Market Size of Multi-Stage Centrifugal Pumps Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.76 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Multi-Stage Centrifugal Pumps Market Analysis
The multi-stage centrifugal pumps market is expected to grow at a CAGR of 5.76% during the forecast period, 2022-2027. The COVID-19 pandemic has negatively impacted the oil and gas and power generation activities worldwide. The decline is caused mainly due to delays in project construction activities and supply chain disruptions, reducing the demand for multistage centrifugal pumps across the regions.
- The increased use of centrifugal pumps in upstream and downstream sectors for various applications in the end-user industries, along with the low cost and compact size of the pump, is driving the multistage centrifugal pump market over the forecast period.
- Moreover, the ongoing technological advancements that have enabled deep-water and ultra-deepwater explorations are expected to increase oil production and provide market growth opportunities for the market studied.
- For instance, in June 2022, Flowserve Corporation, a significant provider of flow control products and services for global infrastructure markets, announced a contract to supply pumps to TMGcore, Inc., a Texas-based leading provider of high-performance computing solutions specializing in liquid immersion cooling technology.
- In April 2021, KSB Ltd, a pump manufacturing company, delivered a main boiler feed water pump, BFP (RHD-350), and Booster Pump-BP (YNK 350-620) for Nuclear Power Corporation of India Ltd. (NPCIL). It marked a milestone for KSB Ltd. in developing the pump for 700 MW Indian Pressurised Heavy Water Reactors (PHWRs) & adding a new product to its product line, which already boasts a range of pumps for nuclear application.
- Further, in December 2021, Grundfos launched the largest CR pump, CR 255 model, to celebrate the 50 years of delivering pump technologies. Grundfos' range of CR pumps is the vertical multistage centrifugal inline pumps used predominantly for water supply, water treatment, and almost all industrial solutions. The new CR 255 model delivers a water pressure of up to 400 m and achieves a maximum water flow of up to 320 m3/h, the equivalent of supplying water to 9,500 people.
