The progressing cavity pump market is expected to witness a significant growth of CAGR greater than 5% majorly due to the increase in the demand from major end-user industries, such as oil and gas, water and wastewater, chemicals and petrochemicals, and food and beverage. However, technological advancements in the alternative options of conventional pumps, such as solar pumps, are expected to hinder the progressing cavity pump market during the forecast period.
- The water and wastewater sector is expected to dominate the market growth owing to the development of water and wastewater infrastructure due to the surging demand for clean water. The demand for pumps from the water and wastewater industry is growing rapidly on account of the massive development of water infrastructure. This, in turn, is expected to propel the progressing cavity pump market during the forecast period
- The manufacturing of pumps has witnessed a combination of 3D printing technology with computer modeling, which has led to cutting-edge development in pump design, repair, and replacement, which, in turn, drives the global market for progressing cavity pumps and provides opportunity for the market in the coming future.
- Asia-Pacific dominated the market growth across the world in 2018, with most of the demand coming from China and India, owing to rising economies and growing population. Asia-Pacific is the fastest-growing region and this trend is expected to be the same during the forecast period.
Key Market Trends
Waste and Wastewater Sector to Dominate the Market
- Most of the human and industrial activities that use water produce wastewater. As the overall demand for water grows, the quantity of wastewater produced and its overall pollution load are continuously increasing worldwide. As a result, governments across the world have introduced strict policies and regulations regarding wastewater treatment for both the municipal and industrial sectors.
- Around two-thirds of the world’s population lives in areas that experience water scarcity for at least one month a year. Around 50% of the people facing this level of water scarcity live in India and China. Therefore, the demand for the treatment for wastewater produced as a result of human and industrial sector water usage is expected to grow, in order to improve the efficiency of water usage and meet the water demands.
- Moreover, on average, high-income countries treat about 70% of the industrial and municipal wastewater it generates. That ratio drops to 38% in upper-middle-income countries and about 28% in lower-middle-income countries. With increasing awareness about environment and growing water shortage, the demand for water treatment plants and, in turn, pumps in water treatment plants, is expected to increase in the developing countries.
- Furthermore, the modular design of wastewater treatment plant has also reduced the initial heavy investment challenge and allows an economical solution. These plants can readily be expanded as the wastewater flow and, in turn, capacity requirement of treatment plant increases. Due to this new trend in the water treatment industry, relatively smaller industries have started installing water treatment plants.
- Therefore, the growing concerns regarding the environmental impact of wastewater and water scarcity, stricter government regulation, and declining cost of water treatment plants are expected to drive the water treatment industry, and, in turn, the demand for progressing cavity pump during the forecast period.
Asia-Pacific to Dominate the Market Growth
- Asia-Pacific is witnessing huge economic growth, which has resulted in the development of industrial infrastructure. The industrial infrastructure in the region is witnessing growth with policy level focus on driving the industrial sector.
- Most of the countries in the Asia-Pacific region are in a growing phase and the high rate of population growth has led to the increased requirement for water supply. The water demand in China and India grew significantly in recent years and is expected to do the same during the forecast period, leading to an increase in the water and wastewater management sector, which, in turn, is expected to increase the market for progressing cavity pumps.
- India’s investment in the refining and petrochemicals industry is expected to pave a way for the progressing cavity pump market in India. The refining capacity of India grew to 22,495.43 TMT in March 2019, an increase of 6.51% from March 2018. The refining capacity of China is also on the rise, with a recent contract for 1 MTA ethylene and refinery expansion project of Sinochem Quanzhou Petrochemical.
- Most of the countries in the Asia-Pacific region have a positive outlook pertaining to industries, such as water and wastewater, and oil and gas, which, in turn, is expected to drive the demand for progressing cavity pumps during the forecast period.
The progressing cavity pump market is partially consolidated due to the limited number of companies operating in the industry. The key players in this market include Schlumberger Limited, National-Oilwell Varco Inc., Xylem Inc., NETZSCH Group, PCM Group, Weatherford International PLC, Halliburton Company, Baker Hughes Co., and Apergy Corp.
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