Centrifugal Pump Market Size Expected to Reach USD 45.56 Billion by 2028

The global centrifugal pump market size was USD 29.24 billion in 2020 and is projected to grow from USD 30.56 billion in 2021 to USD 45.56 billion by 2028, exhibiting a CAGR of 5.9% during the forecast period. Rising commercial and residential infrastructure developments and extensive pump adoption in several applications are expected to boost market development. Fortune Business Insights™ mentions this information in its report titled “Centrifugal Pump Market, 2021-2028.”

Centrifugal pumps are utilized to transfer liquids in bulk and provide efficient flow rates. Increasing developments in commercial and residential infrastructure are expected to boost the adoption of centrifugal pumps.

Asia-Pacific is expected to dominate the centrifugal pump market share during the forecast period because of the rising energy demand. The market in Asia-Pacific reached USD 11.46 billion in 2020 and is expected to gain a remarkable market share in the upcoming years. Furthermore, increasing energy demand alongside rising progress in the processing and manufacturing industry is expected to boost the market growth.

In Europe, the presence of several centrifugal pump manufacturers and the adoption of stringent government initiatives to prevent water pollution are expected to boost adoption. Furthermore, the emergence of several new power generation plants and rising cooling and space heating systems are expected to boost centrifugal pumps’ demand. These factors may initiate market growth.

In North America development of industrial establishments and rising construction expenditure is expected to boost the adoption of the product. Additionally, the increased oil & gas production targets may foster market development.