Market Introduction
The APAC centrifugal pumps market is sub segmented into Australia, China, India, Japan, South Korea, Uzbekistan, Vietnam, and the Rest of Asia Pacific. The region holds enormous growth potential for various businesses due to the presence of fast-growing countries such as China and India as well as developed countries such as Japan and Australia. The region has vast manufacturing sector, including industries such as chemicals, food & beverages, automobiles, textile, and healthcare. Further, government policies such as Make in India and Made in China 2025 promote the establishment of manufacturing plants to make the respective economies self-sufficient and capable of exporting surplus goods. China, the world's largest manufacturing center, is witnessing a hike in labor costs due to the country's aging population. This has piqued the interest of manufacturers in investing in Southeast Asian countries. A few more factors attracting manufacturing companies to these countries include developing infrastructure and increasing domestic demand. Thus, the growing manufacturing sector across the region is subsequently influencing the adoption of centrifugal pumps. Infrastructure programs such as bridges, highways, communications, sanitation, and electricity help to alleviate poverty in developing countries. =. Further, both public and private investments in the development of residential and commercial complexes have increased across the region. Thus, the increasing construction industry is subsequently contributing to the growth of centrifugal pumps 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.
Market Overview and Dynamics
The APAC centrifugal pump market is expected to grow from US$ 12,018.64 million in 2021 to US$ 18,283.83 million by 2028; it is estimated to grow at a CAGR of 6.2% from 2021 to 2028. According to the World Health Organization, ~50% of the total population is anticipated to live in water stressed countries by 2026 across the region. Centrifugal pumps are widely used equipment in wastewater treatment facilities. The wastewater management practices have already flourished in countries like China; however, in developing countries such as India, these practices are now gaining traction. According to Sustainable Water Alliance, countries across APAC region are anticipated to deployment several new water and wastewater facilities by 2026. Meanwhile, in 2021, China’s National Development and Reform Commission made announcements regarding its plans to improve sewage water treatment capabilities as well as to focus on the transformation of sewage into reusable resources by 2026. Thus, such initiatives by governments are generating ample growth opportunities for the APAC centrifugal pumps market players.
Key Market Segments
In terms of stage, the single stage segment accounted for the largest share of the APAC centrifugal pump market in 2020. In terms of operation type, the electric segment held a larger market share of the APAC centrifugal pump market in 2020. In terms of type, the overhung impeller segment held a larger market share of the APAC centrifugal pump market in 2020. Further, the wastewater management segment held a larger share of the APAC centrifugal pump market based on sector in 2020.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the APAC centrifugal pump market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are 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.
Reasons to buy report
APAC Centrifugal Pump Market Segmentation
APAC Centrifugal Pump Market - By Stage
APAC Centrifugal Pump Market - By Operation Type
APAC Centrifugal Pump Market - By Type
APAC Centrifugal Pump Market - By Sector
APAC Centrifugal Pump Market - By Country
APAC Centrifugal Pump Market - Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 12,018.64 Million |
| Market Size by 2028 | US$ 18,283.83 Million |
| CAGR (2021 - 2028) | 6.2% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Stage
|
| Regions and Countries Covered |
Asia-Pacific
|
| Market leaders and key company profiles |
|
The Asia Pacific Centrifugal Pump Market is valued at US$ 12,018.64 Million in 2021, it is projected to reach US$ 18,283.83 Million by 2028.
As per our report Asia Pacific Centrifugal Pump Market, the market size is valued at US$ 12,018.64 Million in 2021, projecting it to reach US$ 18,283.83 Million by 2028. This translates to a CAGR of approximately 6.2% during the forecast period.
The Asia Pacific Centrifugal Pump Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Centrifugal Pump Market report:
The Asia Pacific Centrifugal Pump Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific Centrifugal Pump Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific Centrifugal Pump Market value chain can benefit from the information contained in a comprehensive market report.
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