June 02, 2023 06:30 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
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NEWARK, Del, June 02, 2023 (GLOBE NEWSWIRE) -- The centrifugal pumps market is predicted to be valued at US$ 33 billion in 2023 and US$ 60 billion by 2033. Over the projection period, sales in the Centrifugal Pumps market are expected to increase at a CAGR of 6.2%. Significant growth opportunities lie in the growing demand for energy-efficient pumps. As sustainability becomes a top priority across industries, manufacturers are developing centrifugal pumps that minimize energy consumption without compromising performance.
An emerging trend is the integration of digitalization and IoT capabilities in centrifugal pumps. Smart pumps equipped with sensors and connectivity features offer real-time monitoring, predictive maintenance, and remote control capabilities. This not only enhances operational efficiency but also reduces downtime and maintenance costs.
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The rising emphasis on water conservation and wastewater treatment presents untapped opportunities for centrifugal pump manufacturers. With increasing environmental regulations and the need for efficient water management, there is a growing demand for pumps specifically designed for water treatment processes. The market is witnessing a shift towards customization and modular design. Manufacturers are providing centrifugal pumps that can be easily tailored to meet specific requirements, enabling better adaptability across diverse applications.
How Key Players are revolutionizing this market?
Key players in the centrifugal pump market are revolutionizing manufacturing through various strategies and innovations. They are investing in research and development to enhance pump efficiency, durability, and performance. Advanced materials like composites and alloys are being used to improve pump components, reducing maintenance and operating costs.
Players are incorporating smart technologies such as IoT and AI to enable remote monitoring, predictive maintenance, and energy optimization. Automation and robotics are streamlining the production process, improving productivity and reducing human errors. There is a growing emphasis on sustainable manufacturing practices, including the use of eco-friendly materials and energy-efficient processes, reducing environmental impact. Overall, these advancements are driving the evolution of the centrifugal pumps market and providing improved solutions for various industries.
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Ebara Corporation, Xylem Inc., Sulzer AG, Flowserve Corporation, Grundfos, Wier Group, KSB Group, Shakti Pump, Kirloskar Brothers Ltd.,WILO SE, Tsurumi Manufacturing Co., Ltd., DESMI A/S, WPIL Limited, HERMETIC-Pumpen GmbH, Klaus Union GmbH & Co. KG , Ruhrpumpen Group, HOMA Pumpenfabrik GmbH, CP Pumpen AG, Toyo Denki Industrial Co. Ltd., Speck Pumpen Walter Speck GmbH & Co. KG.
Future Market Insights offers an unbiased analysis of the centrifugal pumps market, providing historical data from 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the centrifugal pumps market, the report is segmented on the basis of product type (single-stage pump, multi-stage pump, axial & mixed flow pump, submersible pump, and sealless & circular pump), and application type (industrial centrifugal pumps, agricultural centrifugal pumps and domestic centrifugal pumps), across five major regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).
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3.8. PESTLE and Porter’s Analysis
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2023 to 2033
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type
5.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Product Type, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Product Type, 2023 to 2033
5.4. Y-o-Y Growth Trend Analysis By Product Type, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Product Type, 2023 to 2033
6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application Type
6.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Application Type, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Application Type, 2023 to 2033
6.4. Y-o-Y Growth Trend Analysis By Application Type, 2018 to 2022
6.5. Absolute $ Opportunity Analysis By Application Type, 2023 to 2033
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Airless Bottle Cosmetic Old Source: Centrifugal Pumps Market Continues to Grow as Demand for Efficient and Reliable Pumping Solutions Increases Says Future Market Insights, Inc.