The 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 are positive displacement pumps used to transport viscous materials like slurries, mud, and sewage through pipelines. They find extensive applications in industries such as oil & gas, mining, food processing, and pulp & paper. In oil & gas industry, they are used to move well effluents from production wells to surface equipment for further processing.
Market Dynamics:
One of the major drivers boosting the growth of progressing cavity pump market is increasing investment in oil & gas exploration and production activities. Rising energy demand from residential and commercial sectors have propelled companies to invest heavily in oil & gas E&P projects. According to the International Energy Agency, over $2 trillion will be spent globally on oil and natural gas projects between 2021 to 2030. This factor is expected to accelerate the demand for progressing cavity pumps. Additionally, ability of these pumps to handle abrasive and viscous fluids make them suitable for applications in mining and construction industries. Growing industrialization and urbanization in emerging economies is anticipated to propel the progressing cavity pump market growth over the forecast period.
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