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Positive Displacement Pumps Market Size, Product Trends, Key Drivers, Share Analysis And Forecast To 2033
Positive Displacement Pumps Market
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According to The Business Research Company's, 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.
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Market Drivers and Trends:
Increased chemical production is expected to propel the growth of the positive displacement pumps market going forward. A chemical is a substance with a distinct molecular composition that is produced by or used in a chemical process. Positive displacement pumps are commonly used in chemical production for precise and controlled fluid transfer, ensuring accurate dosing and efficient processing. For instance, in April 2022, according to the Fourth Quarter Economic Report 2021 by the Chemical Industries Association (CIA), a UK-based trade association, UK chemical production expanded by 1.0% in 2022 followed by growth of 2.2% in 2023, and is expected to increase to 2.3% in 2024. Therefore, the increased chemical production is driving the positive displacement pumps market.
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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Major Key Players of the Market:
Ebara Corporation, KSB SE & Co. KGaA, WILO SE, Dover Corporation, Pentair plc., Grundfos Pump Corporation, Sulzer Ltd., Xylem Inc., SPX Flow Inc., Alfa Laval AB, The Weir Group PLC., Fristam Pumpen KG (GmbH & Co), HERMETIC-Pumpen GmbH, Ruhrpumpen Inc., Tsurumi Pump Inc., Ampco Pumps Company Inc., Flowserve Corporation, ITT Inc., Liquidyne Process Technologies Inc., Springer Pumps LLC., Titan Manufacturing Inc., Dickow Pump Co., Centec LLC, Watson-Marlow fluid technology group, Prominent Group, Cole-Parmer Instrument Company LLC, NETZSCH Holding, LEWA GmbH, Viking Pump Inc., Moyno Inc., Blackmer Inc., Gardner Denver Holdings Inc.
Positive Displacement Pumps Market 2024 Key Insights:
• 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%.
• Oil And Gas Exploration Drives Growth In Positive Displacement Pumps Market
• Innovative Miniature Pump And Control Package To Revolutionize Positive Displacement Pumps Market
• Asia-Pacific was the largest region in the positive displacement pumps market in 2023
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