Rapid Industrial Growth To Boost Positive Displacement Pumps Demand
By Vijay Ovhal
Global manufacturing sector has witnessed a massive boom over recent years, primarily pushed by the robust industrial outlook and fast-paced economic growth.
- Worldwide manufacturing production surpassed its pre-pandemic level and recorded a 7.2% uptick in 2021.
- The global share of manufacturing value added to total GDP rose to 16.9% in 2021 from 16.2% in 2015.
Triggered by consistent population growth and rapid industrialization, developed and developing economies worldwide have been witnessing a favorable growth outlook of several end-use verticals, including oil & gas, food & beverage, chemicals, pharmaceuticals, etc.
Speaking of which, the pharmaceutical industry in India is worth $50 billion and is estimated to reach $65 billion by 2024 and $130 billion by 2030, claim Invest India estimates. The heavy reliance of these industries on advanced machinery for pumping high-viscosity fluids may, therefore, end up in the increasing deployment of positive displacement pumps market over 2023-2032.
Top Factors Contributing To Developing Positive Displacement Pumps Market
- Increasing popularity of reciprocating pumps
The growth of the reciprocating pumps market is majorly driven by their extensive usage in high-pressure, low-flow applications, such as oil & gas, as they generate greater amounts of pressure per operation. The increasing energy dependence and the subsequent rise in power generation requirements globally have aggravated the consumption of fossil fuels and natural gas. This, as a result, will aid the growth of the global oil & gas sector, thus augmenting the demand for reciprocating pumps.
According to the August 2022 Oil Market Report by the International Energy Agency (IEA), the global oil supply reached an estimated 100.5 mb/d in July 2022, attributed to the soaring oil usage, accentuated due to increasing energy demand.
Invest India estimates reveal that as of June 2022, nearly 13,029 km of natural gas pipeline is under construction in India, while around 22,306 km of gas pipeline is operational. The country also plans to expand its pipeline coverage by 34,500 km (almost 54%) by 2024-25 and connect all the states with national pipeline network by 2027.
These optimistic scenarios and global initiatives will pave the path for new opportunities for the oil & gas industry, which, in consequence, will drive the positive displacement pumps business through the ensuing years.
- Flourishing food & beverages industry
The world population has grown multifold in recent decades, and so has the demand for food. Besides, rising income levels across developing countries have transformed dietary regimes, further accentuating the need for specialized food items and beverages.
Global food demand is anticipated to grow anywhere between 59% to 98% by 2050.
This apart, developed regions such as Europe and North America have registered a recognizable uptick in the consumption of processed food items, primarily dedicated to expanding working population. Since food processing industries, on a regular basis, deal with highly viscous fluids and fluids with large particles, the need for PV pumps stands critical to ensure pulse-free, smooth, and hygienic performance. This, in turn, could offer an anticipated boost to the market growth in the coming years.
- Rapid adoption of capacity expansion strategies
As the global industrial landscape continues progressing at a remarkable pace, industry participants and players have been upscaling their efforts to make the most of available growth opportunities and set the stage for upcoming ones.
For instance, in December 2022, Unibloc Hygienic Technologies, Inc. (UHT), a premier in hygienic positive displacement pumps, drum pumps, AODD pumps, and other flow control products, announced expanding production capability at its facility in Bolney, UK, with substantial investment in additional machining technology. The funding continues the firm's ongoing approach of boosting production capacity to improve customer service by minimizing production lead times.
- Increased emphasis on wastewater treatment
Water scarcity has emerged as one of the major concerns affecting humankind globally. As far as the statistics are concerned, UNICEF estimates suggest that yearly approximately two-thirds or an estimated 4 billion people worldwide suffer acute water scarcity for at least a month. Further projections claim that 50% of the global population can face water scarcity by 2025, while 700 million people could be displaced as a result of water stress.
These estimates put forth an urgent need to introduce efficient wastewater treatment solutions with greater pumping capabilities to aid the worsening water crisis. Since wastewater is often contaminated and poses a high risk of system failure and clogging, sewage treatment practices may help positive displacement pumps score points in this context, further supporting the positive displacement pumps market growth.
Positive Displacement Pumps — A Brighter Future
While the robust industrial outlook across the globe is one of the key factors supporting the progression of the positive displacement pumps market, what further drives the business is the escalating novel innovations by leading companies constituting the industry's competitive landscape.
In a recent turn of events, The Lee Company introduced a new miniature PD pump with an integrated control package. The pump is incredibly flexible and lightweight and is the latest addition to the company's specified line of miniature radial piston-designed displacement pumps. Such innovations, in tandem with the improving technological landscape and a notable rise in R&D expenditure globally, will help the industry attain new heights in the foreseeable future.
Source: https://www.gminsights.com/industry-analysis/positive-displacement-pd-pumps-market