Centrifugal Pump Market Soaring at 5.4% CAGR to Reach 51.5 billion USD by 2028 - MarketsandMarkets Blog - 0 views
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Almira Coyne on 16 Jun 23The global centrifugal pump market is estimated to grow from USD 39.7 billion in 2023 to USD 51.5 billion by 2028, at a CAGR of 5.4% during the forecast period. Centrifugal pumps play a vital role across various stages of the oil & gas industry, spanning from exploration and processing to transportation to end consumers, covering the entire value chain of the industry. These pumps are predominantly employed for fluid transfer purposes in this sector. As the post-pandemic economy recovers and experiences growth, coupled with supply limitations arising from challenging geopolitical circumstances, there is a projected upsurge in oil & gas exploration and production. This, in turn, is expected to drive an increase in the demand for centrifugal pumps during the forecast period.