Market Trends of Europe Centrifugal Pumps Industry
This section covers the major market trends shaping the Europe Centrifugal Pumps Market according to our research experts:
Rapid Urbanization to Drive the Market growth
- Centrifugal pumps transport large quantities of liquid and provide an efficient flow rate. Advances in developing commercial and residential infrastructure with increased urbanization and new projects in the European region are expected to drive the adoption of these pumps. In addition, increasing the adoption of pumps in multiple applications is expected to increase the demand for these pumps.
- According to the World Bank, the percentage of the urban population in the European Union has increased from 73% in 2012 to 75% in 2021. The increasing urban population further drives the demand for efficient utilities (water, electricity, gas, etc.) distribution systems which is creating a favorable market scenario for the centrifugal pump
- As the growth of the urban population increases the consumption of water, new water distribution systems are built to fulfill the requirements of the urban population. For instance, to solve water supply problems by developing the water and wastewater infrastructure in Buzău county, Romania, the European Commission approved an investment of more than EUR 127 million from the Cohesion Fund, in June 2022.
- Similarly, in March 2021, a grant financing agreement worth EUR 7.15 million was signed between the French Development Agency (AFD), the Ministry of Regional Development and Infrastructure of Georgia. The EU-funded grant facility is intended to help Khashuri municipality modernise its water supply and sanitation systems.
- As centrifugal pumps are widely used across the water & wastewater ecosystem, growing such investments are expected to create growth opportunities for the vendors operating in the European region during the forecast period.
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Oil and Gas Sector to Hold Significant Market Share
- Centrifugal pumps are commonly used pump types in the oil and gas industry. These pumps are used in the oil and gas sector to pump petroleum and petroleum products, liquefied gases, and other liquids during operation. The rise of oil and gas infrastructure development across various European countries is expected to significantly boost the centrifugal pump market over the forecast period.
- Russia is among the leading suppliers of oil & gas to most European countries. However, the war in Ukraine has accelerated the discussion on the European country's energy strategy; most of the oil-producing countries, including Italy, Denmark, Romania, etc., have started focusing on increasing production to fulfill the local demand. For instance, in early 2022, the Romanian government announced its plans to revive gas and oil exploration and development in the Black Sea to achieve self-sufficiency.
- Companies are also focused on innovations and using advanced technologies to ehnance market growth. Additionally, to further expand their market presence and technological expertise the companies are also focusing on acquisitions. For instance, in August 2021, Atlas Copco, a Swedish company, acquired Ontario-based centrifugal pump specialist Cologne. The company believes that Cologen's technology and market presence align with its existing gas and process operations. This acquisition also adds complementary assets to its portfolio and strengthens its position in the market.
- Furthermore, a large portion of energy demands of the European countries is fulfilled by petroleum products that are imported from other countries. According to EU, a major portion of crude oil imports comes from countries such as Russia, the United States, Norway, Saudi Arabia and the United Kingdom. As centrifugal pumps are also used as pumping stations of oil & gas pipelines, their demand is expected to grow during the forecast period.
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