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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 following trends were noted among end users, which have given rise to the 8 aforementioned growth opportunities.

• Need for energy-efficient pumps is the key driver for the pumps market, as European and North American countries are focusing on reducing building energy consumption. Increasing emphasis is being placed on reducing energy consumption. To achieve the ambitious target of building a circular economy, product manufacturers across industries, including pumps, need to develop solutions that consume less energy.

• End users are redefining their maintenance strategy and prefer to move toward pump solutions that can be continuously monitored and predict failures. Service is becoming a critical factor for large institutional end users, becausethey risk downtime without regular maintenance. A significant decline in productivity and profitability and high energy consumption can occur because of the downtime. Continuous process industries, such as oil and gas, chemicals, and power cannot afford downtime.