Centrifugal Pump Market Share

APAC Market Forecast

The centrifugal pump market in Asia Pacific is projected to be the largest with a share of about 33% by the end of 2037. The growth of the market can be attributed majorly to the growing oil refineries followed by higher consumption of oil in the region. Furthermore, increasing industrialization and rising construction of industrial wastewater treatment plants. In 2021, China's oil refinery capacity will be approximately 17 million barrels per day, up from around 16 million barrels per day the previous year. Moreover, the East Asian country's oil refinery capacity expanded by around 16 million barrels of oil per day between 1970 and 2021.

North American Market Statistics

The North America centrifugal pump market is estimated to be the second largest, registering a share of about 29% by the end of 2037. The growth of the market can be attributed majorly to the increasing concerns about water scarcity and environmental regulations. In the United States, there are over 153,000 public drinking water systems and over 16,000 publicly owned wastewater treatment systems. North America has a well-established and diverse industrial manufacturing sector, creating demand for pumps in different applications within these industries.