According to analysts at Vantage Market Research, the Progressing Cavity Pump Market is expected to reach USD 4,400 Million by 2028, growing at a CAGR of 5.4% between 2021 to 2028. PCPs are normally utilized in the creation of heavy oil, extra-substantial oil, and others through oil sands wells. It is good for fluids with higher viscosities, as their mechanical and volumetric performances rise due to consistency and stream production. The capacity of PCPs to effectively deal with high-thickness liquid streams and huge volumes of solids in suspension has prompted their popular utilization in the water and wastewater the board business.
- The up to 50 hp segment is projected to expand at the fastest CAGR exceeding 5.6% over the forecast period due to use for the production of heavy oil, extra-heavy oil, and bitumen by oil sands wells.
- The oil & gas segment held a market share of around 34% in 2020. This share is due to the competition analysis demands the growth of pump market in coming future.
- Asia Pacific is expected to expand at a CAGR of over 5.8% from 2021 to 2028. This surge is attributed to the rising demand for progressing cavity pumps in developing economies such as China and India.
The improved oil production procedures are utilized for stretching a well's self-life and for extricating the greatest measure of oil from something very similar in a proficient way.
North America is poised to record the highest CAGR, owing to the increasing demand in countries, such as the U.S., Canada, and Mexico. The development in the handling of metropolitan waste administration in Asia is relied upon to support the interest for progressive cavity pumps. The developing volumes of packaged food and refreshment industry likewise depend on the progressive cavity pumps market. The utilization of sustainable advancements like sunlight-based solar thermal for power generation boosts sales of progressive cavity pumps.
Some of the key players in Progressing Cavity Pump Market include A Ge Company, National Oilwell Varco, Varisco, Circor, Nova Rotors, Baker Hughes, Xylem, Netzsch, Dover, Seepex, Roto Pumps, Schlumberger, ITT, Halliburton, J J Tech, PCM, Weatherford, Borets., among others.
The market is comprised of a high degree of competition due to the presence of numerous key players.