Positive Displacement Pumps Market Value Worth $19.2 Billion by 2028, Says The Insight Partners

According to The Insight Partners research reports on Positive Displacement Pumps can help you gain crucial insights regarding the key drivers.

NEW YORK, UNITED STATES, October 21, 2022 /EINPresswire.com/ -- “Positive Displacement Pumps Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (Reciprocating, Rotary, Others); Application (Oil and Gas, Water Treatment, Chemical, Pharmaceutical, Food and Beverages, Others) and Geography”

The positive displacement pumps market is expected to grow from US$ 11.5 billion in 2021 to US$ 19.2 billion by 2028 at a CAGR of 6.6% between 2021 and 2028.

The positive displacement pumps market continues to mature with ongoing investments in several sectors such as oil & gas, water & wastewater, and food & beverage. Pump manufacturers face key market challenges, such as the need to provide pumps with high energy efficiency, value-added support services, and competitive prices. In addition, the market consolidation in the pump industry is likely to push top manufacturers to expand their product offerings, thereby penetrating newer markets. Rise in demand for positive displacement pumps in the oil & gas industry, technological advancements in pump displacements, and increase in the adoption of positive displacement pumps in wastewater treatment are the key drivers for the positive displacement pumps market.

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Companies Profiled in this report includes: Schlumberger Ltd, HERMETIC-Pumpen, Pentair, Baker Hughes, Flowserve, Sulzer, IDEX Corporation, Ebara Corporation, Weir Group, Fristam Pumps

MARKET DYNAMICS

The increasing need for wastewater treatment from the refining, chemical, and pharmaceutical industries is the key driver for the market. Rising population and growing industrialization have resulted in high demand for crude oil, augmenting the need for positive displacement pumps. Furthermore, several businesses serving the water end-user industries, such as marine and water-wastewater treatment, are increasingly imposing measures in the water sector to enhance reliability, sustainability, and profitability in their operations. Moreover, increased exploratory activities in the oil & gas industry and diverse technological improvements—including the aggregate of hydraulic fracturing and horizontal drilling—have boosted worldwide oil production, attracting numerous vendors to invest in the positive displacement pumps market.

MARKET SEGMENTATION

The global positive displacement pumps market is segmented based on product and application. Based on product, the market is segmented into reciprocating, rotary, and others. In terms of application, the market is segmented into oil and gas, water treatment, chemical, pharmaceutical, food and beverages, and others.

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REGIONAL FRAMEWORK

The report provides a detailed overview of the industry, including both qualitative and quantitative information. It provides overview and forecast of the global positive displacement pumps market based on various segments. It also provides market size and forecast estimates from 2020 to 2028 with respect to five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America. Each region's positive displacement pumps market is later sub segmented into respective countries and segments. The report covers analysis and forecast of 18 countries globally, along with current trends and opportunities prevailing in the target regions.

From the regional perspective, APAC dominated the positive displacement pumps market with ~XX% market share in 2021. The market in Asia Pacific is projected to account for the largest market share in the coming years. The growing number of hydrocarbon exploration activities, as a result of the high demand for energy and power, will positively impact the global market. Besides, the need for sustainable energy management may represent growth in the regional market size. The presence of several major pump manufacturers in countries such as India, China, and Japan is expected to fuel the market growth in Asia Pacific.

IMPACT OF COVID-19 PANDEMIC on Positive Displacement Pumps Market

The effect of COVID-19 was severe on the sales of positive displacement pumps across the globe. The impact was felt across numerous industries and delayed the process of supply chain activities within the pump manufacturing sector. Governments of countries worldwide imposed lockdowns and restricted movement to curb the spread of the virus. Due to this, a majority of end users lost a significant revenue share in 2020 and 2021. As there were travel restrictions across the world, the pump industry faced service-related problems as service teams were unable to reach locations. Service and maintenance-related issues were met through technological innovations with the advent of Industry 4.0. These features were incorporated into a pump monitoring system, enabling the consumer to evaluate the pump parameters, get on-time production status, live monitoring, scheduled maintenance time, and output. The system also helps transmit the records through a web portal and an interactive mobile app. This is anticipated to drive the pump industry despite the lockdown measures. It is also expected to reduce transportation prices and workforce significantly.

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