The global centrifugal pump market is anticipated to increase demand on the back of aggressive rate of urbanization helping with high investment in infrastructure development. In a report by TMR Research, the market is carefully studied taking into account its primary growth factors, restraints, and trends and opportunities. It bears the title “Centrifugal Pump Market – Global Industry Analysis, Market Size, Share, Trends Analysis, Growth and Forecast 2017 – 2025.” With increase in water need of the rapidly growing global population, the use of centrifugal pump in wastewater treatment plants is expected to surge proportionately.
Development of smart centrifugal pump is foreseen to gain impetus due to increasing integration of digitalization and industrial internet of things (IIoT). With a view to protect the environment and reduce energy costs, development of energy efficient pumps is projected to take shape during the course of the forecast period. If key regions of the global centrifugal pump market are concerned, Asia Pacific is foretold to rank higher in terms of market share. The regional market could gather pace with rising government efforts to counter the challenge of water scarcity in a number of countries. Furthermore, water contamination due to lack of proper sewage disposal and infrastructure in the region is forecasted to create opportunities in the market.
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Owing to increasing hydrogen fracturing activity in North America, the region is prophesied to grow at a steady pace in the coming years. Despite the positive outlook of the global centrifugal pump market, volatility in oil and gas prices could negatively impact the global market in the near future. Another factor that could pose a challenge to established centrifugal pump brands is the availability of Chinese products at low prices. Nonetheless, the report points out some effective trends and opportunities in the market that could enhance market growth in the near term.
Some of the popular players of the global centrifugal pump market are Grundfos Holding A/S, Sulzer AG, and Flowserve Corporation.