Progressing Cavity Pump Market Make Huge Growth in Incoming Future
The global progressing cavity pump (PCP) market reached a size of USD 2.88 Billion in 2017. It is projected to reach USD 4.08 Billion by 2023, growing at a CAGR of 6.24%, during the forecast period.
Suitability for handling high viscosity fluids, increasing investments in infrastructure development activities, high demand for wastewater treatment plants in Asia Pacific are some of the factors that are driving the market for PCPs.
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The report segments the progressing cavity pump market, on the basis of end-user, into oil & gas, water & wastewater management, food & beverage, and chemical & petrochemical. The water & wastewater management segment led the progressing cavity pump market in 2017. Overhung impeller pumps are widely used in various applications, including residential, commercial buildings, and industrial settings for light applications. They are also used in the power generation sector by various end-users because of their lower costs as compared with between-bearing pumps.
The global progressing cavity pump market, by power rating, has been segmented into up to 50 hp, 51 hp–150 hp, and above 150 hp. The number of installations in the up to 50 hp segment that is driven by higher mechanical & volumetric efficiency, reduced power and flow, and increasing investment in the industrial sector is expected to increase during the forecast period.
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The major factor restraining the growth of the progressing cavity pump market is stagnant growth in the oil & gas industry as progressing cavity pumps are utilized for day-to-day operations in the oil & gas industry. Reduced investments in new projects, as well as the cancellation of existing projects, have also affected the demand for progressing cavity pump in the oil & gas sector.
Some of the leading players in the progressing cavity pump market are Schlumberger (US), National Oil Well (US), Xylem (US), NETZSCH (France), PCM (France), Weatherford (US), Halliburton (US), Borets (UAE), Dover (US), National Oilwell (US), CIRCOR (US), PCM (France), and Seepex (Germany). These players have adopted growth strategies such as new product launches, contracts & agreements, mergers & acquisitions, and expansions to capture a larger share of the progressing cavity market.
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