What Factors Impacting Progressive Cavity Pump Market Growth?
The Global Progressive Cavity Pump Market size is expanding ahead with a massive USD 4.29 Billion projects to score between 2019 and 2025. The net worth of the market is supposed to rise by 6.84% CAGR, claims Market Research Future, in its latest study.
Top Impacting Factors
The global progressive cavity pumps market growth has been witnessing an ascending graph of demand owing to the soaring need for pumping shear-sensitive or viscous elements. The mechanism of a progressive cavity pump is enormously complex, but the utility served by these pumps is unparalleled. Uniqueness in operation of these pumps is expected to be the prime reason following trust of the consumers in the market. It is anticipated that multiple industries involve the pumping of viscous fluids in some capacity would contribute to the growth of the global progressing cavity pump market forecast. These factors have been considered as prime ones to influence the market to expand in the future.
The demand within the progressing cavity pumps market has taken a greater leap in recent times, as per the study. Such a progress is mainly due to the utility served by these pumps towards handling fluid with high viscosity. Also, several industries are actively making huge-scale investments to improve infrastructural setup, which has also been a plus point for the global market and its growth course.
With this, due to the scantiness of fresh water sources, wastewater treatment plants have been installed across various regions. Since progressing cavity pumps are an intrinsic part of these wastewater treatment units, the demand within the market has witnessed an upsurge in recent times. Oil pumping has been an enormously vital area of operation, and the deployment of progressing cavity pumps for oil pumping has also generated demand within the global market. Furthermore, other areas of fluid pumping span across sewages and sludge, chemicals, coal slurry, and down-hole mud.
Some more factors such as excellent abrasion resistance, low surface noise levels and low profile surface equipment, as well as low maintenance are also estimated to expand the growth of the progressing cavity pumps market.
Segmentation of Market: Progressing Cavity Pumps
The global progressive cavity pump market is further segmented among power ratings and end-user.
Depending on the power rating segment, the global market has included up to 50 hp, 51-150 hp, and above 150 hp. Where up to 50 HP segment might hold the largest share owing to a surge in infrastructure development.
Depending on the end-user segment, the global market has included water & wastewater, oil & gas, food & beverage, chemical & petrochemical, and more. Out of which, the water & wastewater segment is estimated to expand at the highest CAGR during the forecast period as increasing demand for freshwater, rise in the use of progressive cavity pumps in water treatment plants for polymers, sludge, and waste is doubled.
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Regionally, the Global Progressive Cavity Pump Industry trends is studied for the regions of Asia-Pacific, North America, Europe, the Middle East & Africa, and South America.
Among these, North America leads in terms of progressive cavity pump market share due to a surge in the funds for water & wastewater and oil & gas industry in the US & Canada. In the case of point, in July 2019, Canada Infrastructure Bank (CIB) published an expenditure of USD 20 million in the Mapleton’s water and wastewater project. Also, in September 2019, the US Department of Agriculture (USDA) announced investing USD 144 million to improve rural water infrastructure in 25 states of the US. Such investments raised the demand for progressive cavity pump market in North America.
Asia-Pacific region also leads the market growth across the globe in the year 2018, with most of the demand from China and India. This was owing to rising economies and a growing population. The Asia Pacific is at present the fastest-growing region, and this trend would be the same in the forecast period.
Top Market Players
The global progressive cavity pump manufacturers include National Oilwell Varco (US), Halliburton (US), Dover (US), Schlumberger (US), Xylem (US), Weatherford (US), Netzsch (Germany), Circor International, Inc. (US), Seepex (US), PCM (US), Moyno (US), Synopumps (India), ITT (US) and Sydex (Italy).
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