The Asia Pacific Centrifugal Pump Market would witness market growth of 5.9% CAGR during the forecast period (2023-2030).
Simplicity is the main benefit of centrifugal pumps, as they do not require too much moving parts as well as valves. They are, therefore, simple to build using a variety of materials. This simplicity also allows the pumps to function at high speeds and require minimum maintenance and upkeep. Their output is quite reliable and steady. They are much smaller than other kinds of pumps that produce the same output. These benefits allow their easy installation in various industries.
It is projected that factors including a nation's high electricity demand, industrialization, and investments in renewable energy sources will increase the demand for pumps in the production of electricity. According to the International Energy Agency (IEA), the 6% increase in regional electricity demand last year was the greatest percentage increase since 2010 when the region was emerging from the financial meltdown. The January 2022 issue of the IEA's semi-annual Electricity Market Report states that the increase of more than 1,500 terawatt hours last year was the highest increase in absolute terms ever. In most areas, renewable energy-based electricity is currently the most affordable choice.
The nation has a proliferating chemical industry, with over 80,000 commercial products, India's chemical sector is extremely diverse. According to Invest India, till December 2022, there was about $ 20.96 billion in FDI in the Indian Chemicals sector (excluding fertilizers). In terms of the world's exports of chemicals, India is placed eleventh, but it holds the sixth spot in terms of the world's imports of chemicals (excluding pharmaceutical items). Due to the growing population and quickening urbanization, there is a daily rise in the demand for oil products, including heating oil, liquefied petroleum gas, and gasoline. Because of this, it is necessary to build new refineries to meet the demand that is now present. Similar developments across various industries in the regional nations are projected to fuel the growth of the Asia Pacific market throughout the forecast period.
The China market dominated the Asia Pacific Centrifugal Pump Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $5,495.7 million by 2030. The Japan market is experiencing a CAGR of 5.3% during (2023 - 2030). Additionally, The India market would register a CAGR of 6.6% during (2023 - 2030).
Based on Stage, the market is segmented into Single Stage and Multi Stage. Based on Type, the market is segmented into Overhung Impeller, Between Bearing and Vertically Suspended. Based on Operation Type, the market is segmented into Electrical, Hydraulic, and Air-driven. Based on End User, the market is segmented into Industrial (Water & Wastewater, Mining & Metal, Oil & Gas, Agriculture, Power Generation, Pharmaceuticals, Pulp & Paper, Chemicals and Others) and Commercial & Residential. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Centrifugal Pump Market is Projected to reach USD 55.2 Billion by 2030, at a CAGR of 5.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Flowserve Corporation, KSB SE & Co. KGaA, Xylem, Inc., Ebara Corporation, Baker Hughes Company, Kirloskar Brothers Limited (Kirloskar Group), The Weir Group PLC, Pentair PLC, Schlumberger N.V. and Alfa Laval AB.
By Stage
By Type
By Operation Type
By End User
By Country
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