Reciprocating Pumps Market to Expand at a Rate of 1.9X with Growing at a 6.6% CAGR

NEW YORK, Feb. 2, 2022 /PRNewswire/ -- The global reciprocating pumps market is expected to reach USD 13.5 billion by 2032, increasing at a CAGR of 6.6% between 2022 and 2032.

To fulfil the expanding demand of the petroleum industry around the world, reciprocating pumps are widely utilized in the extraction of oil and other natural resources. Drilling and oilfield service firms' profitability are expected to expand 10-12% over the next five years, according to the report, due to the continued rise in global rig count and upstream capital spending. According to the aforesaid scenario, the global reciprocating pump industry will grow at a rate of 1.9X in the next ten years.

The use of emerging technologies such as the Industrial Internet of Things (IIoT), artificial intelligence, and Big Data is becoming more common in the pump industry. Because of the volatile nature of the pump industry in recent years, makers of reciprocating pumps and other pumps have focused on providing smart pumping systems in order to maximize earnings.

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Commercial buildings, oil and gas, as well as water and wastewater, will be the first to deploy smart reciprocating pumps, kicking off the transformation. Pump manufacturers are gaining ground in the US reciprocating pump market by developing smart pumping systems that can provide real-time information. These solutions are intended to avoid unexpected pump breakdowns while also lowering reciprocating pump maintenance costs.

Due to reciprocating pumps' lower cost and higher durability compared to centrifugal pumps, an increasing number of end-use industries in East Asia are switching from centrifugal pumps to reciprocating pumps.

Reciprocating pump manufacturers are relocating their manufacturing plants to China, where labor costs are cheaper, in order to capitalize on the cost-effective advantages of reciprocating pumps and increase profitable sales in such high-potential Asian countries.

Key Takeaways:

• China to dominate the Asia reciprocating pumps market with currently generating 52% of the market valuation in the Asian region
• By end-use industry, chemical sector contributed nearly 46% of the overall market valuation in 2021.
• Rise in pharmaceutical and petroleum operations to spur the demand for diaphragm pumps.
• With technological advancements, electric double diaphragm pump has been recently developed for chemical pumping applications.

Growth Drivers:

• Rising demand from petroleum industry for extraction of oil & natural resources is expected to spur the reciprocating pumps market growth.

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Competitive Landscape

Due to the presence of numerous local and regional companies, the worldwide reciprocating pump market is highly fragmented and competitive. Key players use a variety of marketing techniques, including mergers & acquisitions, expansions, collaborations, and partnerships.

Leading organizations also use new product innovation as a strategic way to expand their market presence among consumers. Advanced reciprocating pumps have been incorporated as a result of these efforts.

• For example, in 2019, Grundfos opened a new factory in the United States. The company intends to provide superior technical solutions to the wastewater industry. This new factory in Florida was established with the goal of becoming a distribution hub for this company's water and wastewater pumps, controls, and other accessories.

Key Companies Profiled by Fact.MR are –

• Xylem Inc.
• Flowserve Corporation
• Grundfos
• The Weir Group PLC
• Alfa Laval AB
• SPX Flow Inc.
• IDEX Corporation
• LEWA GmbH

More Valuable Insights on Reciprocating Pumps Market

Fact.MR provides an unbiased analysis of the reciprocating pumps market, presenting forecast statistics for the period from 2022-2032. The study divulges compelling insights on the global reciprocating pumps market with a detailed segmentation on the basis of:

• By Flow Rate :
• Up to 100 m3/h
• 100-300 m3/h
• 300-800 m3/h
• Above 800 m3/h
• By Type :
• Piston
• Plunger
• Diaphragm
• By End-Use Industry :
• Oil & Gas
• Chemical
• Water Treatment
• Pharmaceuticals
• Food & Beverage
• Others
• By Region :
• North America
• Latin America
• Europe
• East Asia
• South Asia & Oceania
• MEA

Key Questions Covered in Reciprocating Pumps Market Report

• The report offers insight into the reciprocating pumps market demand outlook for 2022-2032.
• The market study also highlights projected sales growth for reciprocating pumps market between 2022 and 2032.
• Reciprocating pumps market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry.
• Reciprocating pumps market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.

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Canned Motor Pumps Market Scope - Due to interrupted operations in end-use sectors, demand for canned motor pumps has decreased dramatically. In the worldwide canned motor pumps market, reverse circulation canned motor pumps had the majority of the market share.

Oil and Gas Pumps Market Forecast - The market for oil and gas pumps is expected to increase slowly. As the need for oil and gas rises, so does the demand for equipment like oil and gas pumps. Centrifugal pumps are widely used by oil and gas end customers due to their cheap product and maintenance costs, as well as their superior load and pressure handling capabilities.

Oil Refining Pumps Market Trends - Rising power demand and a heavy reliance on oil in developing nations has led to the construction of oil refineries, which has boosted sales of oil refining pumps. Oil refining pumps integrated with new technology are expected to gain popularity in oil refineries.

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