API 610 Centrifugal Pumps Market Size Report, Industry Share, Analysis, Growth, 2030

API 610 Centrifugal Pumps Industry Prospective:

The global API 610 centrifugal pumps market size was worth around USD 1200 million in 2022 and is predicted to grow to around USD 1800 million by 2030 with a compound annual growth rate (CAGR) of roughly 5.5% between 2023 and 2030.       

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API 610 Centrifugal Pumps Market: Overview

The API standard that explicitly addresses centrifugal pumps and centrifugal pumping systems is known as API 610. It specifies design parameters for the centrifugal pump itself, as well as how the pump is to be tested and what kind of base it should be put on. There are several configuration codes under the API 610 Centrifugal Pump Standard for distinct types of centrifugal pumps. A pair of two-letter codes followed by a single number are used to identify them. The initials OH, BB, and VS are used to denote the three primary types of pumps: overhung, between-bearings, and vertically suspended. Within each area, the number is used to distinguish between more specific setting choices.

Key Insights

• As per the analysis shared by our research analyst, the global API 610 Centrifugal Pumps market is estimated to grow annually at a CAGR of around 5.5% over the forecast period (2023-2030).
• In terms of revenue, the global API 610 Centrifugal Pumps market size was valued at around USD 1200 million in 2022 and is projected to reach USD 1800 million, by 2030.
• The global API 610 Centrifugal Pumps market is expected to be driven by several factors such as the increasing oil & gas sector and growing adoption of these pumps in power generation.
• Based on the type, the overhung segment is expected to dominate the market over the forecast period.
• Based on the application, the oil & gas segment is expected to hold a significant market share over the forecast period.
• Based on region, North America is expected to dominate the market during the forecast period.

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API 610 Centrifugal Pumps Market: Growth Drivers

Increasing oil & gas sector drives market growth

One of the main markets for API 610 pumps is the oil and gas sector. Pumps that can move crude oil, processed goods, and natural gas liquids efficiently and dependably are needed as the world's energy demand rises. The need for API 610 pumps may increase when exploration and production operations in new deposits are expanded. For instance, after a challenging 2020, Canada's oil and gas production sector had a revenue increase in 2021.

Prices rose and output climbed as a result of a recovery in the economy and the demand for energy products. The price of oil reached its highest point since 2015. As a result, the sector sought to recoup the losses brought on by the COVID-19 outbreak. Oil and gas extraction's overall gross income rose from $93.7 billion in 2020 to $174.0 billion in 2021, an increase of 85.7%. The price of crude oil and bitumen grew by 70.8% from 2020, according to the Raw Materials Price Index, while the price of natural gas increased by 15.8%. While total natural gas output climbed by 3.9%, total crude oil production increased by 6.2%. Thus, the aforementioned stats drive the global API 610 centrifugal pumps market growth.

API 610 Centrifugal Pumps Market: Restraints

High initial cost and complex maintenance requirements hamper the market growth

Due to their specific design and materials, API 610 centrifugal pumps are often more costly than regular pumps. Some businesses may be discouraged from using these pumps because of the significant initial capital expenditure needed, especially in sectors where funding is limited. Additionally, even though API 610 pumps are renowned for their reliability, they need expert maintenance and routine inspection to guarantee that they adhere to safety and performance criteria. For some companies, the complexity of maintenance and the requirement for specialist employees might be a hurdle.

API 610 Centrifugal Pumps Market: Opportunities

Growing product launches offer an attractive opportunity for market growth

The growing product launches offer a lucrative opportunity for API 610 centrifugal pumps industry growth during the forecast period. For instance, in February 2023, the well-known Canadian company CPC Pumps International expanded its product line by introducing the first-ever BB5 pump in addition to its extensive selection of specialty pumps. The typical markets for CPC centrifugal pumps are the broader petrochemical and refining industries.

