Progressing Cavity Pump Market Will Reach USD 3,366 Million by 2030

The total value of the global progressing cavity pump market was USD 2,244 million in 2022, and it will rise at a growth rate of above 5.2% shortly, reaching USD 3,366 million by 2030, according to P&S Intelligence.

Progressing Cavity Pumps Market Size and Share Analysis@

This growth can be credited to the increasing demand for such pumps in the utilization of improved oil recovery and other upriver processes, the rising concentration and steps for advancing water and wastewater supervision practices, and the growing applications in energy generation because of their cost-efficiency.

The demand for power throughout the globe is rising significantly, which, ultimately, is accountable for the growth in the requirement for fossil fuels for power production. As per the newest edition of the IEA’s semi-annual Electricity Market Report, the power requirement, which had tumbled to 1% in 2020 because of the influences of the pandemic, had grown near to 5% in 2021, and this is projected to remain growing in the future, which has been boosted by the worldwide economic recovery. Most of the demand for electricity generation mostly comes from the APAC region, largely China and India.

Wastewater recycling is very vital for dealing with water shortage and its problems. Governments in several regions are concentrating on refining wastewater supervision to deal with water shortage. Nations are accepting numerous methods of wastewater management, ecosystem-based management, and connecting industries and are receiving instant benefits from improved wastewater management.

Progressing Cavity Pumps Market Outlook Report, 2023-2030

Progressing Cavity Pumps Market Outlook Report, 2023-2030

The progressing cavity pump market size stood at USD 2,244 million in 2022, and it is expected to grow at a compound annual growth rate of 5.2% during 2022–2030.