According to the new market research report “Progressing Cavity Pump Market by Power Rating (Up to 50 hp, 51-150 hp, Above 150 hp), End User (Oil & Gas (Application, Well Type), Water & Wastewater, Food & Beverage, Chemical & Petrochemical, and Others), Region – Global Trends and Forecast to 2023″, The progressing cavity pump market is expected to grow from an estimated USD 3.02 Billion in 2018 to USD 4.08 Billion by 2023, at a CAGR of 6.24%, during the forecast period. The market is set to witness growth because of increasing investments in modernizing water & wastewater infrastructure, infrastructure development, and suitability for handling high-viscosity fluids in the oil & gas sector.
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The up to 50 hp segment is expected to be the largest progressing cavity pump market, by power rating, in 2018.
Up to 50 hp rated progressing cavity pumps are expected to hold a large share of the total market, by in 2018. This is dominance is attributed to the increase in infrastructure development, and growing demand for industrialization globally.
Water & wastewater management end industry is expected to generate significant demand for the progressing cavity pump during the forecast period.
The need to reduce life cycle costs and improve operating margins is anticipated to boost the usage of progressing cavity pump units in the water & wastewater industry such as polymers, waste, sludge, and flocculants. Increasing demand for freshwater, liquids with higher viscosities, and a clean environment are likely to drive the market in the future, creating opportunities for the usage of progressing cavity pumps in water & wastewater management.
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North America: Key market for progressing cavity pumps during the forecast period.
In this report, the progressing cavity pump market has been analyzed with respect to 6 regions, namely, Asia Pacific, Europe, North America, South and Central America, and the Middle East & Africa. The increased demand from the water & wastewater management, and demand from other sectors such as food & beverage and chemical & petrochemical are expected to drive the market for progressing cavity pumps in North America.
Progressing cavity pumps market growth in Asia Pacific and Europe is mainly driven by the increasing industrialization; and growing investments in water & wastewater treatment infrastructure. Other factors that drive this market include growth in chemicals, power, and oil & gas; upsurge in the infrastructural development projects, especially in China and India; rising standards of living & growing urbanization; and rising demand for proper sanitation. Implementation of large industrial and commercial projects and refurbishment of aging infrastructure in Europe will continue to create demand for the progressing cavity pump market.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the progressing cavity pump market such as 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).