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The global Vertical Multistage Centrifugal Pump Market is estimated to be valued at US$ 4705.3 Mn in 2023 and is expected to exhibit a CAGR of 3.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Vertical multistage centrifugal pumps are used to transfer highly viscous fluids and liquids over long distances against high pressures. These pumps have multiple impellers stacked vertically on a common shaft within a casing. They can efficiently handle large flow variations and offer dependable pumping operations for industrial applications like water treatment, chemical processing, and HVAC systems. Vertical multistage centrifugal pumps provide advantages like simple design and construction, smooth operation, easy maintenance, high reliability, and corrosion resistance. Their ability to handle high head pressure requirements has increased their use in water and wastewater treatment facilities.
Market key trends:
One of the key trends in the vertical multistage centrifugal pump market is growing investments in wastewater treatment infrastructure. With rapid urbanization and industrialization, wastewater volumes generated across industrial, commercial, and municipal sectors are rising drastically. This is necessitating upgrades to existing wastewater treatment plants and building new facilities to treat the increasing volumes of wastewater. Vertical multistage centrifugal pumps are extensively used in wastewater treatment plants for pumping wastewater slurries and sludge over long distances with high pressures. Growing focus on wastewater reclamation and recycling is further augmenting demand for such pumps in water resource recovery facilities. Manufacturers are also developing advanced materials and innovative designs to increase pump efficiency for wastewater applications.
Porter’s Analysis
Threat of new entrants: Low capital requirements and availability of raw materials act as low entry barriers in this market. However, established brand names and customer loyalty towards major players pose significant threat to new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute products. However, customized solutions, product quality and reliability help major players to differentiate their offerings.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power as raw materials required are commodity chemicals and equipment widely available from different suppliers.
Threat of new substitutes: Substitutes include submersible pumps and self-priming pumps. However, vertical multistage centrifugal pumps have established application areas with performance benefits, acting as a barrier against substitution.
Competitive rivalry: Intense due to large number of global and regional players competing on basis of product quality, technology, reliability and services. Major players differ on basis of geographic footprint and application expertise.
Key Takeaways
The global Vertical Multistage Centrifugal Pump market is expected to witness high growth, exhibiting CAGR of 3.3% over the forecast period, 2023 to 2030, due to increasing demand for water & wastewater applications across industries. The market size for 2023 is estimated to be US$ 4705.3 Mn.
Regional analysis: Asia Pacific dominates the global market and is expected to grow at fastest pace during the forecast period. China, India and other South East Asian countries are major markets driving regional growth due to rapid industrialization, infrastructure growth and rising focus on water conservation. North America and Europe are other major regional markets.
Key players operating in the Vertical Multistage Centrifugal Pump market include Pentair Water Groups, Grundfos, C.R.I. Pumps Private Limited, Crane Engineering, Carver Pump Company, Oswal Pumps Limited, National Oilwell Varco., Desmi, Dab Pumps Spa P.I., Baiyun, Shakti Pumps (I), Xylem, Inc., Kolmeks Oy, and Lenntech B.V. Major players focus on new product development, strategic partnerships and expanding regional footprint to gain higher market share.
