Progressive Cavity Pump Market 2021: COVID-19 Impact In-Depth Analysis & Global Forecast to 2023
Industry Insight
The Global Progressive Cavity
Pump Market size 2020 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.
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Top Impacting Factors
The global progressive cavity
pumps market 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 market for progressing
cavity pumps. These factors have been considered as prime ones to influence the
market to expand in the future.
The demand within the market of
progressing cavity pumps 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.
Region-Wise Outlook
Regionally, the Global Progressive Cavity Pump Market is studied for the regions of
Asia-Pacific, North America, Europe, the Middle East & Africa, and South
America.
Among these, the market in North
America leads in terms of 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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