Key players operating in the global metering pump market includes, Dover Corporation, SEKO S.p.A., Lewa GmbH, Grundfos Pump Corporation, IDEX Corporation, ProMinent GmbH, Accudyne Industries LLC, Blue-White Industries Ltd., Spirax-Sarco Engineering plc, and Verder International B.V.
NEW YORK, May 26, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, the global metering pump market is anticipated to reach $5.6 billion by 2024, registering a CAGR of 6.0%, over the forecast period. The growth can be attributed to increasing demand from the oil & gas industry, strict government regulation pertaining to water treatment, and increasing demand from the chemical industry. The chemical industry requires metering pumps for pumping various corrosive chemicals at precise volumes.
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On the basis of type, the market is categorized into diaphragm, piston, and others, wherein ‘others’ include peristaltic pumps and syringe pumps. Diaphragm pumps held the largest share in 2018 in the global metering pump market, which can be attributed to the fact that they find application in all industries and are much better for handling abrasive, flammable, corrosive liquids, and can pump liquids of much higher viscosity.
Based on end-user, the metering pump market is classified into water treatment, oil & gas, petrochemicals, chemical processing, pharmaceuticals, food & beverage, pulp & paper, and others, wherein ‘others’ include agriculture, textiles, mining, and construction industries. Among these, water treatment category held the largest revenue share in 2018. This is due to strict government regulations for safe drinking water in major countries, including the U.S., Germany, China, India, and others. Government regulations such as America’s Water Infrastructure Act 2018 and Water Law of the People's Republic of China, further to promote safe and clean drinking water which is expected to drive the metering pump market.
Based on the region, APAC held the largest share in the metering pump market, globally. In APAC, China held majority of the market revenue share in 2018. With the availability of cheap raw materials and low labor costs in the country, the production cost of metering pumps is low which leads to high domestic consumption as well as exports to international markets. The food & beverage, water treatment, oil & gas, and chemical industries are the major consumers of metering pumps in the country. Central China and the East Coast of China exhibited high consumption, owing to the presence of various manufacturing industry clusters.
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Increasing demand for metering pumps from the oil & gas industry is one of the major factors driving the metering pump market. The major factor for the rising demand for the pumps in the industry is the increasing production of crude oil in countries such as the U.S., Russia, Saudi Arabia, and Iraq. Additionally, according to the U.S. Energy Information Administration (EIA), in 2018, around 6.4 million barrels per day of crude oil were produced from shale oil resources, which accounted for around 59% of the total crude oil production in the U.S.
The metering pump market is a highly competitive market. Companies including Spirax-Sarco Engineering plc, Dover Corporation, and Verder International B.V. were majorly involved in mergers and acquisitions to increase their market share and global outreach. Accudyne Industries LLC, Dover Corporation, and Grundfos Pump Corporation were more engaged in product launches to fulfill the growing demand for energy efficient pumps and capture a larger customer base from industries including food & beverage, and chemical processing.
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Some of the key players operating in the global metering pump market includes, Dover Corporation, SEKO S.p.A., Lewa GmbH, Grundfos Pump Corporation, IDEX Corporation, ProMinent GmbH, Accudyne Industries LLC, Blue-White Industries Ltd., Spirax-Sarco Engineering plc, and Verder International B.V.
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