Progressive cavity pump is the type of a positive displacement pump designed for extremely difficult pumping applications and handling of highly viscous fluids. These pumps are ideal for pumping fluids that have higher viscosities. The pump is designed to move almost any kind of fluid with no separation disturbance at a uniform discharge flow. Progressing cavity pumps are often installed for handling viscous fluids at high flow rates or where a high discharge pressure is required with a smooth flow. It is a versatile pump that can be utilized in a variety of end-use applications. Moreover, they are feasible in handling tough pumping applications, and thus, there is an increase in demand from various end-use industries.
Market Statistics:
The global progressing cavity pump market is estimated to account for US$ 1,399.3 Mn in terms of value by the end of 2022.
Drivers:
Increase in usage of progressing cavity pumps across various end-use industries, such as water and wastewater, oil and gas, chemicals and petrochemicals, food and beverage, and other end-user verticals, is expected to propel the growth of the global progressing cavity pump market over the forecast period. For instance, In September 2020, PCM Group developed a new digital application, named Hello PCM, accessible via a QRcode stuck on the pumps, allowing access to various technical information and installing and maintaining PCM equipment. The new web application is available for all pumps in the industrial and food markets.
Opportunities:
Increasing demand from water and wastewater management infrastructure industry worldwide is expected to offer significant opportunities for players in the global progressing cavity pump market. Progressive cavity pumps are designed to transport abrasive and highly viscous fluids in wastewater streams, and these pumps have been one of the routine choices for the wastewater treatment industries. In March 2022, EEPEX entered into an agreement to supply CarboNet, a specialty chemicals company, with pumps for its water treatment solution, NanoNet Fe. It is a solution for onsite, industrial-produced water treatment that reduces the amount of chemicals and time required to treat water safely.
Restraints:
High deployment and maintenance cost and availability of substitute products are some major factors expected to hamper growth of the global progressing cavity pump market. For instance, progressive cavity pumps have lower operating and capital costs, which makes them efficient and more cost-effective, but the cost of deployment and maintenance is high, which in turn is expected to hinder growth of the market. Moreover, by design, progressive cavity pumps have always been considered a high wearing item with maintenance costs higher compared to most other pump designs, restraining the market growth.
To know the latest trends and insights prevalent in the Global Progressing Cavity Pump Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/progressing-cavity-pump-market-5263
Global Progressing Cavity Pump Market - Impact of Coronavirus (Covid-19) Pandemic
The outbreak of COVID-19 has had a severe impact on the growth of the progressing cavity pump market as the demand for progressing cavity pumps was reduced significantly. During the pandemic, the market has witnessed a slump in demand from various enterprises operating in the end-user industries, such as water & wastewater, oil & gas, chemicals & petrochemicals, food & beverage, and other end-user verticals. Moreover, the pandemic resulted in increased procurement costs of raw materials owing to the shortage of supplies, which ultimately led to delays in order closures, restraining the market growth.
Key Takeaways:
The global progressing cavity pump market was valued at US$ 1,360.7 Mn in 2021 and is forecast to reach a value of US$ 1,695.7 Mn by 2028 at a CAGR of 3.3% between 2022 and 2028.
Among power rating, Above 150 HP segment held dominant position in the global progressing cavity pump market in 2022, accounting for 42.1% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Market Trends:
The constant need to modernize various industrial processes is playing an important role in driving progressing cavity pumps market trends in the upcoming future. As a result, the demand or the use of progressing cavity pumps in various end-use industries around the world is also increasing, and the trend is expected to continue over the forecast period. Furthermore, factors such as stricter government policies to regulate emissions/pollutants and rising environmental pollution are also expected to drive growth of the market.
Competitive Landscape:
Major players operating in the global progressing cavity pump market include ChampionX, Seepex Inc., Halliburton Company, PCM Group, Xylem Inc., Schlumberger Ltd., Weatherford International PLC, NETZSCH Group, and National-Oilwell Varco Inc., among others.
Recent Developments:
In February 2017, TAPFLO announced the launch of the comprehensive range of progressive cavity pumps in South Africa. The pumps can be applied in different sectors, from waste water treatment plants both civil and industrial, to oenological and the food sector. They satisfy the most varied demands and application needs.
