WASHINGTON, Sept. 09, 2022 (GLOBE NEWSWIRE) — The expansion of the manufacturing sector and the quickening development of residential and commercial infrastructure will fuel the growth of the worldwide Centrifugal Pump Market. The increase in investment in the construction sector, which sped up urbanization, is blamed for the growth. The market’s expansion is to blame for the high demand for these types of pumps in the agricultural industry.
The industrial forecast would also be impacted by the rising demand for hydrocarbons to meet diverse power generation needs. One of the most frequently utilized types of pumps, Centrifugal Pump Markets, is employed in a wide variety of applications. It is interconnected with numerous industry verticals to effectively transfer liquids in bulk volumes and provide fluids with the best dynamic head and flow rates. The Global Market revenue was valued at USD 36.1 Billion in 2021.
The Global Centrifugal Pump Market size is forecast to reach USD 49.7 Billion by 2028 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 5.5% during the forecast period; states Vantage Market Research, in a report, titled “Centrifugal Pump Market Size, Share & Trends Analysis Report by Operation Type (Electrical, Hydraulic, Air Driven), by Type (Overhung Impeller, Vertically Suspended, Between Bearing), by Stage (Single Stage, Multistage), by End Users (Industrial, Commercial & Residential), by Region (North America, Europe, Asia…