The Progressing Cavity Pump Market Is Estimated To Witness High Growth Owing To Increasing Investment In Oil & Gas Industry

Progressing cavity pump market 

The Progressing cavity pump market is estimated to be valued at US$ 1445.48 Mn in 2023 and is expected to exhibit a CAGR of 3.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:
Progressing cavity pumps are positive displacement pumps used to transport viscous materials like slurries, mud, and sewage through pipelines. They find extensive applications in industries such as oil & gas, mining, food processing, and pulp & paper. In oil & gas industry, they are used to move well effluents from production wells to surface equipment for further processing.

Market Dynamics:
One of the major drivers boosting the growth of progressing cavity pump market is increasing investment in oil & gas exploration and production activities. Rising energy demand from residential and commercial sectors have propelled companies to invest heavily in oil & gas E&P projects. According to the International Energy Agency, over $2 trillion will be spent globally on oil and natural gas projects between 2021 to 2030. This factor is expected to accelerate the demand for progressing cavity pumps. Additionally, ability of these pumps to handle abrasive and viscous fluids make them suitable for applications in mining and construction industries. Growing industrialization and urbanization in emerging economies is anticipated to propel the progressing cavity pump market growth over the forecast period.

SWOT Analysis
Strength: Progressing cavity pumps have high efficiency and work effectively even at low fluid viscosities. They offer constant high volume delivery which makes them suitable for thick, viscous fluids transfer. Their self-priming ability allows them to lift fluid higher than centrifugal pumps.

Weakness: The initial cost of progressing cavity pumps is quite high compared to centrifugal pumps. Their repair and maintenance requires disassembling of the pump casing which is a complex process. Wear and tear of elastomers in the stator leads to reduced lifespan of progressing cavity pumps.

Opportunity: Increasing demand from oil & gas and water and wastewater industries for efficient pumps drives the growth of progressing cavity pump market. Rising need for energy efficient pumps with high solids handling abilities create new opportunities.

Threats: Availability of low-cost substitutes like centrifugal pumps restricts the market growth of progressing cavity pumps. Fluctuations in raw material prices pose challenges.

Key Takeaways
The Global Progressing Cavity Pump Market is expected to witness high growth, exhibiting a CAGR of 3.3% over the forecast period, due to increasing demand from oil & gas industry for efficient fluid transfer pumps.

Regional analysis: North America dominates the progressing cavity pump market currently owing to robust presence of oil & gas industry in the region. Asia Pacific exhibits fastest growth due to rising oil & gas production and increasing infrastructure development activities in China and India.

Key players: Key players operating in the progressing cavity pump market are ChampionX, Seepex Inc., Halliburton Company, PCM Group, Xylem Inc., Schlumberger Limited, Weatherford International PLC, NETZSCH Group, and National-Oilwell Varco Inc., among others. ChampionX dominates the market with wide product portfolio and global presence.

Read More - https://www.dailyprbulletin.com/schlumberger-limited-is-the-largest-segment-driving-the-growth-of-progressing-cavity-pump-market/

 

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