Progressing Cavity Pumps Market: Introduction
Transparency Market Research delivers key insights on the global progressing cavity pumps market. In terms of revenue, the global progressing cavity pumps market is estimated to expand at a CAGR of ~7% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global progressing cavity pumps market.
The global progressing cavity pumps market has been positively impacted by the rise in the demand from water & wastewater management, oil & gas, food & beverages, and chemical & petrochemical across the globe. Thus, increase in the demand from end-use industries is propelling the global progressing cavity pumps market.
Progressing Cavity Pumps Market: Dynamics
According to the International Energy Agency, oil and natural gas caters to 50% of the world’s energy demand. The consumption of natural gas increased by 4.6% in 2018.
According to the International Energy Agency, petrochemical products are expected to be the pillars of expansion of the oil industry during the forecast period. The global oil consumption is projected to reach 104.1 mb/d by 2026, representing an increase of 4.4 mb/d from that in 2019.
According to Rystad Energy, well service spending is expected to rise to US$ 54 Bn in 2021 from US$ 50 Bn in 2020 in North America. According to the Oil and Gas Journal, well intervention in Middle East & Africa is anticipated to rise at a rapid pace, with around 10,000 active offshore wells on oil fields with average well age of 16-21 years as compared to average well age of 10-15 years in other regions.
Progressing cavity pumps are utilized for artificial lifting (the method wherein higher production rate from the well can be achieved by lowering the producing bottom-hole pressure). In the artificial lifting method, the density of fluid entering the tubing is lowered, thus expanding gas (introduced as an external source of high pressure gas) in tubing helps to uplift the fluid.
Currently, more than 2 million oil wells are operational worldwide; of these, more than 1 million wells use the artificial lifting method for uplifting the fluid and to achieve higher rate of discharge. Thus, the usage of progressing cavity pump systems in artificial lifting is anticipated to boost the demand for progressing cavity pumps during the forecast period.
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Progressing Cavity Pumps Market: Prominent Regions
In terms of value, Asia Pacific is expected to remain highly lucrative region during the forecast period. The region has been witnessing significant investment in industrialization and urbanization for the past decade, which resulted in a significant rise in water usage and disposal due to which governments and companies are currently focusing on water treatment. Progressing cavity pumps could play a vital role in the water & wastewater treatment management. For instance, the Government of India is planning to investment in food parks due to which the demand for progressing cavity pumps is likely to increase in the food & beverage industry over the next few years.
North America is expected to hold a significant share of the global progressing cavity pumps market, owing to an increase in investment in water & wastewater and oil & gas industries in the U.S. and Canada. For instance, in July 2019, Canada Infrastructure Bank (CIB) announced an investment of US$ 20 Mn in Mapleton’s water and wastewater project. Similarly, in September 2019, the U.S. Department of Agriculture (USDA) announced plans to invest US$ 144 Mn to improve rural water infrastructure in 25 states of the U.S. These investments are boosting the progressive cavity pumps market in North America.
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The progressing cavity pumps market in Middle East & Africa is anticipated to expand at a steady pace during the forecast period. GCC held a major share of the progressing cavity pumps market in Middle East & Africa in 2020. The trend is anticipated to continue during the forecast period. The rise in urbanization and industrialization in the region is fueling the demand for progressing cavity pumps, especially in oil & gas and water & wastewater treatment sectors.
Progressing Cavity Pumps Market: Key Players
Key players operating in the global progressing cavity pumps market are National Oilwell Varco, Mono Pumps, SEEPEX GmbH, Netzsch pumps, Circor International, Wangen Germany, Vogelsang USA, Nova Rotors Srl, Borger GmbH, Liberty Process Equipment, SEKO S.p.A, Continental Ultra Pumps, and Artemis PC Pumps Systems Ltd.
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