Press release
Global Market Forecast for Chemical Injection Pump Technologies 2024
Chemical Injection Pump Technologies Market Size
According to The Business Research Company's, The chemical injection pumps market size has grown strongly in recent years. It will grow from $37.72 billion in 2023 to $41.28 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to adoption of high performance computing(hpc) servers, adoption of advanced packaging technologies, demand for advanced electronic devices, increased complexity of ics, adoption of smart gadgets.
The chemical injection pumps market size is expected to see strong growth in the next few years. It will grow to $56.02 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to demand for smartphones, demand for power electronics, rising demand for chiplets in the power electronics, increasing adoption of electric vehicles, rising mobile electronics. Major trends in the forecast period include developments of 2.5d and 3d chiplet packaging, adoption of 5g technology, 3d integration technology, technology advancements, increasing mergers and acquisitions.
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Market Drivers and Trends:
The expansion of the oil and gas industry is expected to propel the growth of the chemical injection pump market in the coming years. The oil and gas sector is a multidimensional sector that includes drilling, extraction, processing, transportation, and marketing. Chemical injection pumps are used in the oil and gas sector by precisely distributing specialized chemicals into the production system, aiming to boost production, block deposits, minimize corrosion, and enhance process reliability. For instance, in May 2023, according to the Energy Information Administration, a US-based principal government statistical system institution, in 2022, the United States of America manufactured 0.6 million barrels of oil in crude form per day (b/d), a 5.6% increase over 2021. Further, in December 2022, dry natural gas output in the United States surged dramatically, surpassing 100 billion cubic feet per day (Bcf/d) in October and November and crashing pre-pandemic monthly generation records set three years ago. Therefore, the expansion of the oil and gas industry is driving the chemical injection pump market.
Major companies operating in the chemical injection pump market are focusing on technologically advanced products such as metering and dosing pumps to challenge conventional technical solutions for the dosing of chemicals in municipal and industrial pumping applications. Metering pumps, or dosing pumps, are positive displacement devices that are meant to inject accurate volumes of a substance into other fluid streams or vessels. For instance, in September 2022, Verder Liquids BV, a Netherlands-based manufacturing company of chemical injection pumps, launched the Verderflex Ds500. The Ds500 metering and dosing pump was created to challenge existing technical solutions. The objective behind this technology is to increase accuracy while saving money for the end user by calculating Total Cost of Ownership (TCO), which equals initial costs plus lifetime operating. The Ds500 can achieve +/-1% accuracy through a smoothed flow. In addition, this kind of pump has an exact flow rate of 0.1 to 500 ml/min and a pressure of up to 7 bar. This results in increased accuracy and smoother flow. It consumes fewer chemicals and has a 5000:1 turndown, resulting in lower life operation costs.
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Major Key Players of the Market:
Schlumberger Limited (SLB), Dover Corporation, Ingersoll Rand Inc., Grundfos, Idex Corporation, Graco Inc., SPX FLOW Inc., Proserv Group Inc., AxFlow Group, SEKO S.p.A., ProMinent Group, Lewa GmbH, Seepex GmbH, Verder Group, Aqua Industrial Group, Grosvenor Pumps Ltd, Plainsman Mfg. Inc., Norriseal-WellMark, SkoFlo Industries Inc., Milton Roy Company, Mc Farland Pump Co LLC, Bruin Instruments Corp., Madden Manufacturing Inc., SideWinder Pumps Inc., ITC Dosing Pumps, Swelore Engineering Pvt. Ltd., Greylor
Chemical Injection Pumps Market 2024 Key Insights:
• The chemical injection pumps market is expected to grow to $56.02 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%.
• Chemical Injection Pump Market Growth Fueled By The Expanding Oil And Gas Sector
• Embrace Technological Precision With Metering And Dosing Pumps
• North America was the largest region in the chemical injection pumps market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the chemical injection pumps market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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