The Global Progressing Cavity Pump Market is expected to grow at a CAGR of 6.24%, from 2018 to 2023, to reach a market size of USD 4.08 billion by 2023. Suitability for handling high viscosity fluids, increasing investments in infrastructure development activities, and high demand for wastewater treatment plants in Asia Pacific are likely to drive the progressing cavity pump market during the forecast period.
Get sample of this report:
The Progressing Cavity Pump Market is dominated by major players that are established brand names with a wide regional presence, along with many local and regional players in emerging economies. The key players in the Progressing Cavity Pump Market include Schlumberger (US), National Oil Well (US), Xylem (US), NETZSCH (France), PCM (France), Weatherford (US), Halliburton (US), Borets (UAE), Dover (US), National Oilwell (US), CIRCOR (US), PCM (France), and Seepex (Germany).
On the basis of power rating of progressing cavity pumps, the market has been segmented into up to 50 hp, 51–150 hp, and above 150 hp.The up to 50 hp segment is estimated to have the largest market share, by value, in 2018. The demand from North America and Asia Pacific is projected to drive the market for the up to 50 hp segment during the forecast period. The market for the 51–150 hp segment is projected to grow at the highest pace during the forecast period owing to the recent developments in its design, which has facilitated increased demand and resulted in easier adoption of 51 hp–150 hp power rating pumps. The growth of the 51 hp–150 hp pump market can be attributed to various factors such as the requirement of less floor space and higher performance and efficiency due to smaller impeller diameters. Also, the installation of the 51 hp–150 hp pumps helps to reduce maintenance cost.
The water & wastewater management segment of the progressing cavity pump market, by end-user, is estimated to have the largest market share, by value, in 2018. Upsurge in the infrastructural development projects, especially in China and India, rising standards of living & growing urbanization, and rising demand for proper sanitation are expected to drive the market for progressing cavity pump during the forecast period. For instance, the government of Malaysia aims to serve 99% of the population with clean water by 2020 from 95.5% in 2015. Similarly, according to the Indian Ministry of Finance, India aims to invest USD 646 billion over the next 5 years, out of which 70% would be required for power, roads, and urban infrastructure sectors.
For Inquiry before buying:
The Progressing Cavity Pump Market has been segmented, on the basis of region, into Europe, North America, Asia Pacific, the Middle East & Africa, and South & Central America. The market for Asia Pacific is projected to grow at the fastest rate, from 2018 to 2023, followed by North America and Europe. India is projected to grow at the highest CAGR from 2018 to 2023 owing to the increasing urbanization, focus on developing new power generation facilities, and demand for better sanitation, safe disposal of sewage, and clean water for all. Moreover, the thrust given by the government on augmenting domestic manufacturing through the newly initiated “Make in India” program would boost the demand for progressing cavity pumps during the forecast period. The US is the fastest-growing market in the North American region. The modernization of the existing water supply and wastewater treatment plants, along with investment in new facilities and development in the oil & gas sector are the major factors impacting the growth of the progressing cavity pump market in North American region.
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.