Progressing Cavity Pumps Market to Record Overwhelming Hike in Revenue By 2024
Growth in spending by government authorities to modernize water & wastewater infrastructure, increasing infrastructure development activities, and increasing demand for advanced systems to manage high viscosity fluids are expected to drive the growth of the market over the forecast period.
(firmenpresse) - The Global Progressing Cavity Pumps Market is expected to display higher growth rate over the next seven years. The market is subject to witness a substantial growth due to the increasing requirement of high-end systems to handle high viscosity fluids, rise in funding by regional governments in infrastructure development activities, and rising adoption of wastewater treatment plants for uninterrupted and quality water supply.
Growth in spending by government authorities to modernize water & wastewater infrastructure, increasing infrastructure development activities, and increasing demand for advanced systems to manage high viscosity fluids are expected to drive the growth of the market over the forecast period. Globally, the market is predicted to generate massive revenue over next seven years, providing numerous opportunities for market players to invest for research and development in the progressing cavity pump market.
Progressing Cavity Pump (PCP) systems are majorly derived to handle heavy and viscous crudes displaying a wide capacity and higher flow rate. Progressing cavity pumps are increasingly used in low-production and deviated wells, which are having lower inflow, high GOR at the pump intake, scales and solids, thus offering the long term and reliable operation. The progressing cavity pumps offer higher performance, minimum maintenance and reliable operation in comparison with its counterparts such as ESP or other Artificial Lift Systems.
The market is broadly categorized into five major segments based on the application type such as water & wastewater sector, oil & gas industry, process industries, chemicals industry, and mining sector. The water & wastewater sector is considered as one of the fastest growing segment in the progressing cavity pumps market with substantial revenue generation in the last few years. Growing popularity of progressing cavity pumps in the water & wastewater segment is attributed to the robust growth in industrialization and urbanization across the globe. The oil & gas segment has also witnessed substantial growth owing to the higher efficiency, wide capacity range, higher flow rate, ease of operation, and minimum maintenance.
The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in water management sector, increase in the number of infrastructural activities in the region, favorable government initiatives, and existence of well-established industrial infrastructure.
Asia-Pacific region is predicted to hold major market share in the progressing cavity pumps market with massive growth in forecast period. Countries such as India, China and Japan are leading the Asia-Pacific market with rising government funding for infrastructural activities in the region, strong economic growth, improved living standards, and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the progressing cavity pumps market are Schlumberger, Inc., National Oil Well Co., Xylem, Inc., NETZSCH S.A., PCM Co., Weatherford, Inc., Halliburton Co., Borets Ltd., Dover Co., National Oilwell Varco Co., CIRCOR International, Inc., PCM, Inc., and Seepex Inc.
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Datum: 10.04.2020 - 09:33 Uhr
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