Market Size of North America Centrifugal Pump Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 4.26 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Centrifugal Pump Market Analysis
The North America Centrifugal Pump market is expected to register a CAGR of more than 4.26% during the forecast period of 2022-2027. Due to the outbreak of COVID-19 and mutations, crude oil and gas price volatility has led to a delay in refining and petrochemical projects, which are expected to hinder the market studied. However, post-pandemic, the cost of crude oil increased, increasing the demand for associated centrifugal pumps used in refinery and petrochemical sectors. In addition, increased demand for natural gas in the power industry in North America would aid the market. However, the rapid growth of renewable energy would restrain the market.
- The oil and gas end-user segment is likely to dominate the centrifugal pumps market, owing to the increased use of different types of pumps in the upstream, midstream, and downstream sectors for several distinctly different applications.
- Moreover, technological developments that have rendered deep-water and ultra-deep-water explorations are expected to increase oil production and provide opportunities for market growth during the forecast period.
- The United States is the largest market in the region due to many petrochemical refineries, oil and gas activities, and natural gas power production facility.
