The global centrifugal pump market is projected to reach USD 36.98 billion by 2022, growing at a CAGR of 3.83%, from 2017 to 2022. This market growth is primarily driven by the increase in infrastructure development activities, growing demand from water and wastewater treatment plants, and investment in other industrial sectors such as power generation, oil & gas, and mining.
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Asia Pacific would continue to be the largest market for centrifugal pumps, followed by Europe, during the forecast period. The global market is dominated by major players including ITT (US), Flowserve (US), KSB (Germany), Grundfos (Denmark), Sulzer (Switzerland), and Ebara (Japan).
The market growth strategies adopted by the key players in the centrifugal pump market include contracts & agreements, new product launches, expansions and investments, mergers & acquisitions, joint ventures, and partnerships and collaborations. Contracts & agreements was the most commonly adopted strategy by market players from February 2014 to December 2017. Industry players also launched a number of new products in the stated period from 2014 to 2017.
ITT is one of the leading suppliers of centrifugal pumps and related customized solutions to the energy, industrial, and transportation markets. The company operates through 4 segments, namely, industrial process, motion technologies, interconnect solutions, and control technologies. It offers centrifugal pumps through its industrial process segment. The company has adopted expansions as its key strategy to gain a larger share of the centrifugal pump market. In November 2015, the company expanded its distribution in the US and Mexico and selected Phoenix Pumps and Fischer Process Industries as authorized distributors for the sale and service of pumps.
Scope of the Report:
By Pump Type
• Overhung Impeller
• Vertically Suspended
• Between Bearing
• Single Stage
By End User
• Commercial and Residential
• Asia Pacific
• North America
• Middle East
• South America
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Flowserve is a global manufacturer of centrifugal pump systems. It caters to various industries such as oil & gas, chemicals, power generation, water management, mining and ore processing, pharmaceuticals, pulp and paper, and food and beverage. The company supplies centrifugal pump systems through its industrial product division. The company adopted contracts & agreements and new product launches as its growth strategies to maintain its market position. In January 2016, Flowserve received a contract from Veolia to supply deep well submersible single and multistage pumps. Later, in June 2015, the company upgraded its Durco Mark 3 chemical process pumps with higher pressure variants. This would further enhance its product portfolio, targeting end-users in the chemicals industry.
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Centrifugal Pump Market is Set to Witness Growth Due to Increasing Investments in Infrastructure Dev
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