Pegged at US$ 2.4 billion in 2023, the canned motor pumps market is poised to grow at a CAGR of 2.8%. However, amid the COVID-19 pandemic, the market is projected to remain stagnant for the next couple of fiscal quarters. This is attributed to a significant drop in demand due to business closures in many countries. As infections soar, the adoption of canned motor pumps is expected to remain low in several end-use industries such as chemical, oil & gas and power industries amid volatile market conditions.
For instance, in April 2023, the American Chemistry Council (ACC) reported that the U.S. registered a decline in demand for specialty chemicals by 5% in March 2023. At the same time, the manufacturers who have been able to ramp up production are having to contend with a disrupted supply chain. This is turn, has significantly impacted the global canned motor pumps market posing a serious threat of dormancy in the near future. In the long run, as the impact of COVID-19 fades, the market is anticipated to recover and pave way for significant opportunities.
The following insights and evaluations are worth knowing for any market participant, helping them in ascertaining the prevailing dynamics and the future trajectories of the Canned Motor Pumps Market. They are a part of the estimations of the opportunities in various segments. The additional new opportunities have turned the Canned Motor Pumps Market into a fragmented landscape with more entry-level players entering the market, thanks to low barriers for investments.
After reading the Canned Motor Pumps Market report, readers get insight into:
- Major drivers and restraining factors, opportunities and challenges, and the competitive landscape
- New, promising avenues in key regions
- New revenue streams for all players in emerging markets
- Focus and changing role of various regulatory agencies in bolstering new opportunities in various regions
- Demand and uptake patterns in key industries of the Canned Motor Pumps Market
- New research and development projects in new technologies in key regional markets
- Changing revenue share and size of key product segments during the forecast period 2023 to 2031
- Technologies and business models with disruptive potential
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Regional analysis includes
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Argentina, Chile, Peru, Rest of LATAM)
- EU – (Germany, France, Italy, Spain), UK, BENELUX (Belgium, Netherlands, Luxemburg), NORDIC (Norway, Denmark, Iceland, Sweden), Eastern Europe (Poland, Ukraine, Czech Rep. etc.), Rest of Europe
- CIS & Russia
- Asia Pacific Excluding Japan (Greater China, India, S. Korea, ASEAN Countries, Rest of APEJ)
- Middle East and Africa (GCC Countries, Turkey, Iran, Israel, South Africa , Rest of MEA)
Canned Motor Pumps Regional Insights
Asia Pacific Excluding Japan (APEJ) accounts for more than one-third of the global canned motor pumps market. APEJ has emerged as a manufacturing powerhouse in the world making the region the most suitable market for canned motor pumps manufacturers. Canned motor pumps efficiency is also resulting in higher uptake. For instance, APEJ leads the chemical and industrial sector with around 45% share of the global market.
However, the outbreak of COVID-19 has caused economic instability in the region. Leading countries have imposed a complete lockdown since the last couple of months which has stalled production in the region resulting in substantially lowered demand for canned motor pumps.
However, as the situation is being brought under control, businesses are resuming production in East Asia. For instance, In March 2023, China Petroleum and Chemical Industry Federation (CPCIA) revealed that around 86% of chemical plants in the country have reopened. This is expected to create a significant opportunity in the canned motor pumps market in the region. Therefore, in Fact. Mr’s report APEJ is projected to expand at a CAGR of 3.4% during the forecast period.
Some important questions that the Canned Motor Pumps Market report tries to answer exhaustively are:
- Key strategic moves by various players in the Canned Motor Pumps Market in recent years with respect to product launches, deals and tie-ups, and mergers and acquisitions, and divestment of shares
- Which strategies will enable top players in the Canned Motor Pumps Market to expand their geographic footprints
- Which new business models are expected to change the course of growth of key regional markets in near future
- Which technologies will witness most attractive research investments and what will be the key sources of funding for startups and new entrants
- Which products segments have in recent years have seen new, lucrative application areas
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