Centrifugal pumps are expected to be the largest contributor to the mining pumps market from 2022 to 2032, according to a report by market research and consulting agency Fact.MR.

The report provides mining pumps market analysis by product type, capacity, application and region for the 2022 to 2032 period and forecasts that the global pumps market will surpass about $3.7-million by 2032 at a compound annual growth rate of 4.8% over the period under review.

While cost-effectiveness and easy installation are two of the key attributes enhancing the appeal of centrifugal mining pumps, high maintenance and controlling issues in case of low flow rates are some of the prominent factors that might pose challenges to adoption.

As centrifugal pumps are widely used for multiple mining applications, they are often preferred for attaining high flow rates in a smooth manner, says the report.

“This segment of mining pumps market contributed around 44% in the overall market valuation in 2021. Investments in new mining projects and amelioration of existing projects across various regions is majorly surrounded by the presence of centrifugal pumps in the market.”

Being one of the integral parts of the overall mining infrastructure, centrifugal mining pumps are also highly sought-after for use in productive or extractive processes. Thus, demand for this pump type is expected to increase by 2.4 times, states the report.

The global mining pumps market accounted forabout 5%of the global industrial pumps market last year.

“The global mining pumps market is highly fragmented and competitive, owing to the existence of many domestic and regional players. Various marketing strategies are adopted by key players such as mergers and acquisitions, expansions, collaborations and partnerships,” notes the report.

Also, new product development is strategically adopted by leading companies to upscale their market presence among consumers, resulting in the incorporation of advanced mining pumps.

Fact.MR says it has provided detailed information about price points of top manufacturers in the mining pumps market across regions, sales growth, production capacity, and speculative technological expansion in the recently published report.