The scope of Transparency Market Research covers syndicated reports, consulting, and procurement solutions. These research reports are prepared after “evaluating long-term trends, alongside the wider operating environment and various external macro-factors that have helped us gain the confidence of our clients spread across the world.” The actual report is on Centrifugal Pump Market. Here sone details:
The latest trends in centrifugal pump market that is responsible for the industry’s development include the rising rate of infrastructure development all over the world as well as the increasing demand for hydrocarbons. This growing demand for hydrocarbons can be attributed to increasing need for targeting and fulfilling various power generation requirements. This trend is also anticipated to enhance the centrifugal pump future scope in the next few years.
The centrifugal pump future scope projects that the industry will foresee substantial growth and expansion within the next few years, owing to the emergence of various novel technological solutions, including the internet of things or IoT as well as network based monitoring, among other advanced technology enabled products and solutions. Additionally, the increasing usage of these modern technologies to remote diagnose the problems in the operations and systems across various end use is also anticipated to help in expanding the market share of pump companies in the next few years.
The rising demand for effective solutions required for water and wastewater management in developed economies is stimulating excellent growth opportunities in the centrifugal pump market. On the other hand, rising competition from grey industry players as well as the rising traction from the unorganized sectors may challenge the development of the centrifugal pump market in near future. However, rising investments in wastewater treatment plants in various developing nations is expected to create attractive growth and expansion opportunities for the players in the centrifugal pump market.
Increasing Demand for Agricultural & Industrial Applications Favours Expansion of Centrifugal Pump Market
The market share of pump companies is anticipated to grow on the back of various benefits offered by the usage of these unique and innovative products, such as smooth rate of flow, higher efficiency in operations. And the easy maintenance capabilities. Furthermore, the increasing demand from agricultural applications as well as various industrial applications is also motivating the sales of the centrifugal pump market.
The manufacturers and players operational in the industry provide their customers with various types of centrifugal pump, such as overhung impeller, between bearing, and vertically suspended pumps. The products and solutions in the centrifugal pump market can also be classified based on their type of operation into hydraulic, air driven, and electric pumps.
Among these, the electric pumps, owing to their capability to handle both liquids as well as solids account for major share of the centrifugal pump market. Furthermore, the electrically operable centrifugal pumps also find applications in a large range of end use industries which also aids in the expansion of this segment within the centrifugal pump market. Some of the key end use industries that employ the electrical centrifugal pump products include agriculture, domestic, oil and gas, and industrial, among others.
Players in Centrifugal Pump Market Focused on Collabs & Acquisitions
The centrifugal pump market experiences a fragmented competitive landscape with a large presence of several major and competent manufacturers and players in the industry. The market share of pump companies is most likely to expand owing to their constant focus on research and development activities in a bid to expand their revenue generation capabilities. Furthermore, the manufacturers and players operational in the centrifugal pump market are also adopting various strategies, including joint ventures, mergers and acquisitions, and strategic collaborations to enhance their industry positioning.
For instance, the Sulzer was awarded with a contract from RingkobingSkjernFosyning A/ S or Danish Water Utility Farm in November of 2020. This contract offers Sulzer a unique opportunity for offering their solutions to protect the Danish population from major floods. Elsewhere, a strategic partnership was formed between Xylem, Inc. and the ESRI in April of 2021 with an intention of providing solutions such as collaborative development of various project solutions, technical mapping of roads, and handling of marketing and sales aspects.
Some of the most dominant and leading players operational in the centrifugal pump market include ITT Corporation, Xylem, KSB Company, Sulzer, Ebara Corporation, Grundfos, Kirloskar Brothers Limited, The Weir Group PLC, Flowrox, Wilo Group, Dover Corporation, Andritz and Flowserve Corporation, among others.