The metering pumps market is estimated to grow from USD 4.3 billion in 2018 to USD 5.9 billion by 2023, at a compound annual growth rate (CAGR) of 6.5%
NEW YORK, Dec. 12, 2018 /PRNewswire/ -- High growth application areas, stringent government regulations, and digital pumping solutions to drive the metering pumps market.
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The metering pumps market is estimated to grow from USD 4.3 billion in 2018 to USD 5.9 billion by 2023, at a compound annual growth rate (CAGR) of 6.5% during the forecast period. The metering pumps market is driven by rising demand in the petrochemicals, oil & gas industry, growing need for water treatment, and increasing demand for pharmaceutical products. The maturity of the North American and European market could act as a restraint for the overall market.
The diaphragm segment to witness the highest CAGR in the global metering pumps market during the forecast period.
Diaphragm metering pumps are widely used for dosing and chemical injection applications such as corrosive chemical, volatile solvents, viscous & sticky fluids, creams, gels, and oils.These pumps are widely used in the water treatment industry.
Along with the treatment, municipalities also look for efficient, cost-effective operations with minimal downtime, creating opportunities for the growth of the metering pumps market. Subsequently, this growth will help in meeting the increasing demand from the water treatment industry, thereby driving the diaphragm metering pumps market.
Due to the increasing demand for processed food, the food & beverages end-use industry to witness the highest CAGR in the global metering pumps market during the forecast period.
The market in the food & beverages segment is projected to register the highest growth rate during the forecast period.End users of the food & beverages industry include companies involved in the transformation of livestock and agricultural products into food for consumption.
The beverages industry comprises manufacturers of non-alcoholic beverages, alcoholic beverages produced by fermentation, and distilled alcoholic beverages.Metering pumps are used for the dosing/injection purpose during manufacturing of food products such as soup, cream, syrup, milk, yogurt, flavors, spirit, chocolate, dough, creams, and paste.
A major driver of the food & beverages industry is the growing population. The vast population base, changing consumer lifestyle, increasing disposable income, and implementation of food security policies are driving the processed food industry, thereby increasing the use of metering pumps in this industry.
APAC to record the highest growth rate during the forecast period.
APAC is projected to be the fastest-growing metering pumps market, globally.The rise in demand for metering pumps is associated with the increase in investments in end-use industries such as oil & gas, chemical processing, water treatment, and pharmaceuticals.
The demand for fresh water in India is growing rapidly, due to the growing population and increasing urbanization, which will drive the metering pumps market in the country.
Extensive primary interviews were conducted to determine and verify the market size for several segments and subsegments and information gathered through secondary research.
The breakup of primary interviews is given below.
-- By Company Type - Tier 1 - 55%, Tier 2 - 30%, and Tier 3 - 15%
-- By Designation - C level - 21%, Director level - 23%, and Others - 56%
-- By Region - North America - 45%, Europe - 27%, APAC - 15%, Middle East & Africa - 7%, and South America - 6%.
The leading players in the metering pumps market are Milton Roy (US), ProMinent (Germany), IDEX Corporation (US), LEWA (Germany), Grundfos (Denmark), SEKO (Italy), Verder Group (Netherlands), Dover Corporation (US), and Watson-Marlow Fluid Technology Group (UK).
Research Coverage:
This research report categorizes the global metering pumps market on the basis of type, end-use industry, and region.The report includes detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the market.
Detailed analysis of the key market players provides insights into business overviews, services, key strategies, and recent developments associated with the market.
Reasons to Buy the Report
The report will help market leaders/new entrants in this market in the following ways:
1. This report segments the global metering pumps market comprehensively and provides the closest approximations of market sizes for the overall market and subsegments across verticals and regions.
2. The report will help stakeholders understand the pulse of the market and provide them with information on the key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders understand the major competitors and gain insights to enhance their positions in the business. The competitive landscape section includes development strategies such as expansion, merger & acquisition, and new product development.
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