LONDON--(BUSINESS WIRE)--Please replace the photo for release dated June 19, 2017, with the accompanying corrected photo.
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GLOBAL CENTRIFUGAL PUMPS MARKET PROJECTED TO BE WORTH USD 27.85 BILLION BY 2021: TECHNAVIO
This research report titled ‘Global Centrifugal Pumps Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
|Centrifugal pumps move fluids from one place to another with the help of an electric motor. These pumps are mainly used for pumping fluids, aeration, cooling, and other applications. The global centrifugal pumps market is experiencing high demand from the water and wastewater, power generation, oil and gas, and agriculture industries due to the increasing investments planned by major economies.|
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Based on the product type, the report categorizes the global centrifugal pumps market into the following segments:
- Axial centrifugal pumps
- Mixed centrifugal pumps
- Radial type centrifugal pumps
Axial centrifugal pumps
“Axial centrifugal pumps accounted for generating over 37% of the overall market revenue in 2016 and is expected to grow swiftly through the forecast period. The high demand from water and wastewater, oil and gas, and power generation industries is expected to drive the market segment,” says Bharath Kanniappan, a lead analyst at Technavio for automation research.
The axial centrifugal pumps are the most preferred centrifugal pump among the end-users as they can handle high flow rates and can be adjusted based on the operational requirements. The explosion proof pumps also comply sanitary requirements, making it useful in the food and beverage industry. There are also many investments within the end-user industries, which are expected to create demand for centrifugal pumps.
Mixed centrifugal pumps
The global mixed centrifugal pumps market is expected to reach USD 9.02 billion by 2021, driven by a high preference from end-users due to their customizable nature and capacity to manage high flow rates.
Mixed type centrifugal pumps are mainly used in water and wastewater, power generation, oil and gas, mining and mineral, and agricultural industries. These centrifugal pumps are widely used for handling high flow rates with low discharge pressure. These are also available in submersible models, making it useful in good deep applications and suitable to withstand extreme temperature conditions.
Radial type centrifugal pumps
“Radial centrifugal pumps are mainly used in the oil and gas and chemical industries due to their corrosion resistance coatings. The demand for oil and gas from the transportation sector and increasing automobile in the developing countries are impacting the growth of the market segment,” says Bharath.
There are various types of radial type centrifugal pumps such as radial submersible pumps, which are suitable for upstream operations. These centrifugal pumps come with a coating to prevent any marine growth such as the formation of algae which drives its adoption in the oil and gas industry. The recovery of the industry, the rising investments, and conceptualization of new projects have affected the demand for radial centrifugal pumps.
The top vendors highlighted by Technavio’s research analysts in this report are:
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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