Prominent progressive cavity pump market players include ChampionX Corporation, Halliburton Company, PCM Suzhou Ltd., Weatherford International PLC, National-Oilwell Varco Inc., Xylem Inc., NETZSCH Group, Circor International, Vogelsang GmbH & Co., KG and Nova Rotors Srl.
New York, Nov. 02, 2023 (GLOBE NEWSWIRE) -- The global progressive cavity pump market size is slated to expand at ~7% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 6 billion by the end of 2035, up from a revenue of ~USD 2 billion in the year 2022.The rising demand for oil in the world is expected to drive the progressive cavity pump market growth. World oil demand is at an all-time high, fueled by increased summer air travel, higher oil use in the production of electricity, and increasing Chinese petrochemical activity. Global oil demand is expected to rise by 2.2 million barrels per day to 102.2 million barrels per day in 2023, with China contributing to more than 70% of the increase. 1.5 Sump Pump Hose
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Progressing cavity (PC) pumps were first widely employed as fluid transfer pumps in a variety of industrial and manufacturing applications, with some attempts to use them for interface transfer of oilfield fluids. Progressive cavity pumps have been shown to be an efficient alternative solution by operators at two different types of oil and gas facilities, delivering superior pressure capabilities at lower net favorable suction head needed (NPSHr) quantities than centrifugal pumps.
Improved Technology is to Boost the Growth of Progressive Cavity Pump Market
According to a new IEA report, energy demand rose by 5% in 2021, with fossil fuels, particularly coal, accounting for about half of the increase, pushing CO2 emissions from the power sector to record levels in 2022. In addition to this, coal-fired energy output climbed by over 5% this year and another 3% in 2022, perhaps hitting an all-time high. Gas-fired generation further increased by 1% in 2021 and approximately 2% in 2022, after falling by 2% in 2020. Progressive cavity pumps are essential for the boiler and power plant operation since they are used for handling several fuels, such as coal slurry, and biomass, and these pumps efficiently transfer these fuels to combustion systems from storage tanks. It is also employed in the hydraulic systems that control several processes and equipment utilized in power generation.
Progressive Cavity Pump Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Shortage of Fresh Water and Need for Water Treatment is to Boost the Growth of the Market in the Asia Pacific Region
Water scarcity is a major issue in Central Asia, and it is especially serious in rural regions. Fortunately, the overall situation has improved over the last decade, many people still lack access to adequate drinking water and sanitary services. Since the publication of Agenda 2030, UN Teams in Asia have been collaborating with host governments to help build communities that are durable and make long-term progress towards SDG 6. From healthcare to agriculture to education, UN agencies in Central Asia have taken a number of practical steps to increase access to clean water and strengthen the region's water security.
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Rising Generation of Electricity is to Elevate Market Growth in North America
Electricity is a crucial aspect of contemporary life and the economy of the United States. Electricity is used for lighting, heating, cooling, and refrigeration, as well as to power appliances, computers, electronics, and industrial, and public transit systems. Overall power usage in the United States in 2022 was approximately 4.05 trillion kWh, the largest proportion ever recorded and 14 times larger than use in 1950. Although short-term power demand in the United States could vary due to year to year, and weather changes, demand over the long term continues to be influenced by economic expansion offset by advances in energy end-use efficiency. Annual growth in total U.S. power demand is estimated to average roughly 1% from 2022 to 2050 in the AEO2023 Reference case.
Progressive Cavity Pump, Segmentation by Power Rating
Progressive Cavity Pump, Segmentation by Application
Progressive cavity pumps are highly used for handling high viscosity fluid, especially in the food industry, such as honey, chocolate, syrups, thick sauces, and molasses. The cavity pumps are used in the processing of the food and manufacturing it, transferring and dispensing the products in jars. Therefore, the rising production of honey, chocolates, and sauces is expected to drive the growth of the progressive cavity pump market. According to the estimate, the average yearly production of honey worldwide in 2021 was around 1.77 million metric tonnes. Moreover, according to official statistics, global trade in sauces and ketchup generated 1.57 million mT of the finished product in 2021/2022, up from a little over 1.5 million mT the previous year.
Progressive Cavity Pump, Segmentation by Pumping Capacity
Progressive Cavity Pump, Segmentation by End User
On the basis of end user, water & wastewater treatment segment in progressive cavity pump market is expected to gain the highest market revenue over the forecasted period. The growing practice of wastewater treatment is expected to boost the segment’s growth. According to a new study conducted by scientists at Utrecht University and the United Nations University, approximately fifty percent of the world's wastewater is treated, rather than the earlier projection of 20%. Moreover, the United Nations maintains a strong connection with Tajikistan through promoting critical international issues such as climate change, water, and glacier protection. Owing to combined UN and government initiatives, more than 750,000 people in the country benefitted from better access to sanitation, hygiene, and water services in 2021.
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A few of the well-known indsutry leaders in progressive cavity pump market that are profiled by Research Nester are ChampionX Corporation, Halliburton Company, PCM Suzhou Ltd., Weatherford International PLC, National-Oilwell Varco Inc., Xylem Inc., NETZSCH Group, Circor International, Vogelsang GmbH & Co., KG and Nova Rotors Srl.
Recent Developments in the Progressive Cavity Pump Market
Circor Internation has recently introduced the ALLWEILER AEB-1F-ME, the new movable progressive cavity pump unit. The stator is always ready for a dry run with the new design. The suction enclosure connection to the mechanical seal housing has been improved and now includes a drain connector. The new AEB-1F-ME series is offered in block design and is based on the established long-pitch geometry of CIRCOR's OPTIFLOW series.
Vogelsang GmbH & Co., KG has announced the launch of a progressive cavity pump, HiCone, that is specially made for the biogas facilities. The conical shape of the pump, in conjunction with a revolutionary setup technique, saves energy and considerably increases longevity of service.
Grinder Sump Pump Research Nester is a one-stop service provider with a client base in more than 50 countries, leading in strategic market research and consulting with an unbiased and unparalleled approach towards helping global industrial players, conglomerates and executives for their future investment while avoiding forthcoming uncertainties. With an out-of-the-box mindset to produce statistical and analytical market research reports, we provide strategic consulting so that our clients can make wise business decisions with clarity while strategizing and planning for their forthcoming needs and succeed in achieving their future endeavors. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds.