Over the forecast period, the worldwide centrifugal pump market is expected to grow at a CAGR of roughly 4%. (2020-2025). Increased exploration and production (E&P) activities in offshore deep-water oil and gas fields in regions (such as North America and Africa) are expected to boost demand for centrifugal pumps, which are one of the most widely used pumps in the oil and gas industry for extraction, processing, and delivering applications.
Furthermore, many countries have begun to phase out nuclear and coal-fired power plants in favour of natural gas-fired power plants. During the projected period, the development of gas-fired power plants is expected to drive the growth of the centrifugal pumps market. The price of crude oil and gas, on the other hand, is likely to have an impact.
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