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 proje...