by The Global Progressing Cavity Pump Market is estimated to be valued at US$ 1445.48 Mn in 2023 and is expected to exhibit a CAGR of 3.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Progressing cavity pumps consist of a double helix shaped rotor inside a double helix shaped rubber stator. The rotor and stator occupy the same space, but do not touch each other. When the rotor turns inside the stator, it creates cavities that progress from the suction to the discharge side of the pump. This pumping action efficiently conveys highly viscous fluids containing tough-to-handle solids. Progressing cavity pumps are ideal for slurries containing coarse solids or liquids carrying high concentrations of suspended matter. They are commonly used in oil & gas, mining, food processing, and chemical industries to handle fluids that are difficult to pump with centrifugal or reciprocating pumps.
Market key trends:
Growing adoption of Industry 4.0 technologies is a key trend in the progressing cavity pump market. Manufacturers are increasingly adopting technologies such as IoT, artificial intelligence, predictive maintenance, and cloud computing to optimize operations and enhance productivity. Digital twin technology helps in monitoring assets remotely and performing predictive maintenance. These digital solutions enable real-time monitoring of pump performance and help detect anomalies early to avoid downtime. Remote access facilitates diagnostics and preventive maintenance, thereby improving asset utilization.
Porter’s Analysis:
Threat of new entrants: The threat of new entrants is moderate due to the requirement of high investment for R&D and branding. However, the growing market size offers opportunities for new players.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of pump alternatives and price sensitivity of buyers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the availability of substitute components and less differentiation in products.
Threat of new substitutes: The threat of new substitutes is low as progressing cavity pumps offer unique advantages like high viscosity handling and low shear pumping.
Competitive rivalry: Intense due to the presence of global and regional players. Players compete based on technology, product differentiation, reliability, and pricing.
Key Takeaways:
The Global Progressing Cavity Pump Market is expected to witness high growth, exhibiting CAGR of 3.3% over the forecast period, due to increasing demand from oil & gas, chemical & petrochemical, and water & wastewater industries. The oil & gas industry dominates the market and the demand is expected to increase with rising exploration & production activities.
Regionally, North America dominated the market in 2022 owing to increasing shale gas production and exploration activities in the region. However, Asia Pacific is projected to witness the fastest growth during the forecast period with China, India, Indonesia, and Malaysia expected to drive the regional market.
Key players operating in the progressing cavity pump market are ChampionX, Seepex Inc., Halliburton Company, PCM Group, Xylem Inc., Schlumberger Limited, Weatherford International PLC, NETZSCH Group, and National-Oilwell Varco Inc., among others. Players are focusing on new product launches, partnerships, and mergers & acquisitions to gain a competitive edge in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
