Demand for Energy-efficient Pumps and Digital Services Powering the Global Centrifugal Pumps Market

Demand for Energy-efficient Pumps and Digital Services Powering the Global Centrifugal Pumps Market

Future Growth Potential Enhanced by Growth Opportunities in IoT-based Pump Solutions

RELEASE DATE
22-Sep-2020
REGION
Global
Research Code: K43B-01-00-00-00
SKU: IA01599-GL-MT_24758

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Description

This research service covers the growth opportunities for the global centrifugal pumps market. It offers segments by type of pumps such as single-stage, multi-stage, axial and fixed flow, submersible, and sealless and circular. Revenue segmentation is by region and top participants in the market. It mainly discusses 8 growth opportunities: demand for energy-efficient pumps, pump real-time monitoring, adoption of intelligent pumps, impact of COVID-19 on sanitary pumps, solar-powered centrifugal pumps, shift of end users from CAPEX to OPEX model, growing demand of centrifugal pumps in food and beverages and pharmaceutical markets, and spare parts management.

The following trends were noted among end users, which have given rise to the 8 aforementioned growth opportunities.
• Need for energy-efficient pumps is the key driver for the pumps market, as European and North American countries are focusing on reducing building energy consumption. Increasing emphasis is being placed on reducing energy consumption. To achieve the ambitious target of building a circular economy, product manufacturers across industries, including pumps, need to develop solutions that consume less energy.
• End users are redefining their maintenance strategy and prefer to move toward pump solutions that can be continuously monitored and predict failures. Service is becoming a critical factor for large institutional end users, becausethey risk downtime without regular maintenance. A significant decline in productivity and profitability and high energy consumption can occur because of the downtime. Continuous process industries, such as oil and gas, chemicals, and power cannot afford downtime.
• End users are focused on minimizing their capital expenditure and having an efficient operating expenditure, including optimizing their supply chain and inventory.
• COVID-19 is driving the adoption of clean and sterile process equipment such as pumps and valves in the pharmaceutical and food and beverage industries.

The global centrifugal pumps market is expected reach a value of $33.5 billion by the year 2024, growing at a CAGR of 1.9% for the forecast period 2019?2024. The market is expected to be driven by: continued focus on energy-efficient pumps, investments in power generation and water and wastewater industries, and adoption of industrial internet of things (IIoT) technologies. The restraints that will derail the market are: economic slowdown induced by COVID-19, existing crude oil supply glut, and focus on extending the life of aging assets.

Author: Avinash Kumar

RESEARCH: INFOGRAPHIC

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Table of Contents

Why is it Increasingly Difficult to Grow?

The Strategic Imperative 8™

Impact of the Top 3 Strategic Imperatives on the Centrifugal Pumps Market

Growth Opportunities Fueling the Growth Pipeline Engine™

Centrifugal Pumps Market—Scope of Analysis

Key Growth Metrics for Centrifugal Pumps Market

Growth Drivers for Centrifugal Pumps Market

Growth Restraints for Centrifugal Pumps Market

Forecast Assumptions—Centrifugal Pumps Market

Revenue Forecast—Centrifugal Pumps Market

Revenue Forecast Analysis—Centrifugal Pumps Market

Percent Revenue by Segment—Centrifugal Pumps Market

Percent Revenue Breakdown—Centrifugal Pumps Market

Percent Revenue by End User—Centrifugal Pumps Market

Revenue by Region—Centrifugal Pumps Market

Growth Opportunity 1: Energy-efficient Pumps for Process Industry, 2019

Growth Opportunity 1: Energy-efficient Pumps for Process Industry, 2019 (continued)

Growth Opportunity 2: Pump Real-time Monitoring for Efficiency, 2019

Growth Opportunity 2: Pump Real-time Monitoring for Efficiency, 2019 (continued)

Growth Opportunity 3: Intelligent Pumps for Improved Offering, 2019

Growth Opportunity 3: Intelligent Pumps for Improved Offering, 2019 (continued)

Growth Opportunity 4: COVID-19-driven Demand for Sanitary Pumps, 2019

Growth Opportunity 4: COVID-19-driven Demand for Sanitary Pumps, 2019 (continued)

Growth Opportunity 5: Solar-powered Centrifugal Pumps for Agricultural Sector, 2019

Growth Opportunity 5: Solar-powered Centrifugal Pumps for Agricultural Sector, 2019 (continued)

Growth Opportunity 6: SHIFT From CAPEX to OPEX for Asset-heavy Industries, 2019

Growth Opportunity 6: SHIFT From CAPEX to OPEX for Asset-heavy Industries, 2019 (continued)

Growth Opportunity 7: Growing Demand for Centrifugal Pumps in Food and Beverage and Pharmaceuticals, 2019

Growth Opportunity 7: Growing Demand for Centrifugal Pumps in Food and Beverage and Pharmaceuticals, 2019 (continued)

Growth Opportunity 8: Inventory and Spare Parts Management for Critical Applications, 2019

Growth Opportunity 8: Inventory and Spare Parts Management for Critical Applications, 2019 (continued)

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Related Research
This research service covers the growth opportunities for the global centrifugal pumps market. It offers segments by type of pumps such as single-stage, multi-stage, axial and fixed flow, submersible, and sealless and circular. Revenue segmentation is by region and top participants in the market. It mainly discusses 8 growth opportunities: demand for energy-efficient pumps, pump real-time monitoring, adoption of intelligent pumps, impact of COVID-19 on sanitary pumps, solar-powered centrifugal pumps, shift of end users from CAPEX to OPEX model, growing demand of centrifugal pumps in food and beverages and pharmaceutical markets, and spare parts management. The following trends were noted among end users, which have given rise to the 8 aforementioned growth opportunities. • Need for energy-efficient pumps is the key driver for the pumps market, as European and North American countries are focusing on reducing building energy consumption. Increasing emphasis is being placed on reducing energy consumption. To achieve the ambitious target of building a circular economy, product manufacturers across industries, including pumps, need to develop solutions that consume less energy. • End users are redefining their maintenance strategy and prefer to move toward pump solutions that can be continuously monitored and predict failures. Service is becoming a critical factor for large institutional end users, becausethey risk downtime without regular maintenance. A significant decline in productivity and profitability and high energy consumption can occur because of the downtime. Continuous process industries, such as oil and gas, chemicals, and power cannot afford downtime. • End users are focused on minimizing their capital expenditure and having an efficient operating expenditure, including optimizing their supply chain and inventory. • COVID-19 is driving the adoption of clean and sterile process equipment such as pumps and valves in the pharmaceutical and food and beverage industries. The global centrifugal pumps market is expected reach a value of $33.5 billion by the year 2024, growing at a CAGR of 1.9% for the forecast period 20192024. The market is expected to be driven by: continued focus on energy-efficient pumps, investments in power generation and water and wastewater industries, and adoption of industrial internet of things (IIoT) technologies. The restraints that will derail the market are: economic slowdown induced by COVID-19, existing crude oil supply glut, and focus on extending the life of aging assets. Author: Avinash Kumar
More Information
No Index No
Podcast No
Author Avinash Kumar
Industries Industrial Automation
WIP Number K43B-01-00-00-00
Is Prebook No
GPS Codes 95,939,420