PRESS RELEASE:
https://www.coherentmarketinsights.com/press-release/centrifugal-pump-market-3209


Market Trends

Market players are focused on mergers and acquisitions to gain the competitive acheivement in the market. For instance, in July 2015, Sulzer Ltd. acquired Expert International Pompe Service (EIPS), which offers maintenance and repair services for pumps in Casablanca, Morocco.
2.Rising adoption of micro-disc pumping and variable frequency drive technology which enables manufacturers to create small-size and energy-efficient centrifugal pumps.

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Market Opportunities

Majority of centrifugal pump manufacturers are focused on the optimization of centrifugal pumping systems and increasing production speed.

Rising focus on pump life cycle cost can provide major business opportunities. Manufacturers are required to evaluate life cycle costs and allow smart buying decisions for customers.


Impact of Covid-19

There is significant impact on centrifugal pump market, as these centrifugal pumps are used in oil & gas industries leads to the downfall in demand and price of the crude oil. For instance, in March 2020, in US the price of the crude oil has decreased from US $61.06 to $23.36.

Additionally, every country has banned international and domestic travel, due to this there is had huge drop in the consumption of Aviation Turbine Fuel (ATF) across the globe.


Key Developments:

1. To achieve a competitive edge in the market, key market players are focused on mergers and acquisitions . For instance, in February 2019, ITT Corporation acquired Rheinhütte Pumpen Group, a designer of centrifugal pump from Aliaxis Group SA.

2. To enhance the market presence, major companies are involved in partnerships and collaborations. For instance, in February 2019, Ruhrpumpen Group, a pump supplier, partnered with Wolong Electric, an electric motor manufacturer, to supply API 610 barrel-casing pumps to Missan Oil Company.


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Market Segmentation:

By Product Type: Single-stage Pump, Multi-stage Pump, Axial & Mixed Flow Pump, Submersible Pump, Sealless & Circulator Pumps.

By Capacity (HP): Small, Medium, High.

By End Use:
Industrial: Chemicals, Water & Wastewater Treatment, Power, Oil & Gas, Pharmaceuticals, Food & Beverages, Others.
Agricultural, Domestic.