The Positive Displacement Pumps Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Positive Displacement Pumps Global Market Report 2024, The positive displacement pumps market size has grown strongly in recent years. It will grow from $11.34 billion in 2023 to $11.98 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to industrialization and manufacturing growth, expansion of oil and gas exploration, water and wastewater treatment needs, chemical processing industry growth, pharmaceutical manufacturing requirements, food and beverage processing demand, power generation applications, mining and mineral processing operations..
The positive displacement pumps market size is expected to see strong growth in the next few years. It will grow to $15.03 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to rise in renewable energy projects, expanding role in hygienic applications, smart pumping systems integration, focus on water conservation, demand for oilfield services, growing importance in hvac systems, increased investment in infrastructure, advanced materials for pump construction.. Major trends in the forecast period include integration of iot and smart technologies, rise of industry 4.0 and digitalization, seal-less pump designs, eco-friendly pumping solutions, adoption of twin-screw pumps, pumping viscous and non-newtonian fluids, customized pump solutions, retrofitting and upgradation initiatives..
The increasing oil and gas exploration activities are expected to propel the growth of the positive displacement pumps market going forward. Oil and gas exploration includes the procedures and techniques used to identify potential locations for drilling and extracting hydrocarbons. The oil and gas sector uses positive displacement pumps for many purposes, including pipelines, pumping stations, cooling loops, heat exchanger circulation, water supply, and drainage, cooling systems, hot water discharge, and cooling and refrigeration systems. For instance, in November 2022, according to the US Energy Information Administration, a US-based federal statistical agency, the deployment of active good service rig count in the United States increased by 22.23% from 738 in 2020 to nearly 949 in 2021, due to rising oil and gas exploration and drilling operations. Therefore, the increasing oil and gas exploration activities are driving the growth of the positive displacement pumps market.
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The positive displacement pumps market covered in this report is segmented –
1) By Product Type: Rotary Pumps, Reciprocating Pumps, Peristaltic, Other Product Type
2) By Raw Material: Bronze, Cast Iron, Polycarbonate, Stainless Steel, Other Raw Material
3) By End-User: Water Treatment, Oil And Gas, Chemicals, Pharmaceutical, Food And beverage, Other End-User
Product innovation is a key trend gaining popularity in the positive displacement pumps market. Major companies operating in the market are developing innovative products to sustain their position in the market. For instance, in August 2022, Lee Company, a US-based industrial machinery manufacturing company, launched its latest innovation, a new high-performance miniature pump, and a control package. This innovative product is integrated with control electronics that offer unparalleled flexibility in a small, and lightweight package. It features self-priming at altitude, fully variable speed control, unparalleled flexibility, and easy installation, and reduces the risks of cavitation at altitude the pump module also includes intelligence for monitoring pump speed, motor current, and faults. Using leading fluid control technology, Lee company minimizes size, maximizes performance, and this new pump expands its unique and established range of miniature radial piston-designed displacement pumps.
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