Demand for Energy-efficient Pumps and Digital Services Accelerates the Growth of the Global Centrifugal Pumps Sector
Future growth potential enhanced by growth opportunities in IoT-based pump solutions
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This research service covers the growth opportunities for the global centrifugal pumps market. It offers segments by type of pumps such as single-stage, multi-stage, axial and fixed flow, submersible, and sealless and circular. Revenue segmentation is by region and top participants in the market. It mainly discusses 8 growth opportunities: demand for energy-efficient pumps, pump real-time monitoring, adoption of intelligent pumps, impact of COVID-19 on sanitary pumps, solar-powered centrifugal pumps, shift of end users from CAPEX to OPEX model, growing demand of centrifugal pumps in food and beverages and pharmaceutical markets, and spare parts management.
The global centrifugal pumps market is expected reach a value of $33.5 billion by the year 2024, growing at a CAGR of 1.9% for the forecast period 2019?2024. The market is expected to be driven by: continued focus on energy-efficient pumps, investments in power generation and water and wastewater industries, and adoption of industrial internet of things (IIoT) technologies. The restraints that will derail the market are: economic slowdown induced by COVID-19, existing crude oil supply glut, and focus on extending the life of aging assets.
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