Global positive displacement pump market is set to be valued at over US$ 2.6 Bn in 2021, with a stable long-term projection, according to latest insights by Future Market Insights (FMI). The food and beverage industry requires food grade pumps and therefore, companies introduced new pumps which adhere to the standards provided by bodies such as the Bureau of Food Standards.
Positive displacement pumps are used to transfer fluids in inter and intra facilities. Over the years, the market has developed in terms of innovations in material and design. Companies introduced products which can withstand significantly higher levels of pressure, with advances in material sciences.
According to the report, the market will grow at a CAGR of around 4% between 2021 and 2031. Positive displacement pumps are in high demand as the oil and gas and water distribution industries grow.
Positive displacement pumps are important equipment used for ensuring accurate and repeatable transportation and pumping operations. Market leaders are investing in refineries for oil-based products to increase their regional presence and market share.
Positive displacement pumps have seen a significant rise in demand over the last few years. To meet the increased demand, manufacturers are planning to build new manufacturing units or expand existing infrastructure.
Demand for positive displacement pump waned in 2020 due to the COVID-19 pandemic. However, the water and wastewater segment of the industry sowed less due to the latest guidelines issued by World Health Organization (WHO) which bodes well for the sales of these equipment in future. Despite the risk of a stimulus in many countries, the market’s long-term outlook is optimistic.
Key Takeaways from Positive Displacement Pumps Market Study
- Reciprocating positive displacement pumps are expected to hold close to 69% of the overall market, driven by cost benefits.
- Oil and gas applications are projected to account for over two-fifths of the overall market share owing to extensive applications in associated refinery facilities.
- The market in the Germany is projected to expand at a CAGR of around 5%, supported by increasing investments in infrastructure for oil & gas imports.
- Sales of positive displacement pumps in the U.S. will account for over 65% of the North America market by the end of 2031.
- The emerging markets such as Spain will exhibit steady growth at 5.3% CAGR over the next ten years.
“The surge in demand from the global oil & gas industry for positive displacement pumps in recent years is expected to support market growth, especially in emerging economies such as India and China. Against this backdrop, the market players are likely to increase their investment towards expansion in the developing countries,” says a Future Market Insights analyst.
Competitive Landscape
The market is highly consolidated, with key players accounting for more than four-fifth of the market share. These players are likely to invest in new technology developments and expansion of their networks in order to maintain their market shares.
Some of the key players in this industry include but are not limited to Grundfos, Ebara Corp., Flowserve Corporation, WILO SE, Xylem Inc., The Weir Group Plc, Ruhrpumpen Group, Sulzer AG, Dover Corp., and KSB Group.
Applications in the power generation and chemical sectors played significant roles between 2016 and 2020. According to FMI, the oil and gas industry is expected to grow at a healthy rate in economies such as China, India, the Middle East, and Africa.
Access Full Report: https://www.futuremarketinsights.com/reports/positive-displacement-pumps-market
