NEWARK, Del, Jan. 02, 2024 (GLOBE NEWSWIRE) -- According to a report from Future Market Insights, the net worth of the total positive displacement pumps sold globally in 2023 could be around US$ 14.12 billion. Positive displacement pumps have seen impressive development in recent years with an increase in demand for their use in several critical industries including oil mining. They have become essential instruments in a variety of applications due to their outstanding capacity to move viscous liquids, prompting manufacturers to increase production.
The global demand for positive displacement pumps is projected to increase at a CAGR of 4.4% during the forecast period between 2023 and 2033. This promising growth rate is poised to expand the marketplace for the market positively by reaching a total of US$ 21.72 billion by 2033.
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The rising demand for positive displacement pumps has been significantly influenced by the oil and gas sector in particular, over the last few years. They enable the effective transfer of viscous crude oil and other fluids over extremely long distances, playing a crucial part in the extraction, transportation, and processing of petroleum products.
Positive displacement pumps have become popular in the chemical sector to move chemical and abrasive fluids, safely and precisely.
Key Takeaways from the Positive Displacement Pumps Market Study Report
- The sales of positive displacement pumps are high in the North America region followed by Europe. Among the countries, the United States dominates the global market and it contributed to almost 28.9% of the global revenue in the year 2022.
- Germany is the leading manufacturer and supplier of positive displacement pumps in the Europe region with a global market share of 12% in 2022.
- The demand for positive displacement pumps in the United Kingdom is projected to expand at an annual average rate of 3.9% through 2033.
- The positive displacement pump market in the Asia Pacific is expanding due to the rising demand for clean water and the requirement for effective energy transmission.
- China, for example, is anticipated to follow a year-on-year growth rate of 4.9% over the next ten years. Meanwhile, in India, the demand for positive displacement pumps is poised to thrive at an even high CAGR of 5.1% during this period.
“Positive Displacement Pumps represent a pivotal segment within the fluid handling industry, offering precise and consistent flow rates while accommodating a wide range of viscosities. Their ability to handle challenging fluids and provide steady output makes them integral across diverse applications, fueling their sustained growth and adoption in various sectors.” -Says Nikhil Kaitwade, Associate Vice President at Future Market Insights, Inc.
Competitive Landscape for the Positive Displacement Pumps Market Players
Recognizing the key prospects offered by these specialty pumps, leading producers have been making significant investments in research and development these years. In addition to this, they are focusing on increasing their manufacturing capacity to meet the expanding demands of businesses that depend on effective fluid transfer.
Recent Developments by the Positive Displacement Pumps Manufacturing Industries
- In the year 2021, Parker Hannifin released a new MicroVane pump, a tiny rotary vane pump intended for use in medical applications.
- In January 2021, May River Capital acquired Unibloc Pump Company to expand its production capacity. Likewise, in September 2020, PSG Pumps was purchased by Flowserve Corporation while its Process Pumps division was purchased by Sulzer AG in October that year.
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Scope of Report:
| Report Attributes | Details | |||
| Market Value in 2022 | US$ 13.78 billion | |||
| Market Value in 2033 | US$ 21.72 billion | |||
| Growth Rate | CAGR of 4.4% from 2023 to 2033 | |||
| Base Year for Estimation | 2022 | |||
| Historical Data | 2018 to 2022 | |||
| Quantitative Units | Revenue in US$ billion and CAGR from 2023 to 2033 | |||
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis | |||
| Segments Covered |
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Author By:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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