NA Centrifugal Pumps Market Size

North America Centrifugal Pumps Market Analysis

The North America Centrifugal Pumps Market is expected to register a CAGR of 5.1 % during the forecast period 2022-2027. Furthermore, the outbreak of COVID-19 has significantly impacted pump OEMs' business performance in 2021. The drop in oil prices to their lowest level in history, the deterioration of US-China trade relations, the closure of rigs by small oil enterprises, and massive job cuts in both the United States and Canada have all impacted the North American marketplace.

• The rapidly developing residential and commercial infrastructure and the expansion of the manufacturing sector are propelling the North American centrifugal pump market. In addition, The rapid urbanization is attributed to increased investment in the construction industry. The growing market is responsible for the high demand for these types of pumps in various sectors.
• For instance, in February 2021, the Canadian government's announced to invest CAD 14.9 billion (USD 12 billion) in public transportation projects over the next eight years will promote long-term output in the Canadian construction industry.
• The expansion of chemical, oil, and gas refining and processing industries is also expected to generate significant growth in the market. Moreover, technological advancements that have enabled deep-water and ultra-deep-water explorations are expected to increase oil production and provide market growth opportunities during the forecast period.
• For instance, according to the IEA, oil and gas investment in North America (Canada, the United States, and Mexico) is expected to lead the way at nearly USD 8.1 trillion between 2021 and 2025, with oil accounting for almost USD 4.9 trillion and gas accounting for almost USD 3.2 trillion. The increasing demand for oil and gas is expected to drive the demand for centrifugal pumps across the region.
• Moreover, autonomous technologies are increasingly being adopted across various industries. The factors such as the increasing adoption of autonomous technologies and the replacement of traditional ones are also augmenting the market growth.
• For instance, in April 2022, Deere & Company announced to make a new move toward unmanned technologies and formed a joint venture with California-based GUSS Automation LLC. The joint venture focuses on specific California high-value crop systems. Also, the GUSS, which stands for Global Unmanned Spray System, utilizes Myers two-stage centrifugal pump.