Europe Centrifugal Pumps Market Size

Europe Centrifugal Pumps Market Analysis

The Europe Centrifugal Pumps Market is expected to grow at a CAGR of 4.1% during the forecast period. Factors such as increasing urbanization and a high focus on water conservation & wastewater management across various end-user industries are expected to fuel the growth of the centrifugal pump market in Europe.

• A large portion of the European population stays in urban areas. For instance, according to the Population Reference Bureau, in 2021, about 75% of Europe's population lived in urban areas. The increasing urbanization rate is encouraging the governments to improve infrastructure, as the rapid growth of the urban population is creating pressure on the existing drinking and utility water infrastructure. This, in turn, drives the demand for centrifugal pumps in the region, as they are widely used for water pumping applications.
• As centrifugal pumps are often used to circulate water, the increasing adoption of modern agricultural practices due to the growing demand for organic foods in the European region is expected to provide players with ample growth opportunities. For instance, the European Union has set a target to turn at least 25% of the EU's agricultural land under organic farming to support organic agriculture by 2030.
• Centrifugal pumps are also widely used in the oil and gas industry for extraction and processing. Increased exploration and production (E&P) activities in the European region's offshore deep-sea oil and gas fields, especially since the beginning of the Russia - Ukraine dispute, and increased demand across various sectors are driving the market growth for the centrifugal pumps in Europe.
• The construction sector's growth is also significantly impacting the demand for centrifugal pumps as they are very valuable for pumping liquids quickly and effectively. According to the European Commission, the construction sector contributes about 9% of the European Union's GDP. In 2021, the construction output in the EC-19 increased by 5.6 percent (Source: Euroconstruct).
• Features such as simple design, easy repair, easy operation, and maintenance will create positive growth opportunities for the market by increasing the acceptance of centrifugal pumps in the industrial sector. Ease of installation, high energy efficiency, low internal friction loss, and increased demand for multi-stage centrifugal pumps driven by optimized control and operation are driving sales prospects in the region.
• Continued competition with globalization, the need for continuous innovation, and the development of better technologies are some of the challenges in the market. Advances in non-metal parts and additive manufacturing have also contributed to and are intensifying competition among centrifugal pump manufacturers in Europe.
• The spread of COVID-19 has negatively impacted the centrifugal pump market in Europe, owing to the lockdowns imposed in most countries across the region. The demand for these products has been hampered temporarily during the pandemic due to the shutting down or reduced commercial activities. However, the demand is expected to pick pace gradually with the industrial and commercial activities returning to pre-pandemic conditions.