The BB5's inclusion is very opportune, mainly since one of its main applications will be in aiding in the reduction of environmental consequences in a sustainable manner. It will be put to use in the crucial carbon capture, utilization, and storage (CCUS) procedures for cutting CO2 emissions. The CPC BB5 pump is fully compatible with API 610 specifications and offers consumers the ability to modify their hydraulics in the future by allowing them to change out individual stages. This gives every pump a comprehensive, cutting-edge hydraulic coverage that engineers may customize to match the requirements of any application.

API 610 Centrifugal Pumps Market: Challenges

Competition from alternative technologies poses a challenge to market growth

Positive displacement pumps and diaphragm pumps are a couple of alternative pumping technologies that are constantly advancing in terms of effectiveness and dependability. In some applications, this rivalry could be challenging for API 610 centrifugal pumps.

API 610 Centrifugal Pumps Market: Segmentation

The global API 610 Centrifugal Pumps industry is segmented based on type, application, and region.

Based on the type, the global API 610 centrifugal pumps market is bifurcated into overhung, between bearings and vertically suspended. The overhung segment is expected to dominate the market over the forecast period. Overhung pumps are one of the categories of API 610 pumps, designed for applications where a single-bearing arrangement is sufficient to support the impeller and shaft. They are used for a wide range of fluids, including hydrocarbons, chemicals, water, and other process fluids. Additionally, oil & gas, petrochemicals, electricity generation, water treatment, and other sectors use overhung pumps. In industrial operations, common uses include moving liquids, increasing pressure, and circulation. Thus, this is expected to drive the market growth during the forecast period.

Based on the application, the global API 610 Centrifugal Pumps industry is bifurcated into oil & gas, chemical, and others. The oil & gas segment is expected to hold a significant market share over the forecast period. A crucial part of the global energy sector is the market for API 610 centrifugal pumps in the oil and gas industry. The safe and effective handling of hydrocarbons and other fluids is made possible by API 610 pumps, which are essential to many activities along the oil and gas value chain.

Moreover, the requirement for expanded oil and gas exploration and production is driven by the continuously rising worldwide demand for energy, particularly in emerging nations. This increases the need for API 610 pumps. For instance, according to secondary analysis, in 2022, the world's demand for crude oil (including biofuels) was 99.57 million barrels per day, and in 2023, it is anticipated to reach 101.89 million barrels per day. Thus, this is expected to drive the segment expansion.

API 610 Centrifugal Pumps Market: Report Scope

API 610 Centrifugal Pumps Market: Regional Analysis

North America is expected to dominate the market during the forecast period

North America is expected to dominate the global API 610 centrifugal pumps market during the forecast period. The market growth in the region is attributed to the increasing oil & gas exploration. The drilling, production, transportation, and refining activities of the oil and gas sector in North America, notably in locations like the Gulf of Mexico and shale gas exploration areas, significantly rely on API 610 pumps. For instance, according to a secondary source, by 2050, the output of shale gas and tight oil in the US is expected to rise from 26.91 trillion cubic feet in 2022 to about 35 trillion cubic feet.

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On the other hand, the Asia Pacific is expected to grow at the fastest rate during the forecast period. The growth in the region is attributed to the growing power generation. The demand for electricity in APAC is soaring due to population growth and industrialization. API 610 pumps are crucial for power generation, including coal, natural gas, nuclear, and renewable energy plants. Thus, this is expected to drive the market growth in the region during the forecast period.

API 610 Centrifugal Pumps Market: Competitive Analysis

The global API 610 Centrifugal Pumps market is dominated by players like:

• Trillium Flow Technologies
• Ebara Corporation
• Sulzer
• Ruhrpumpen
• Flowserve
• Sundyne
• ITT Goulds Pumps
• Pumpworks
• Truflo Pumps Inc.
• KSB
• Kirloskar Pompen
• Carver Pump
• Sichuan Zigong Industrial Pump
• Gruppo Aturia
• V-FLO

The global API 610 Centrifugal Pumps market is segmented as follows:

By Type

• Overhung
• Between Bearings
• Vertically Suspended

By Application

• Oil & Gas
• Chemical
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa