Global Progressing Cavity Pump market garnered earnings worth approximately 4 (USD Billion) in 2019 and is set to record a CAGR of more than 7% over the period from 2020 to 2026.
New York, United States - October 29, 2020 /MarketersMedia/ —
As per Zion Market Research, the progressing cavity pump market is predicted to develop from an expected USD 4 billion in 2019 with a CAGR of over 7% during 2020-2026. Increasing industrial requirement paired by elevating spending in wastewater treatment centers in emerging nations majorly in the Middle East and Asia Pacific are the major factors powering the global market in the years to come.
Some of the major companies active in the progressing cavity pump market are PCM, Schlumberger, Xylem, National Oil Well, PCM, NETZSCH, Halliburton, Weatherford, Dover, Borets, CIRCOR, National Oilwell, and Seepex. These players have accepted development plans such as contracts & agreements, new product launches, expansions, and mergers & acquisitions to capture a bigger share of the global market.
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The Water & Wastewater Management Category Dominated The Global Market In 2019
Zion Market Research divides the global progressing cavity pump market based on end-user into water & wastewater management, oil & gas, chemical & petrochemical, and food & beverage. The water & wastewater management category dominated the global market in 2019. Overhung impeller pumps are broadly employed in different applications, compromising commercial buildings, residential, and industrial settings for different applications. They are also employed in the power creation industry by different end-users due to their lower prices in comparison to between-bearing pumps.
North America Predicted To Rule The Global Market In The Coming Period
The global market has been studied with respect to main regions such as Africa, Asia Pacific, North America, Europe, Middle East, and South America. North America is predicted to rule the global market in the coming period due to elated spending in oil & gas sector and water & wastewater infrastructure along with increasing industrialization in Canada and the US area.
Stagnant Development In The Oil & Gas Sector Is The Major Factor Hampering The Development Of The Global Progressing Cavity Pump Market
The major factor hampering the development of the global progressing cavity pump market is stagnant development in the oil & gas sector as these pumps are used for daily processes in the oil & gas sector. Lowered spending in new projects along with the cancellation of current projects has also impacted the requirement in the oil & gas sector for progressing cavity pump.
The global progressing cavity pump market is segmented as follows:
By Power Rating
Up to 50 hp
51–150 hp
Above 150 hp
By End-User
Oil & Gas
By Application (Onshore and Offshore)
By Well Type (Horizontal/Directional and Vertical Well)
Water & Waste Management
Food & Beverage
Chemical & Petrochemical
Others
By Region
North America
The U.S.
Canada
Europe
France
The UK
Spain
Germany
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa
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