The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Centrifugal Pump Market.
It was estimated prior to this unanticipated outbreak that the Centrifugal Pump Market will reach CAGR of 5.2% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Centrifugal Pump Market Share: By Type
Based on the type, the market is segmented as an overhung impeller, vertically suspended, and between bearing. The overhung impeller segment dominated the market in 2019, and the segment is likely to maintain its dominance during the forecast period. The growth of the segment is owing to the extensive use of overhung impellers in commercial, residential, and industrial applications. In addition, they are also used in different end-use industries for power generation owing to their low cost as compared against bearing pumps.
Centrifugal Pump Market Share: By Stage Type
Based on the stage type, the market is segmented as single stage and multistage. The multistage segment is estimated to have substantial growth in the coming five years. Multistage pumps offer several advantages as they are suitable in operating in a host of flow/head situations.
Centrifugal Pump Market Share: By End-User Type
Based on the end-user type, the market is segmented as industrial and commercial & residential. The industrial segment is expected to register a higher growth during the forecast period. The market is driven by the increasing demand from the water and wastewater and agricultural sectors majorly in the countries such as India, Thailand, Saudi Arabia, Malaysia, Vietnam, and Nigeria.
Centrifugal Pump Market Share: By Region
In terms of regions, Asia-Pacific is expected to dominate the centrifugal pump market in the coming five years. China and India are the growth engines of the region. The market is driven by the growing investments in the water and wastewater set-up in India and other South-Eastern countries. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.