Centrifugal Pump Market - By Type (Lon-Coupled Centrifugal Pump, Close-Coupled Pump); By Classification (End-suction Pump, Axially Split Case Pump, Vertical In-line pump, Submersible Pump, Sealless Pump and Others); By Stage (Single Stage and Multistage); By End-user Industry (Oil & gas, Agriculture, Pharmaceutical, Food & Beverage, Chemical and Others; By Geography - Forecast(2025-2030)

The market for Centrifugal pump is expected to reach $57.3 billion by 2030, growing at a CAGR of 5.7% from 2024 to 2030. The increasing off-field exploration activities in major economies is set to boost the demand for the centrifugal pumps. The significant usage of suction pump, impeller pump and others in the extraction, processing and many other applications in the oil and gas sector is set to boost the market growth rate during the forecast period 2024-2030. In addition, the deployment of the centrifugal pumps in vacuum cleaners and the increasing demand for these products, especially robot vacuum cleaners is set to the demand for centrifugal pumps in the manufacturing sector. 

In response to increased sustainability concerns, the centrifugal pump industry is witnessing a shift towards energy-efficient solutions. Manufacturers are prioritizing research and development efforts to create pumps that boast enhanced hydraulic efficiency and lower power consumption. This trend reflects a broader commitment to environmental responsibility while meeting the demand for efficient fluid handling systems.

As customer demands evolve, pump manufacturers are prioritizing customization to deliver tailored solutions meeting specific requirements. Additionally, there's a heightened focus on after-sales services like maintenance, repairs, and readily available spare parts. These efforts aim to elevate customer satisfaction and foster long-term loyalty, reflecting a commitment to meeting individual needs and ensuring seamless pump performance throughout their lifecycle.

 

• APAC region holds the highest market share in 2019 and is estimated to grow at highest rate during the forecast period owing to the high consumption of crude oil as the centrifugal pumps are majorly deployed in this sector.

• Oil and gas industry is analyzed to be the major end user industry holding a significant share in 2023. The high applications of centrifugal pumps in downstream and midstream sectors will drive the market.

• The growing demand for the centrifugal pumps in waste water treatment in many major countries such as China, US and so on are set to drive the market during the forecast period.

Single stage pumps are analysed to hold highest market share in 2023 at 69.2% and are analysed to grow at highest rate during the forecast period. This is mainly attributed to the various applications in numerous industries including agriculture, industrial, power generation plants, petroleum, mining, chemical, pharmaceutical, and many others. Multi stage pumps are highly employed in the oil plants for the extraction as they require high pressure. As an impact of the global lockdowns due to COVID-19 the crude oil cost has decreased to a historical low level thereby impacting on the growth of the market. 

Oil and gas is the dominant industry in 2023 owing to the wide spread applications of the centrifugal pumps in extraction and processing applications. However, the significant rise in the environmental issues requiring the mandatory addressing is curbing the production of crude oil and is set to impact the centrifugal pump market during the forecast period. Power generation is also analysed a significant share in the centrifugal pumps market owing to their deployment in natural-gas based production plants. This shift from conventional fuels is majorly due to the environmental impact. In addition, the significant usage of the centrifugal pumps in the washing machine dryers, vacuum cleaners and so on is set to boost the market growth rate driven by increased adoption in APAC region. 

APAC is analysed to be the dominant region in the centrifugal pump market owing to their deployment in the oil and gas industry. As stated by OPEC, Asia- Pacific region has 13% of the global crude oil reserves and 38% of its gas accounting to its current production of around 37% and 58% of global oil and gas respectively. Indian Oil Corp. announced plans to double its refining capacity in India by 2030 from production to 150 MMTPA by the year 2030. Adding to this, the growing projects for the wastewater treatment plants and the rising investment in the water wastewater treatment sector in the region is set to escalate the market growth rate during the forecast period. 

 

As stated by the World Economic Forum, water is one of the five global risks in 2023. As stated by United Nations Economic and Social Commission for Asia and the Pacific, about 90% of wastewater in Asia is discharged without proper treatment thereby impacting on health, ecosystems and water security. Therefore, the dire need of treating the waste water has attracted many projects across the globe requiring the centrifugal pumps thereby contributing to the growth of the market.

Owing to the growing environmental concerns many countries have posed stringent regulations to minimize the extraction of crude oil thereby reducing the crude oil extracts. The shift towards the alternative fuels such as natural gas for power generation and the deployment of the centrifugal pumps in the processing applications is also a major factor supporting the growth of the centrifugal pump market during the forecast period 2024-2030.

The centrifugal pumps are majorly deployed in the crude oil extraction and processing applications. The breakdown of COVID-19 at a global level has majorly impacted an already declining crude oil industry. The prices of crude oil have severely declined in many regions due to the lockdown imposed by many countries. Adding to this, the rising environmental concerns with the crude oil derivatives and strict government regulations to curb them is set to further hinder the growth of the market during the forecast period.

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Centrifugal pump market. Centrifugal pump driver market is expected to be dominated by major companies such as Flowserve Corp., Schlumberger Ltd., General Electric, KSB SE & Co. KGaA , Weir Group PLC, Grundfos Holding A/S, Sulzer Ltd, Xylem  Inc., EBARA GROUP, Baker Hughes Company, among others.

• In January 2023, MECO, a Grundfos company, acquired Water Works to enhance its ultrapure water treatment offerings, aligning with market trends driving demand for advanced water treatment solutions such as centrifugal pumps. This strategic move expands Grundfos' presence in the water treatment sector, catering to the growing needs of industries reliant on high-quality water.

• In May 2023, Xylem Inc. finalized the acquisition of Evoqua, consolidating its position as the world's largest pure-play water technology company, with a $7.3 billion revenue portfolio. This strategic move aligns with market trends, especially in the centrifugal pump sector.

• In May 2022, Flowserve made a strategic partnership with Gradiant to enhance water treatment solutions. This collaboration combines Flowserve's expertise in flow control with Gradiant's innovative water treatment technologies, addressing the growing demand for efficient water management solutions, including those utilizing centrifugal pumps in various industrial applications.