Global Positive Displacement Pumps Market is Estimated to Witness High Growth Owing to Rapid Industrialization & Increasing Oil & Gas Production
Global positive displacement pumps market is estimated to be valued at US$ 18.94 Bn in 2024, exhibiting a CAGR of 4.6% over the forecast period (2024-2031). Positive displacement pumps are widely used across industries such as oil & gas, water & wastewater, food & beverages, power generation and others owing to their high precision and ability to handle variable flow rates and high viscosities. Furthermore, rapid industrialization along with rising energy demand is also expected to fuel market growth during the forecast period.
Market Dynamics:
Rapid industrialization- Positive displacement pumps witness considerable demand from various process industries such as chemicals, pharmaceuticals, mining, pulp & paper, metals & mining, and others due to rapid industrialization. Growing industrial activities globally have augmented the demand for positive displacement pumps that are specifically designed and engineered to sustain various industrial environments and hazardous duties.
Increasing oil & gas production- The demand for positive displacement pumps is high in oil & gas industry for carrying out various activities such as drilling, extraction, and transportation of oil and gas. The positive displacement pumps are accurately engineered to handle corrosive or high-pressure media.
Growing Demand from Water and Wastewater Treatment Plants is driving the Market
Global positive displacement pumps market is witnessing significant growth due to rising demand from water and wastewater treatment plants. Positive displacement pumps are extensively used in water treatment facilities to pump water, wastewater, sludge and other fluids. With growing global population, the need for clean water and effective wastewater treatment is increasing rapidly. This is compelling governments across countries to invest heavily in upgrading their existing water infrastructure as well as building new water treatment plants. For instance, the Indian government has ambitious plans to invest over US$ 50 billion until 2030 to provide safe drinking water to all households under its Jal Jeevan Mission. Such massive infrastructure development projects are fueling the demand for positive displacement pumps in the water industry.
Increasing Oil & Gas Production Activities are Accelerating Market Growth
Another major driver for the positive displacement pumps market is increasing oil & gas production activities around the world. Positive displacement pumps play a vital role in offshore and onshore oil drilling rigs, pipelines, refineries and petrochemical facilities. With rising energy demands and depleting conventional reserves, oil & gas companies are aggressively exploring unconventional resources through hydraulic fracturing and deepwater drilling. This has augmented the utilization of positive displacement pumps in oilfield applications like pumping fracturing fluids, hydrocarbon transfer, enhanced oil recovery, and well stimulation. Government support through favorable policies for exploration of shale gas reserves is also propelling the demand.
High Maintenance Cost is Hampering Market Expansion
The high maintenance cost associated with positive displacement pumps acts as a key restraint for the market. Positive displacement pumps require regular inspection, repair and replacement of worn-out parts due to continuous wear and tear. This increases operating costs for end-users. Since these pumps handle abrasive or contaminated fluids on a daily basis, their internal components get deteriorated faster requiring frequent maintenance services. The downtime and labor costs during repair or replacement adversely impact the total cost of ownership. This discourages some end-users, especially in price-sensitive industries, from widely adopting positive displacement pumps.
Fluctuating Raw Material Prices Pose a Challenge
Fluctuating prices of raw materials used in manufacturing positive displacement pumps pose a challenge to market players. Stainless steel, bronze and exotic alloy metals are widely used for constructing internal parts and components of positive displacement pumps. However, the prices of these metals experience volatility due to changing supply-demand forces and macroeconomic conditions globally. Increase in raw material costs negatively impacts the production costs and profit margins of pump manufacturers. It also increases the risk of unexpected rise in pump prices, which restrains customers from large-scale procurement. Management of unpredictable material price fluctuations remains a constant concern.
Advancements in Engineered Plastics Will Open New Avenues
One of the key opportunities for positive displacement pump makers is advancement in engineered plastics and thermoplastics. Continuous innovations are expanding the applicability of plastics in the manufacture of more durable and corrosion-resistant pump components. For example, pumps injected with glass-filled polypropylene withstand harsh abrasion and chemicals better compared to their metal counterparts. This enables plastic pumps to penetrate new application areas involving highly corrosive media. The light weight and lower production costs of engineered plastic pumps also appeal to cost-sensitive end-users migrating from metal pumps. Their easy installation and reduced total cost of ownership is creating lucrative prospects.
Growing Popularity of Digital Pumps will Drive New Installations
Adoption of Industry 4.0 technologies like IoT, cloud, AI and data analytics in pumps is opening a promising avenue. Manufacturers are integrating these digital technologies in pumps to enable remote monitoring, predictive maintenance, and automated operations. Known as ‘digital pumps’, they offer far greater control, efficiency and reliability compared to conventional pumps. Their use is surging among process industries to optimize operations in plants and facilities. Positive displacement pumps are also being automated through digital twin software for performance simulation and process optimization. Growing popularity of these smart and connected pumps will drive new installations, enhancing future revenues for players.
Link - https://www.coherentmarketinsights.com/market-insight/positive-displacement-pumps-market-4683
Key Developments:
- In March 2023, KSB Limited, a leading provider of pumps, valves, and systems, secured exclusive rights to proprietary technology from Bharat Pumps and Compressors Ltd. (BP&CL). This acquisition grants KSB Limited full ownership of BP&CL’s product line technology, allowing it to enhance its market presence and expand its product range. With this move, KSB Limited aims to improve its service capabilities and cater to a broad spectrum of industries, including oil and gas exploration and nuclear power plants, while also supporting the 'Make in India' initiative.
- In March 2022, Atlas Copco, a top global manufacturer of industrial tools and equipment, reached an agreement to acquire LEWA GmbH, a well-known manufacturer of diaphragm metering pumps, process pumps, and complete metering systems. This strategic acquisition is set to boost Atlas Copco’s industrial pumps sector, leveraging LEWA’s expertise and technology to better meet customer needs. The deal is expected to reinforce Atlas Copco’s market position and broaden its product offerings within the Power and Flow division.
- In June 2021, Anderson Process, a leading supplier of process equipment and services in the Midwest, completed the acquisition of Premier Pump Inc., a prominent pump distributor and service provider based in Cleveland, Ohio. This acquisition enhances Anderson Process’s service and support network across the Midwest. Post-acquisition, Anderson Process will operate warehouse and service facilities in Wisconsin, Illinois, Indiana, Michigan, and Ohio, enabling it to offer a comprehensive range of process equipment, including pumps, hoses, filtration, and more, to a wide range of organizations throughout the region.
- In May 2021, CDI Energy Products, a provider of high-performance polymer components for the energy and chemical process industries, introduced its latest proprietary thermoplastic polymer composite material. This innovative material is designed for use in centrifugal and positive displacement pumps, boosting performance and reliability in challenging environments. The new thermoplastic composite is engineered to endure harsh conditions, making it suitable for diverse industrial applications and reinforcing CDI’s commitment to advancing material technology in the pump industry.
Key Player:
Grundfos Holding A/S, Schlumberger Limited, Flowserve Corporation, KSB SE & Co. KGaA, ITT Inc., Alfa Laval AB, Cat Pumps, Parker Hannifin Corporation, Xylem Inc., SPX Flow, Inc., ARO (Ingersoll Rand), Honeywell International Inc., Weir Group PLC, Wilo SE, and Dover Corporation
