The global positive displacement pumps marketis expected to grow at a CAGR of close to 8% during the forecast period, according to Technavio's latest market research.
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Technavio has published a new report on the global positive displacement pumps market from 2017-2021. (Graphic: Business Wire)
In this market research report, Technaviocovers the market outlook and growth prospects of the globalpositive displacement pumpsmarketfor 2017-2021. The market is further categorized into two product segments, which include reciprocating pumps and rotary pumps. The reciprocating pumps segment accounted for more than 65% of the market share in 2016.
Technavio's research analysts segment the global positive displacement pumps market into the following regions:
- APAC
- EMEA
- Americas
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APAC: demand from chemical industry to boost growth
It is expected that APAC will be the only geography, which will feature a faster CAGR than that of the global positive displacement pumps market during the forecast period. The growth of global positive displacement pumps marketin this region during the forecast period can be attributed to the chemical, power generation, and food and beverages industries. The market in this region is expected to gain traction owing to increased demand for electricity and the importance given to hydel power generation units.
The growth of the chemical industry in APAC is expected to drive the positive displacement pumps market in the region, considering the ability of positive displacement pumps to handle fluids with solid particulates.
According to Sushmit Chakraborty, a lead analyst at Technavio for automation research, "The long life-cycle of positive displacement pumps is a factor that is expected to drive their adoption in the power generation units during the forecast period. China, Japan, and India are the top three countries that will account for a major share of the positive displacement pumps market in APAC in the year 2021."
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EMEA: water and wastewater industry to fuel growth
EMEA is expected to have a moderate year-on-year growth in the positive displacement pumps market during the forecast period. The downfall of the oil and gas industry is expected to bring down the adoption of positive displacement pumps during the forecast period. This factor is expected to induce a moderate year-on-year growth in the positive displacement pumps market in EMEA.
The growth of the water and wastewater and chemical industries in EMEA is expected to drive the positive displacement pumps market during the forecast period. The demand from the chemical industry in EMEA is expected to boost the market considering the huge demand from African nations. The chemical industry in EMEA is currently spending huge amounts on research and development to bring out innovative and sustainable products.
Americas: growth of the oil and gas industry to boost demand
The growth of the oil and gas, water and wastewater, and chemical industries in the Americas is expected to increase the adoption of positive displacement pumps during the forecast period. The preference of end-users for positive displacement pumps is expected due to their higher efficiency and ability to replace centrifugal pumps in some operations in the end-user industries.
"The main driving factors behind the higher adoption of positive displacement pumps in the Americas is expected to be the growth of the oil and gas industry and water and wastewater industry. The exploration of shale gas is expected to further increase the adoption of positive displacement pumps in activities ranging from exploration to distribution in the oil and gas industryduring the forecast period," says Sushmit.
The top vendors in the global positive displacement pumps market as highlighted in this market research analysis are:
- Flowserve
- Grundfos
- ITT Goulds Pumps
- KSB
- Sulzer
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