Market Introduction
Europe is witnessing significant investments in the oil & gas industry. The North Sea continues to remain the main source of Europe’s oil & gas demand, while several projects are in the development phase in the region. A few of the recent or ongoing projects include Johan Sverdrup Development in Norway, Rosebank & Lochnagar Oil & Gas Fields in the UK, Johan Castberg Field in Norway, Aphrodite Gas Field in Cyprus. Further, automotive manufacturing is one of the prominent industries in the region. As per the European Commission, the automotive sector accounts for ~7% of the EU GDP. Germany, Spain, France, and the UK are among the prime vehicle manufacturing countries in the region. The shift from coal-based power generation to gas-based power generation has been one of the most significant transformations observed in the European energy mix. This has considerably reduced energy generated from coal powered plant in the past few years, thus driving focus towards natural gas power generation. Increased operation of natural gas power plants for energy generation has lowered the CO2 emissions from the European power sector. Moreover, the Eastern European region is witnessing surge in the deployment of nuclear power plants. Growth of construction industry and rising use of water in mining activities are the major factor driving the growth of the Europe centrifugal pump market.
In case of COVID-19, Europe is highly affected specially the UK. Businesses are suffering from financial crises as they had to either suspend their operations or reduce their activities substantially to abide by the social distancing norms and lockdown impositions. Europe is one of the major regions which is observing significant growth in infrastructure and construction activities. Also, the demand for water and waste management is rising significantly over the years. Due to the presence of giant manufacturers, which are known for the high adoption of centrifugal pumps, the centrifugal pump market in Europe is expected to gain back its growth pace during the forecast period. However, disrupted supply chains in several European countries and fall in demand have been limiting the performance of manufacturing sector, including the pump manufacturing businesses. Business shutdowns and travel bans have been restricting the growth of various sectors in Europe, which led to an economic slump in many European countries in 2020; the effect of this slowdown is likely to persist in 2021 as well.
Market Overview and Dynamics
The Europe centrifugal pump market is expected to grow from US$ 10,537.99 million in 2021 to US$ 14,791.72 million by 2028; it is estimated to grow at a CAGR of 5.0% from 2021 to 2028. Rising awareness among masses about the long-term effects of pesticides and fertilizers used in agricultural practices, has triggered the demand for organic food produce. However, environmental, or climatic uncertainties make conventional farming methods challenging. Modern farming methods such as hydroponics and vertical farming use controlled indoor environment, and they can be employed to grow vegetables, fruits, and species organically, without the use of pesticides and fertilizers. In hydroponics, the aquaculture is used to nourish the sapling, and in vertical farming, trance minerals are used to nourish the sapling. Water is a major element that is circulated to provide nourishment to the roots of sampling. Centrifugal pumps are widely used for circulating the water. Moreover, these techniques allow producers to adopt organic farming practices as well as to ensure optimum utilization of limited space. Thus, the increasing adoption of modern farming practices owing to growing demand for organic food is projected to generate ample growth opportunities for the Europe centrifugal pumps market players.
Key Market Segments
In terms of stage, the single stage segment accounted for the largest share of the Europe centrifugal pump market in 2020. In terms of operation type, the electric segment held a larger market share of the Europe centrifugal pump market in 2020. In terms of type, the overhung impeller segment held a larger market share of the Europe centrifugal pump market in 2020. Further, the wastewater management segment held a larger share of the Europe 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 Europe 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
Europe Centrifugal Pump Market Segmentation
Europe Centrifugal Pump Market - By Stage
Europe Centrifugal Pump Market - By Operation Type
Europe Centrifugal Pump Market - By Type
Europe Centrifugal Pump Market - By Sector
Europe Centrifugal Pump Market - By Country
Europe Centrifugal Pump Market - Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 10,537.99 Million |
| Market Size by 2028 | US$ 14,791.72 Million |
| CAGR (2021 - 2028) | 5.0% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Stage
|
| Regions and Countries Covered |
Europe
|
| Market leaders and key company profiles |
|
The Europe Centrifugal Pump Market is valued at US$ 10,537.99 Million in 2021, it is projected to reach US$ 14,791.72 Million by 2028.
As per our report Europe Centrifugal Pump Market, the market size is valued at US$ 10,537.99 Million in 2021, projecting it to reach US$ 14,791.72 Million by 2028. This translates to a CAGR of approximately 5.0% during the forecast period.
The Europe 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 Europe Centrifugal Pump Market report:
The Europe Centrifugal Pump Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe Centrifugal Pump Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe Centrifugal Pump Market value chain can benefit from the information contained in a comprehensive market report.
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