The Latin America, Middle East and Africa Centrifugal Pump Market would witness market growth of 8.3% CAGR during the forecast period (2023-2030).
The demand for oil and gas is anticipated to rule the market over the anticipated period. The foundation of human civilization is made up of minerals obtained through mining. These minerals are extensively employed in numerous sectors of the economy, including manufacturing, energy production, chemicals and petrochemicals, medical and pharmaceuticals, and building.
Copper, iron ore, gold, coal, and aluminum are some of the minerals that are currently most frequently mined. Transporting ore as well as waste in suspension and slurries, separating minerals using chemical processes, regulating temperature with cooling mechanisms around power generators, suppressing dust during mineral processing, and dewatering mines are just a few mining operations that require a significant amount of water. In these applications, centrifugal pumps are essential. Additionally, it is anticipated that during the projection period, there will be a considerable increase in the demand for minerals due to the rate of industrialization, urbanization, and rising energy needs. This will promote the use of centrifugal pumps and propel the market's expansion.
In the year preceding the pandemic, significant imports of centrifugal pumps were seen in Iraq, Kuwait, Oman, UAE, Bahrain, and Qatar. As a result of the region's extensive oil reserves and refineries, centrifugal pumps are in high demand. A constant increase in investment has been noted in this region, and new projects have been implemented to increase upstream output and downstream processing. As a result, the Middle East was home to around 49% of the world's estimated oil reserves and 40% of its known gas reserves. With 16.2% of the world's total oil reserves, Saudi Arabia possesses the most. However, Iran has the greatest gas reserves (17.3%). Hence, these industries increase the demand and thus boost the regional market's growth.
The Brazil market dominated the LAMEA Centrifugal Pump Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $1,057.4 million by 2030. The Argentina market is exhibiting a CAGR of 8.9% during (2023 - 2030). Additionally, The UAE market would showcase a CAGR of 8% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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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