Centrifugal Pump Market based on the region is divided into and the rest of the world. However, the has been dominating the Centrifugal Pump Market over the past few years and is expected to grow more in the future. Furthermore, the Centrifugal Pump Market is estimated to grow in the forecasted period owing to rapidly growing urbanization, increasing oil and gas production, etc. Therefore, the Centrifugal Pump is estimated to grow at an exponentially rising compound annual growth rate in the region.
The well-known players of the Global Centrifugal Pump Market include Grundfos (Denmark), Xylem (US), KSB (Germany), Flowserve (US), Sulzer (Switzerland), Wilo (Germany), Weir (UK), ITT Corporation (US), CIRCOR International (US), Baker Hughes - A GE Company (US), Gardner Denver (US), Pentair (US), Ebara Corporation (Japan), Kirloskar Brothers Limited (India), Tsurumi Manufacturing (Japan), Leo (China), HCP Pump (Taiwan), Proril (Taiwan), CNP Pumps (India), PSP Pumps (India), Zhejiang Doyin Technology (China), Alfa Laval (Sweden), SPT Pumpen (Germany), Grindex (Sweden), Xavitech (Sweden), Vansan (Turkey), Griswold - A PSG Dover Company (US), Schlumberger (US), Mody Pumps (US), WEG (Brazil) and others.