Centrifugal Pump Market Is Growing with Growing Urbanization and Industrialization

Centrifugal Pump Market

 Centrifugal pumps are widely used for pumping water, bases, acids, oils, organics, solvents, or any thin liquids in domestic, agricultural, and industrial applications. These pumps are used to transfer/transport oil from different types of end-use industries, such as oil & gas, chemicals, power, water and wastewater treatment, food & beverages, and pharmaceuticals, among others. Growth of the centrifugal pump market is mainly driven by the increasing demand for water and wastewater management in both developed and developing countries. According to the United Nations, with the existing climate change scenario, almost half the world's population will be living in areas of high water stress by 2030.

Therefore, water and wastewater treatment infrastructure is expected to develop significantly in the coming years, worldwide. This, in turn, is expected to increase the demand for centrifugal pumps, driving the centrifugal pump market. Water use has been growing at more than twice the rate of population increase in the last century. Water is used in many stages of the industrial production process. From maintaining facilities, to conducting manufacturing processes, and even to grow elements used to make products. Thus, the increasing water usage across many industries is expected to promote the establishment of new water treatment plants. This, in turn, is also expected to augment the centrifugal pump market growth.

Furthermore, the centrifugal pump market is witnessing robust growth due to the increasing exploration and production (E&P) activities in oil and gas fields, worldwide. For instance, in November 2020, Oil India Limited (OIL) launched the seismic survey program at Kakatpur in Puri District, Odisha in the Mahanadi Basin (Onland). OIL won all five blocks for hydrocarbon exploration under Open Acreage Licensing Policy (OALP)-II and III rounds. This, in turn, is also expected to increase the demand for centrifugal pumps, as it is one of the most commonly used pumps in the oil and gas industry, driving the market growth.

Moreover, with the increasing infrastructural development activities, demand for centrifugal pump is also increasing. Governments of some countries such as China and India have started focusing on industrialization, thereby supporting the growth of centrifugal pumps. Likewise, demand for water from the agricultural sector has also increased with the growing urbanization, which in turn is expected to accelerate the centrifugal pump market growth. According to the World Bank, in most regions of the world, more than 70% of freshwater is used for agriculture. By 2050, feeding a planet of around 9 billion people will require an estimated 50% increase in agricultural production and a 15% increase in water withdrawals.

https://www.coherentmarketinsights.com/market-insight/centrifugal-pump-market-3939

Location: India

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