Research Nester assesses the growth and market size of the global centrifugal pump market which is anticipated to be on account of the growing demand for power generation.
Research Nester’s recent market research analysis on “Centrifugal Pump Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global centrifugal pump market in terms of market segmentation by type, operation, stage, application, end users, and by region.
Growing Demand for More Electricity to Promote Global Market Share of Centrifugal Pump
The global centrifugal pump market is estimated to grow majorly on account of the rising generation of electricity and the setup of new power plants. Centrifugal pumps circulate water through feedwater heaters, where the water is preheated before entering the boiler. This improves the overall thermal efficiency of the power plant. Permission for coal power plants and new project announcements increased considerably in China in 2022, with fresh permits reaching a record high since 2015. China's coal power capacity began building six times greater than the rest of the world's combined.
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Furthermore, the rising initiatives for treating wastewater and the higher need for water desalination are also expected to boost the market growth of centrifugal pumps. Centrifugal pumps are employed to draw seawater from the ocean into the desalination plant. These pumps are designed to handle the corrosive nature of seawater and to withstand the challenging marine environment. Clean, fresh drinking water is essential for human survival. Nearly 1 billion people globally do not have access to it. Desalination is becoming a preferred solution to this problem.
Some of the major growth factors and challenges that are associated with the growth of the global centrifugal pump market are:
Growth Drivers:
• Surging Water Desalination Process
• Integration of New Technology in Centrifugal Pump
Challenges:
There are various additional expenditures in centrifugal pumps that is one of the major factor that anticipated to hamper the global market size of centrifugal pumps. Centrifugal pumps must be serviced on a regular basis to ensure peak performance and avoid breakdowns. Moreover, maintenance downtime can disrupt industrial processes and result in productivity losses. On the other hand, the lack of professional workers is also expected to stifle market growth. The centrifugal pump industry requires skilled professionals for design, installation, and maintenance. A shortage of skilled workers in the field can limit the growth potential of the market
Request for customization @ https://www.researchnester.com/customized-reports-5115 On the basis of stage, the global centrifugal pump market is segmented into single-stage and multistage. Out of the two, the single-stage segment is to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. Furthermore, based on various applications of centrifugal pumps including industrial, commercial, agriculture, and residential. The industrial segment is anticipated to dominate the market growth over the projected time frame.
By region, Europe's centrifugal pump market will be responsible for the notable revenue by the end of 2035. Centrifugal pump manufacturers are focusing on developing more energy-efficient pumps to comply with stringent energy efficiency regulations in Europe. As companies seek to reduce energy consumption and lower their environmental impact, there is a growing preference for modern, efficient centrifugal pumps. Furthermore, growing demand for centrifugal pumps in the chemical and food & beverage industry is also expected to drive market growth in the region.

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This report also provides the existing competitive scenario of some of the key players of the global centrifugal pump market which includes company profiling of Flowserve Corporation, Schlumberger Ltd, Baker Hughes Company, KSB SE & Co. KGaA, Weir Group PLC, CPC Pumps International, Inc., Ebara Corporation, Xylem, Grundfos Holdings A/S, and ITT Inc.
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