Centrifugal Pump Market Trends

Growth Drivers

• Rising Implementation for Enhancing Irrigation System– A combination of its efficiency, simplicity, and capacity to handle high flow rates, centrifugal pumps with shafts are often employed for irrigation. Irrigation is critical in agricultural settings for giving water to crops, controlling soil moisture, and assuring optimal yield. Agriculture irrigation uses 70% of the global water and more than 40% in some OECD nations. Therefore, irrigation continues to be the top water usage activity in the world.
• Increasing Use of Solar Water Pumps– The popularity of solar water pumps gives consumers energy security, especially around areas where grid connectivity is restricted or inconsistent. In comparison to grid-powered pumps, a solar-powered system might reduce greenhouse gas emissions (per unit of energy used for water pumping) by 95-97%. And even more, is reduced when compared to diesel pumps. Further, minimized prices and higher improvements in its technology have increased the adoption of solar pumps.
• Growing Demand for Unconventional Energy Resources– Between 2015 and 2040, shale gas output is predicted to increase by more than 125 Bcf day 1, reaching 30% of global natural gas production by 2040. Centrifugal pumps are employed in unconventional energy resources to help in the extraction, transportation, and processing of these resources.

Challenges

• High Cost of Initial Setup – Centrifugal pumps have high initial costs, particularly in large-scale industrial applications. This might be a hurdle for small and medium-sized organizations (SMEs) or businesses with limited resources.
• Additional Expenditure on Maintenance and Downtime
• Shortage of Skilled Workers