Over the projected period, a high acceptance rate of contemporary pumping methods is anticipated to boost the expansion of the global advancing cavity pump market. A progressive cavity pump, for example, is a type of positive displacement pump created to handle exceptionally challenging pumping tasks and highly viscous liquids. Throughout the course of the forecast period, rising progressive cavity pump utilisation in water and wastewater management around the globe is anticipated to fuel market expansion
The growing number of smart cities throughout the world is anticipated to provide companies in the developing cavity pump market with lucrative growth prospects. The capacity to handle highly viscous fluids is anticipated to present participants in the worldwide advancing cavity pump market with profitable growth prospects. Moreover, the ongoing requirement to update numerous industries processes is a major factor driving the market for cavity pumps to advance in the foreseeable future.
Coherent Market Insights estimate that the global Progressive Cavity Pump Market is anticipated to grow at a CAGR of 3.3% between 2022 and 2028, from a value of US$ 1,360.7 million in 2021 to US$ 1,695.7 million by 2028.
Market Leaders in the Progressing Cavity Pump Industry:
1. Halliburton Company
The business was established in 1919, and Houston and Dubai serve as the business's dual headquarters. The main business segments are fluid systems, manufacturing volume optimization, digital and consulting services, and energy services. . New Technology and Sustainable Solutions were unveiled by Halliburton at the Abu Dhabi International Petroleum Expo and Conference (ADIPEC) on October 31, 2022. Halliburton completed the installation of the country's first down hole electro-hydraulic wet-connect system for Petro bras on November 29, 2022.
2. PCM, Inc.
PCM was founded in 1987 and has its headquarters in El Segundo, California. PCM, Inc. provides services and products for technology. Computer and data management solutions are provided by PCM Inc. In December 2022, PCM makers expanded their R&D spending on affordable PCMs with high energy storage capacity.
3. Xylem Inc.
Xylem was established in 2011 and has a headquarters in Rye Brook, New York. Xylem Inc. is a major provider of water technology in contexts such as public utilities, homes, businesses, farms, and industries. Start-ups become a member of the Xylem Innovation Labs Accelerator on February 13, 2023, to scale innovative technologies to address pressing water issues. In November 2022, Xylem recognised Texas and Michigan Water Utilities for strengthening local economies.
4. Schlumberger Limited
Schlumberger was established in 1926 and has four main executive offices, one each in Paris, Houston, London, and The Hague. The industry of oil and gas receives technologies from Schlumberger Ltd. (Schlumberger) for reservoir characterization, output, exploration, and processing. Schlumberger changed its name to SLB in 2022 after completing a corporate overhaul. In February 2023, SLB declared that it had successfully acquired Gyro data Company, a Houston-based provider of gyroscopic wellbore navigation and survey technology.
5. Weatherford International plc.
In the year 1987, Weatherford International was founded. The company's beginnings can be traced back to Weatherford, Texas, in 1941. A corporation called Weatherford offers tools and services for drilling, assessing, finishing, producing, and intervening in natural gas and oil wells. On December 22, 2022, Weatherford signs a contract with DataRobot to enhance its capabilities in artificial intelligence. On October 25, 2022, Weatherford International plc stated that Aramco has given it a lump-sum turnkey contract for the delivery of drilling and intervention operations.
6. Netzsch Group
The business was established in 1873, and Selb, Bavaria, serves as its headquarters. Analysis, screening, milling, and dispersion are all areas of business for Netzsch. In January 2023, NETZSCH Pumps & Systems was awarded the New Work Excellence Quality Seal. In order to compete successfully against the severe international competition in 2021, NETZSCH invested 6 million euros in the new Logistics Center of the Grinding & Dispersing Business Unit.
7. National Oil well Varco Inc.
Located in Houston, Texas, the company was established in 1862. It offers the upstream oil and gas sector equipment and components needed for drilling and production processes, oilfield solutions, and supply chain integration services. At the beginning of 2021, National Oilwell Varco became NOV Inc. Contracts for the design and equipment of Cadeler's second F-class jack-up vessel, due to be delivered in December 2022, have been given to NOV
8. Champion X
The Firm was established in 2017 and has its headquarters in Texas, United States. The company's primary areas of focus include drilling operations and chemistry programmes in the midstream and upstream oilfield. On January 23, 2023, ChampionX debuted a brand-new, extremely developed optical gas scanning camera.
*Definition - A positive displacement pump with a progressive cavity is made to handle fluids with a high viscosity and particularly challenging pumping applications. This versatile pump can be used for a number of different purposes.
