The global metering pump market is expected to reach $5.6 billion by 2024
NEW YORK, Nov. 4, 2019 /PRNewswire/ --
Metering Pump Market
Attaining the CAGR of 6.0%, the global metering pump market is expected to reach $5.6 billion by 2024. The market growth would primarily be driven by the stringent government regulations for water treatment and rising demand from the oil & gas and chemical industries. For pumping various corrosive chemicals at precise volumes, metering pumps are heavily employed in the chemical industry.
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Based on region, the largest share in the metering pump market was held by the Asia-Pacific (APAC) region. In 2018, in APAC, the major market share was accumulated by China due to high domestic consumption and increasing exports to international markets. This was because of the availability of low-cost labor and raw material in the country. The major users of these pumps in the nation are the chemical, food & beverage, and oil & gas industries.
The categories of the metering pump market, based on type, are piston, diaphragm, and others (syringe and peristaltic pumps). The largest contribution to the market was made by diaphragm pumps due to their versatile applicability in all industries, suitability to handle corrosive, abrasive, and flammable liquids, and ability to pump highly viscous liquids.
The classifications of the metering pump market are chemical processing, water treatment, food & beverage, petrochemicals, oil & gas, pharmaceuticals, pulp & paper, and others, based on end-user. The 'others' classification is further subdivided into the construction, agriculture, mining, and textile industries. The largest revenue share was held by the water treatment classification in 2018 due to the stringent government regulations regarding safe drinking water in countries such as India, Germany, the U.S., and China.
Further, the demand for metering pumps is also increasing in the food & beverage industry. To adhere to the guidelines issued by the Food Safety Modernization Act and meet the increasing demand for food and beverage products in North America, various manufacturing units are undergoing expansion or renovation. The registration of 640 renovation and expansion projects was done in 2017, of which 63 were for breweries.
The major factor driving the metering pump market is the rising demand for these equipment from the oil & gas industry. The increasing crude oil production in many countries, such as Saudi Arabia, the U.S., Iraq, and Russia, is instrumental in driving the demand for these pumps. The U.S. Energy Information Administration mentioned that about 59.0% of the total crude oil in the U.S. in 2018 was produced from shale oil resources; the daily production equaled 6.4 million barrels.
Spirax-Sarco Engineering PLC, Grundfos Pump Corporation, Verder International B.V., Dover Corporation, ProMinent GmbH, Blue-White Industries Ltd., Accudyne Industries LLC, SEKO S.p.A., IDEX Corporation, and Lewa GmbH are the some of the key players in the metering pump market.
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