Chemical Injection Pumps Market Is Anticipated To Record A CAGR Of Nearly 5% Through 2029
The global COVID-19 pandemic has turned several industries upside down by causing disruptions in their daily operations and limiting the supply of raw materials, hampering production and growth.
However, with the relaxations in the government regulations and an expedited vaccination drive in countries like China, the U.S., the UK, and India, the Chemical Injection Pumps Market industry is slowly picking up its pace. The manufacturers are preparing to reopen their production sites, abiding by the government regulations.
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Key Factors Determining Growth of the Chemical Injection Pumps Market
Technological Upgrade Favors Effective Maintenance - Digitalization and Industry 4.0 continue to offer opportunities for the optimization of operations and maintenance of chemical injection pumps. Advanced analytical methods and monitoring equipment that allow for predictive maintenance are enabling end-users to improve the pump uptime, thereby driving profitability for manufacturing companies.
Innovations Enable Automated Pump Control - Key developments pertaining to the need for effective pumping control of chemical injection pumps are fueling innovations, such as pump controllers designed to inject chemical additives into oil and gas wells, and into pipelines.
Bolstering Investments in Oil & Gas Sector Supplementing Sales - Rising demand for petroleum and petrochemical products has been directing significant investments towards the oil and gas industry. With major funds invested for employing vital state-of-the-art industrial equipment, such as chemical injection pumps, major opportunities are likely to be generated for competitors in the chemical injection pumps market.
Wastewater Management Initiatives to Spur Demand - Considerable rise in the number of proactive wastewater management projects, particularly across Asia and other developing regions, prompts an upward trend in the industrial equipment demand, thereby elevating sales of chemical injection pumps. Moreover, desalinization projects are contributing substantially to the increasing adoption of chemical injection pumps.
Growing Adoption in the Chemical Industry Sustains Revenues - The unparalleled efficacy of chemical injection pumps to safely deliver specific hazardous chemicals in pipeline systems are advocating for their bolstering adoption within the chemical industry. Diaphragm pumps will particularly remain a preferred choice across the chemical industry, as they allow for isolation of fluid chamber and flexibility.
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Energy Consumption in the US is Leading to High Adoption of Chemical Injection Pumps Market Systems
The US accounts for the largest share in the construction industry. The pandemic has halted many construction-related activities, which in turn has impacted the growth of the Chemical Injection Pumps Market industry negatively.
However, the development in the Chemical Injection Pumps Market industry is rising at a steady pace with the resumption of the construction industry. The ever-growing energy consumption in the country is also generating demand for more energy-efficient Chemical Injection Pumps Market systems in the region.
Prominent players in the Chemical Injection Pumps Market industry such as Honeywell Int., and new entrants such as Apple and Google NEST are also focusing on residential construction projects to bring more innovation and comfort to the residents. Such new strategies are helping the Chemical Injection Pumps Market industry gradually recover from the blow of the pandemic.
Asian Countries - The Potential Hotbed of Opportunities
According to the study, the chemical injection pumps market in East Asia is likely to account for over 30% share in the global market volume estimated for 2019. While South Asia is also projected to be among the key regional markets in terms of chemical injection pumps sales, both the regions will remain prime opportunity hubs for stakeholders in the market. Constantly rising petrochemicals demand and increasing concerns regarding deleterious effects of poor water quality have been pushing investments in the oil and gas industry and water treatment sectors, respectively, across East and South Asian countries. While this, according to the report, accounts for a positive outlook for the demand growth of chemical injection pumps within these regional markets, the report also points to the increasing role of governing bodies in establishing a strong base for adoption of specialty application equipment, such as chemical injection pumps.
Technological Advancements are Leading Innovations in the Chemical Injection Pumps Market in China
China is gradually recovering from the adverse effect of the pandemic due to its successful efforts in curbing the spread of the virus within the region. With almost negligible restrictions, the construction, heavy machinery, and automotive industry have started resuming operations.
Rising expenditure in technology and increasing emphasis on environmental safety are propelling the demand in the Chemical Injection Pumps Market industry in China. The growing interest in billboard automation and industrial displays in allowing manufacturers to gradually attain their pre-pandemic status.
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India is Experiencing High Adoption of Chemical Injection Pumps Market Systems
The Indian Chemical Injection Pumps Market industry witnessed a downfall due to the pandemic. In order to follow the safety guideline, many construction sites and manufacturing units were shut until further notice.
With the relaxation of these restrictions, the manufactures operating in the automation, engineering, and construction (AEC) industry managed to gather pace in recovery. However, the second wave of the pandemic hit the Chemical Injection Pumps Market industry negatively, affecting the overall growth of the industry.
Being a fast-growing economy, global leaders are finding lucrative opportunities in the country, both in commercial and residential spaces, as the demand for multi-modal building automation is surging.
Key Long-Term Trends
The global Chemical Injection Pumps Market industry is showing notable recovery in 2021 and will continue to offer opportunities for expansion to the players operating in the market. With the penetration of building automation in residential areas, the Chemical Injection Pumps Market industry will show an upward trend. Some new trends that are boosting the growth in the market are:
Internet of Things (IoT)
The Internet of Things (IoT) and the Industrial Internet of Things (IIoT) are experiencing broader acceptance in the Chemical Injection Pumps Market industry. The innovative technology which makes everything 'inter-connected is gaining immense popularity in both residential and commercial projects, making them technologically advanced and effective in risk management.
As the number of residents increases, the data also becomes vaster. Hence, edge computing will act as a key technology in the Chemical Injection Pumps Market industry. Edge computing enables data security, easy accessibility, and enhanced automation in commercial and residential buildings.
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