Report : Asia Pacific Centrifugal Pump Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Stage (Single Stage and Multistage), Operation Type (Electric, Hydraulic, and Air Driven), Type (Overhung Impeller, Vertically Suspended, and Between Bearing), and Sector (Oil and Gas, Chemicals and Petrochemicals, Mining, Power Generation, Automotive, Agriculture, HVAC, Wastewater Management, and Others)
Electric Segment to Dominate APAC Centrifugal Pump Market During 2021–2028
According to a new market research study on “APAC Centrifugal Pump Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Stage, Operation Type, Type, and Sector” is expected to reach US$ 18,283.83 million by 2028 from US$ 12,018.64 million in 2021. The market is estimated to grow at a CAGR of 6.2% from 2021 to 2028. The report provides trends prevailing in the APAC centrifugal pump market along with the drivers and restraints pertaining to the market growth. Growing use of water in mining activities and rise of construction industry are the major factor driving the growth of the APAC centrifugal pump market. However, increasing cavitation in centrifugal pumps hinders the growth of APAC centrifugal pump market.
In case of COVID-19, APAC is highly affected specially India. APAC is several developing countries, high industrial presence, and positive economic outlook. Increasing urbanization and industrialization in these countries is presenting ample growth opportunities to the centrifugal pump market players. The increasing use of enhanced technologies; growing adoption of Industrial Internet of Things (IIoT) across various industrial facilities; rising safety mandates in developing countries such as India, Japan, and China are propelling the adoption of centrifugal pumps in the region. The COVID-19 outbreak has brought the entire manufacturing sector to a halt, causing major supply chain disruptions. As a result, the shortage of raw material required for centrifugal pump manufacturing is expected to worsen further, as the key raw material suppliers are located in China and Taiwan. The trade war between the US and China has had a negative effect on trade of raw materials as well as on the demand for centrifugal pumps. Further, the scarcity of raw materials has led to increase in their prices, resulting in high centrifugal pump manufacturing costs. However, the Asia Pacific region's market need for centrifugal pumps has been driven by rising demand for power generation in growing economies such as India, Japan, and Indonesia. The increased usage of the Internet of Things, which allows centrifugal pumps to monitor, analyze, and boost productivity, will have a favorable impact on market growth.
The APAC centrifugal pump market is segmented based on stage, operation type, type, sector, and country. Based on stage, the market is sub-segmented into single stage and multistage. The single stage segment dominated the APAC centrifugal pump market in 2020 and multistage segment is expected to be fastest growing during forecast period. Based on operation type, the market is categorized into electric, hydraulic, and air driven. The electric segment dominated the APAC centrifugal pump market in 2020 and hydraulic segment is expected to be fastest growing during forecast period. Based on type, the market is segmented into overhung impeller, vertically suspended, and between bearing. The overhung impeller segment dominated the APAC centrifugal pump market in 2020 and vertically suspended segment is expected to be fastest growing during forecast period. Based on sector, the market is segmented into oil and gas, chemicals and petrochemicals, mining, power generation, automotive, agriculture, HVAC, wastewater management, and others. The wastewater management segment dominated the APAC centrifugal pump market in 2020 and agriculture segment is expected to be fastest growing during forecast period. Based on country, the market is segmented into the India, China, Japan, Australia, South Korea, Uzbekistan, Vietnam, and rest of APAC.
EBARA CORPORATION; Grundfos Holding A/S; KIRLOSKAR BROTHERS LIMITED; KSB SE & Co. KGaA; PLEUGER INDUSTRIES; Sulzer Ltd; The Weir Group PLC; Tsurumi Manufacturing Co., Ltd.; WILO SE; and Xylem Inc. are among the leading companies in the APAC centrifugal pump market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, Spiber Thailand Ltd., a local subsidiary of Spiber Inc., has received the Model GSO pumps and cooling water pumps, among other things, from EBARA Corporation. The factory officially opened at the end of March 2021.
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