Impact of the Covid-19 Outbreak on the Centrifugal Pump Market
The spread of COVID-19 has negatively impacted the global centrifugal pump market owing to the lockdowns imposed in the majority of the countries across the globe since December 2019. These pumps are mainly used for pumping water (with the support of rotating impellers) in industrial and residential properties. They are also largely used in the agriculture sector, municipal water and wastewater plants, power generation plants, petroleum, and chemical, among other industries. These pumps have several advantages such as ease of operation, steady delivery, the ability to be horizontally or vertically mounted, and minimal maintenance costs. The demand for these products has been hampered temporarily in recent months owing to the shutting down of businesses globally. However, the demand for centrifugal pumps is anticipated to recover in the coming months and grow significantly in the long term.
FIGURE: IMPORTS OF POWER-DRIVEN CENTRIFUGAL PUMPS IN ASIA (USD BILLION)
Factors such as increasing urbanization and high focus on water conservation & wastewater management are projected to fuel the demand for centrifugal pumps in the next three years. Moreover, increasing infrastructure development is also expected to promote the use of centrifugal pumps, particularly in industrial applications. For instance, according to the India Brand Equity Foundation (IBEF), India would require an investment of USD 777.73 billion in infrastructure by 2022, to ensure sustainable development in the country, which, in turn, would boost the demand for centrifugal pumps in the country. Governments across the world are focusing on the development of strict regulatory policies to build sustainable water systems, including the development of centralized systems for proper distribution and design of water treatment models.
Source: Primary Experts, Secondary Sources, and MRFR Analysis
Source: Trademap (HS code- 841370)