- Progressing cavity pumps market is foreseen to expand at ~7% CAGR throughout the analysis period 2021–2031. Increased infrastructure development activities is expected to work as key driver for market growth.
- In terms of region, Asia Pacific will demonstrate prominent growth due to increased industrialization in the region.
ALBANY, N.Y., July 15, 2021 /PRNewswire/ -- Progressive cavity pump refers to a positive displacement pump type. The device is widely utilized in the management of extremely complicated pumping applications and high viscous fluids. While the tool can be used in a wide range of applications, the prime usage of progressing cavity pump is for pumping rough, viscous, or shear-sensitive materials and metering chemicals.
The new report by TMR offers complete synopsis of the global progressing cavity pumps market. According to the analysts of this report, the market is likely to surpass the valuation of around US$ 5.7 Bn by the end of assessment period 2021–2031.
Growth in Urban Population across Developing Countries Boosts Sales of Progressing Cavity Pumps
Many developing countries across the globe are observing notable growth in industrialization. This is one of the key factors fueling demand for progressing cavity pumps. Moving forward, the government bodies of many countries are growing number of projects pertaining to the infrastructure development activities. The increased urbanization is resulting into growing requirement for sanitation. As a result, the government authorities are focused on strengthening their water and wastewater treatment infrastructure. All these factors are expected to bring substantial demand opportunities in the global progressing cavity pumps market in the forthcoming years.
Players Concentrate on Minimizing Production Cost as Growth Strategy
With presence of many players in the progressing cavity pumps market, the competition level in this market seems to be quite intense. As a result, the market enterprises are growing participation in diverse strategic moves. Several players are seen engaged in the mergers, acquisition, and partnership activities. At the same time, many vendors are growing interest in reducing their production costs. The tactic is helping them in offering products at cheaper rates, and thereby achieving the adoption of this product by small and medium-scale companies in diverse end-user industries. Thus, growth in adoption of the product by this target customer base will help in boosting the revenue number of the global progressing cavity pumps market in the years ahead.
Progressing cavity pumps are utilized in a wide range of industries including power, chemicals, pulp and paper, paints and coatings, biogas, marine, and oil and gas. The expansion of all these industries is likely to translate into increased demand opportunities in the global market for progressing cavity pumps in the years to come.
The progressing cavity pumps are gaining traction across the food and beverages industry. One of the key factors behind the growing usage of this pump across the food and beverages industry is their ability to help in decreasing the operational cost. Thus, growing product adoption in the industry will help in boosting the market sales in the upcoming years.
The government bodies of many nations are growing investments toward the water and wastewater management and oil and gas industries. This is one of the key factors fueling the sales of progressing cavity pumps market.
The new research report performs profiling of all participants operating in the global progressing cavity pumps market. Thus, this report gives important data pertaining to the financial status, sales, production, revenues, and other statistics pertaining to the companies operating in the market for progressing cavity pumps.
The list of key market players includes following names:
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