CHICAGO, July 1, 2022 /PRNewswire/ -- According to the new market research report "Progressing Cavity Pump Market by Pumping Capacity (Upto 500 GPM, 501–1000 GPM, Above 1000 GPM), Power Rating (Upto 50 hp, 51–150 hp, Above 150 hp), End User (Oil & Gas, Water & Wastewater, Others), Product Type, Stage Type and Region - Forecast to 2027", published by MarketsandMarkets™, the Progressing Cavity Pump Market is expected to grow at a CAGR of 5.3% during the forecast period, from an estimated USD 2.2 billion in 2022 to USD 2.8 billion in 2027. Growing developments in investments in water & wastewater treatment, oil & gas, chemicals & petrochemicals, mining is fueling the growth for progressing cavity pumps. The new technology trends in conveying high viscosity fluids and semi-solids is creating numerous opportunities for progressing cavity pump manufacturers.
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The water & wastewater treatment segment, by end-user industry, is expected to be the largest Progressing Cavity Pump Market during the forecast period
The water & wastewater segment has the largest share of the global Progressing Cavity Pump Market owing to rise in the demand in developing countries with increase in the sanitation services for achieving sustainability development goals. As these pumps work efficiently when comes to highly viscous fluids and semi-solids which is fueling the growth for progressive cavity pumps. Moreover, factors such as population growth, industrial development are increasing the demand for usage of progressive cavity pumps in wastewater treatment.
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51–150 hp segment is expected to be the second largest market, by power rating, during the forecast period
51–150 hp progressing cavity pumps offer various advantages such as less floor space and high performance allow them to be utilized in large number of end-user industries. Also, recent developments in the design of 51–150 hp progressing cavity pumps is increasing their demand. These are more suitable in water & wastewater treatment, food & beverages, oil & gas industries.
Asia Pacific is expected to dominate the global Progressing Cavity Pump Market during the forecast period
In this report, the Progressing Cavity Pump Market has been analyzed for 5 regions, namely Asia Pacific, North America, Europe, Middle East & Africa, South America. Asia Pacific is expected to lead the market during the forecast period.
Asia Pacific region has undergone rapid developments and growth from the major economies such as China, India, Malaysia, Thailand, Vietnam, South Korea, and Japan. The region has witnessed developments in various sectors such as oil & gas, food & beverages, mining, chemical & petrochemicals in the recent years. For instance, in China, there are natural gas explorations and import activities. China new mining policies involving foreign investments in the mining industry has supported to raise the demand for progressing cavity pumps this trend has been observed in different across countries in the region which fueled the growth for 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. These include including NOV (US), NETZSCH (Germany), Seepex (Germany), PCM (France), CIRCOR International (US), and Schlumberger (US). The leading players are trying to establish themselves in the markets of developed countries and are adopting various strategies such as investments, expansions, product launches, sales contracts, agreements, mergers, acquisitions, collaborations, partnerships, and joint ventures to increase their respective market shares.
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