According to Arizton’s latest research report, the global centrifugal pump market will grow at a CAGR of 4.53% during 2022-2028.
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The rising shift towards solar-powered centrifugal pumps and the advent of intelligent & smart pumps is expected to boost the centrifugal pump market significantly in the upcoming years. Moreover, increased mining activity and mined material production in China, India, and other developing countries are projected to boost centrifugal pump production.
A direct distribution channel is traditionally used in several industries where products are sold directly to large end customers. In contrast, an indirect sales channel involves selling products to a partner who, in turn, sells the products to end customers. Directing sales through distribution partners allows vendors of centrifugal pumps to access new market segments that are difficult to reach by the direct channel. Some vendors in the market use the direct and indirect channels parallel, and some have entirely switched to an indirect sales channel to improve their business. However, developing, implementing, and expanding an indirect sales channel is difficult and expensive for any business. In the current market scenario, direct and indirect sales co-exist and hold equal importance individually.
3D Printing Technology Catalysing the Centrifugal Pump Manufacturing, Driving Growth
The combination of 3D printing technology and digital modeling enables better and faster production of pumps. 3D printing technology reduces the output time of products in the assembly line, which usually takes days to weeks of running time. 3D printing technology cuts mold processing time by 30%-50% compared with traditional manufacturing. Traditional manufacturing, such as pump manufacturers, is affordable for industry players with high-medium output sizes. However, only replacement items and spare parts are made using 3D printing technology since the technology is limited to rapid prototyping. Mature centrifugal pump manufacturers push market players to look for technological competitiveness.
3D printing technology benefits pump suppliers as it helps incorporate raw materials with preferred mechanical properties. Pump and valve manufacturers explore the use of 3D printing technology to develop energy-efficient and cost-competitive goods with complex geometries. This helps push the production, servicing, and replacement of pumps and fuels the demand for centrifugal pumps.
Middle East & Africa Witnessing Fastest Growth Rate
The demand for centrifugal pumps in the Middle East is projected to remain steady during the forecast period as major countries began their expansion after the pandemic. The economies of Iraq and Saudi Arabia have stayed on a modest development path among oil-importing countries. The Syrian economy, however, is sluggish. In such situations, development in the region is marked by various influences. The region witnessed a boost in the construction sector post the COVID-19 pandemic. Industrial and commercial development factors in the region are expected to impact the centrifugal pump market in the region.
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