Market Size of Centrifugal Pumps Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.40 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Centrifugal Pumps Market Analysis
The global centrifugal pumps market is expected to register a CAGR of more than 5.4% during the forecast period.
COVID-19 caused problems in the supply chain, which hurt the market for centrifugal pumps.However, the market rebounded in 2022.
- Demand for centrifugal pumps is likely to be driven by things like increased exploration and production in offshore deep-water oil and gas fields in places like North America and Africa.
- However, volatile crude oil and gas prices are likely to affect the centrifugal pump market due to cost-cutting and delayed projects by the E&P companies.
- During the forecast period, new technologies that make deep-water and ultra-deep-water explorations possible are expected to increase oil production and create opportunities for market growth.
- During the forecast period, Asia-Pacific is expected to be the biggest and fastest-growing region. This is because of the huge economic growth that has led to the growth of industrial infrastructure in the region.
