Centrifugal Pumps Discover the latest growth trends and forecasts for the Europe Pump Market Stay informed with key insights and market analysis for 2023
The European region is experiencing a surge in investments in the oil & gas sector, with the North Sea being the primary source of the continent’s oil & gas requirements. Many active and forthcoming initiatives contribute to the market growth, including the Norway-based Johan Sverdrup Development, the Rosebank & Lochnagar Oil & Gas Fields in the UK, and the Johan Castberg Field in Norway. Moreover, automotive manufacturing plays a significant role in the region’s economy, accounting for approximately 7% of the EU’s GDP. Germany, Spain, France, and the UK are major vehicle-producing countries.
This blog post talks about the various aspects of the Europe centrifugal pumps market, including market dynamics, key segments, major sources, and companies.
Market Overview and Dynamics
The Europe centrifugal pumps market is anticipated to exhibit substantial growth. It is projected to expand from its estimated value of US$ 10,537.99 million in 2021 to reach a substantial market size of US$ 14,791.72 million by the end of 2028. This growth trajectory indicates an estimated compound annual growth rate (CAGR) of 5.0% throughout the predicted period. The market’s expansion can correlate to the region’s flourishing construction industry, rising demand for water in mining activities, and the shift from coal-based power generation to gas-based power generation. Furthermore, Eastern Europe is witnessing an increase in the deployment of nuclear power plants, all contributing to the growth of the Europe centrifugal pumps market.
However, the COVID-19 pandemic has severely impacted Europe, particularly the UK, causing businesses to suffer from financial crises due to suspended operations or reduced activities. This has disrupted the supply chain and reduced demand, restricting the growth of various European sectors, including the pump manufacturing businesses. The economic slowdown in many European countries in 2020 is expected to persist in 2021, affecting the performance of the Europe centrifugal pumps market.
Market Segmentation
By Stage
In 2020, the single-stage segment accounted for the largest share of the Europe industrial pump, such as the centrifugal pumps market. Single-stage pumps are widely used for their simplicity and cost-effectiveness, making them popular for various applications.
By Operation Type
The electric segment held a larger market share of the Europe centrifugal pumps market in 2020. Electric centrifugal pumps are preferred for their energy efficiency, reliability, and low maintenance requirements.
By Type
In 2020, the overhung impeller segment dominated the Europe centrifugal pumps market with a significant market share. Overhung impeller pumps are known for their compact design and versatility, making them suitable for various applications.
By Sector
In 2020, the wastewater management segment accounted for a larger share of the Europe centrifugal pumps market. The increasing demand for water and waste management in the region, coupled with the need for efficient water treatment processes, has fueled the growth of this segment.
By Country
Germany, France, Italy, the UK, and Russia are among the leading countries in the Europe centrifugal pumps market. These countries have a strong manufacturing base and are witnessing significant growth in infrastructure and construction activities, driving the demand for centrifugal pumps.
Major Companies and Sources
Prominent companies listed in the European Centrifugal Pump sector are:
- EBARA CORPORATION,
- Grundfos Holding A/S,
- KIRLOSKAR BROTHERS LIMITED,
- KSB SE & Co. KGaA,
- PLEUGER INDUSTRIES, Sulzer Ltd.
- Jee Pumps.
- The Weir Group PLC,
- Tsurumi Manufacturing Co., Ltd.,
- WILO SE,
- Xylem Inc.
The Growing Demand for Organic Food and Modern Farming Practices
Consumer awareness about the long-term effects of pesticides and fertilizers in agricultural practices has increased the demand for organic food. However, conventional farming methods are challenged by environmental and climatic uncertainties, leading to the adoption of modern farming methods such as hydroponics and vertical farming. These methods use controlled indoor environments and enable producers to adopt organic farming practices while ensuring optimum utilization of limited space.
Centrifugal pumps play a crucial role in these modern farming practices, as they are widely used for circulating water to nourish plant roots. Therefore, the growing demand for organic food and adopting of modern farming practices is expected to create ample growth opportunities for the Europe centrifugal pump market players.
Why should you Get the Europe Centrifugal Pump Report?
Investing in this report on the Europe centrifugal pumps market will help you:
- Gain information into the market landscape and identify segments most likely to guarantee a strong return.
- Stay ahead by understanding the European centrifugal pumps market’s ever-changing competitive landscape.
- Plan efficiently and partner deals in M&A in the segment by identifying markets with the most probable sales.
- Make informed business decisions based on a comprehensive market performance analysis across various segments.
- Obtain market revenue forecasts by various segments from 2021-2028 in the European region.
Conclusion
The Europe centrifugal pumps market is expected to witness significant growth during the forecast period, driven by the increasing demand for water and waste management, the shift from coal-based power generation to gas-based power generation, and the growing adoption of modern farming practices. As the market continues to evolve, understanding market dynamics, key segments, and major companies is crucial for investors and businesses looking to capitalize on the opportunities presented by the Europe centrifugal pumps market.
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