The revenue generated from centrifugal pumps experienced a significant recovery in 2023, primarily due to an increase in new order volumes. This surge in demand can be attributed to the higher need for pump replacement and aftermarket services observed among Pump Original Equipment Manufacturers (OEMs) in 2023. The renewal of production activities within process industries played a crucial role in driving this heightened demand. Furthermore, the rebounded activity witnessed in various sectors, such as chemicals, water utility, construction, and power, also contributed to the increased sales of centrifugal pumps. These sectors displayed a notable resurgence, further bolstering the demand for these pumps.

The global centrifugal pumps industry has experienced considerable growth over recent years in all segments in terms of the total revenue. The total market size increased from USD 27,928 million in 2020 to USD 33,348 million in 2023, representing a CAGR of 6.1% during the period. As the industry recovers from the COVID-19 pandemic and continues to grow, the market size of the global centrifugal pumps is forecasted to increase to USD 41,794 million in 2028, representing a CAGR of 4.6% from 2023 to 2028.

The single-stage pumps segment dominated the market studied in 2022. The valuation of the single-stage pumps segment in 2022 was USD 10,441 million, and it is projected to reach USD 14,226 million by 2028. On the other hand, the screw pumps segment is anticipated to exhibit the highest compound annual growth rate (CAGR) during the forecast period from 2023 to 2028.

The centrifugal pumps market can be categorized into seven applications: water utility, petrochemical, energy, food & beverage, healthcare, power generation, and others. The water utility segment is projected to reach a revenue of USD 10,796 million by 2028. Two key factors drive the demand for centrifugal pumps. Firstly, infrastructure upgradation initiatives in the water utilities sector are increasing the need for these pumps. Secondly, service-based business models utilizing digitalization and IIoT technologies are gaining prominence, enhancing pump reliability and minimizing downtime.

Global pump market is dominated by several industry players, including Flowserve Corp., Sulzer AG, KSB SE & Co. KGaA, Xylem, Inc., Grundfos AS, ITT, Inc., IDEX Corporation, Dover Corporation, Ebara Corporation, SPX Flow, Inc., Ingersoll Rand Inc., among others. These companies offer diverse solutions to meet the varied needs of clients across the world while trying to reinforce their positions in this dynamic business landscape.