Global Progressing Cavity Pumps Market 2022-2028

Global Progressing Cavity Pumps Market 2022-2028

Global progressing cavity pumps market is growing modestly at a CAGR of 4.8% during the forecast period (2022-2028). Progressing cavity pumps are based on a positive displacement principle and are primarily designed for abrasion resistance in difficult pumping applications for a broad range of liquids and semi-solids such as crude oil, chemicals, slurry and so on. The major factors boosting the growth of the global progressing cavity pumps market include inclination towards wastewater treatment process and rising demand for artificial lift systems. The US has significant contribution towards wastewater treatment. As per the 2017 Infrastructure Report Card, there were nearly 15,000 wastewater treatment plants in the US; that protect public health and the environment. Nearly 240 million Americans, which is estimated to be around 76% of the population rely on these wastewater treatment plants. It is expected that in 2032, around 56 million more people, will connect to the centralized treatment plants. In January 2021, the US Environmental Protection Agency (EPA) estimates that $271 billion will be required for wastewater infrastructure over the next 25 years. Hence, water & wastewater segment is expected to grow at the highest CAGR of 7.7% during the forecast period. The market is forecast to reach $434 million in 2028 from $260 million in 2021.

Another major factor for the growth of the market includes the rising production of petroleum products, globally, where progressing cavity pumps find the highest application. As per the US Energy Information Administration, petroleum products production in 2021 was 100 million oil barrel per day were as compared to 98.1 million oil barrel per day. A major restraint to the market includes availability of alternative to the progressing cavity pumps. At various applications, electrical submersible pumps, sucker rod pumps, and centrifugal pumps can be used as an alternative to the progressing cavity pumps. Another major factor that can restrain the market includes the high adoption of the EVs (electric vehicles) across the globe. Automotive is the largest consumption of fossil fuel. However, cohesive government policies and regulations to limit the consumption of fossil fuels will give rise to the adoption of EVs. For instance, Norway is going to ban the sale of internal combustion (IC) engine vehicles from 2028, where some fellow countries such as Denmark, will ban the sale of IC engine vehicle by 2030. Moreover, the countries such as China and India are opting for EVs with double-digit growth every year. Global shift towards EVs will give rise to the adoption of progressing cavity pumps.

Progressing cavity pumps market is segmented by stage type and application. By stage type, the market is divided into single-stage (90-psi), double stage (180-psi), four-stage (360-psi), eight-stage (720-psi rated).Eight stage pumps market is expected to hold the largest share during the forecast period. Eight stage pump has the highest capacity to travel the fluid and hence largely used in oil and gas industry. Due to high capacity, the cost of these pumps is on higher side as compared to other stages pump.

By application, the market is segmented into oil & gas, chemical, food & beverage, water & wastewater, and others. Oil & gas is the largest segment during the forecast period.

RoW market of progressing cavity pumps includes MEA (Middle East & Africa) and Latin American region, which is the largest producer of oil around the globe owing to ample oil production in Saudi Arabia, Kuwait, Iraq; among other gulf countries. The water treatment market is expected to be the fastest growing market due to rising concern for water pollution in emerging economies such as China, India, Bangladesh.

Geographically, the global progressing cavity pumps market is divided into North America, Europe, Asia-Pacific and the Rest of the world (RoW). North America progressing cavity market is growing significantly owing to the rising oil and gas production and the presence of some major players, such as National Oilwell Varco (NOV), Schlumberger Ltd. and Halliburton in the region. The US is the largest producer of crude oil, globally. As per the US Energy Information Administration, the US had produced over 17.8 million oil barrels per day in 2021, with a global share of 18.0% which significantly generates the need for progressing cavity pumps in the country. Additionally, Canada is the fourth-largest producer of crude oil, producing 5.27 million oil barrels per day in 2021 with a global share of 5%.

The major players contributing in the progressing cavity pumps market include National Oilwell Varco (NOV), Schlumberger Ltd., PCM Technologies SAS, Halliburton, and General Electric Co. Mergers and acquisitions, geographical expansions, partnerships, collaborations, product launches and joint ventures are some crucial strategies adopted by the market players to stay competitive. For instance, in January 2021, Pumpenfabrik Wangen GmbH announced to acquire whole hygienic progressing cavity pumps (MX range) division of KNOLL Maschinenbau GmbH on 1st April 2021. The MX range of pumps is a suitable fit and will augment the business in near future. It offers suitable comparable unique selling proposition (USPs) in terms of ease of service, stability and pressure resistance. The robust construction and modular design make MX progressing cavity pumps suitable to be used in hygienic field as well as paper, paint, lacquer and chemical industries. This acquisition will enable the company to further expand its hygienic pump operations.