Global Rotary Pump Market - By Type (Vane, Gear, and Progressive), End User (Power Generation, Water & Wastewater Management, and Pharmaceutical), and Region - Growth, Trends, and Forecast (2018 - 2023)
The global rotary pump market was valued at USD 4.516 billion in 2017. This market is expected to reach USD 5.37 billion by the end of 2023, witnessing a CAGR of 2.93% during the forecast period, 2018-2023. The oil & gas industry has seen a severe downfall in the past. However, it is on the move toward stability, as low levels of production has helped the industry to rebound modestly. The low production had a direct impact on the drilling and oil field services. There was a negative outlook for drilling & oil field services sector throughout 2017.
Focus on Wastewater Management Systems in Developing Economies expected to Drive the Market Growth
Growing awareness in societies about the productive usage of wastewater in irrigation and other applications has created a need for efficient wastewater management systems. On a comparatively smaller scale, wastewater from a city of 10 million households contains enough nutrients to fertilize about 500,000 ha. of farmland, which in turn, may produce 1.5 million metric ton of crops. Such revelations have created multiple opportunities for the installation of wastewater management systems. The demand for clean, treated water is growing in line with population, economic diversification, and water scarcity. The growing necessity for wastewater management is expected to directly influence the growth of the rotary pump market during the forecast period.
Gear Pumps expected to Dominate the Market
Gear pumps are favored for transporting hazardous chemicals without causing any damage to the environment. They are also preferred in lubrication applications, such as processing equipment, wind turbines, and hydraulic fracturing trucks. Gear pumps are also used for hydraulic power applications. This, coupled with the mandate by the government to get one-fifth of the energy consumed by EU in 2020 from renewable energy, is expected to create more opportunities for gear pumps, as compared to vane pumps in the European market.
China expected to Hold Major Share in Asia-Pacific
Adoption of rotary pumps is influenced by factors, like growth in infrastructure. The Chinese government is focusing on improving the infrastructure, in order to attract additional foreign investments and manufacturing industries, thereby strengthening the overall production output. Additionally, one of the major challenges faced by the market is the increase in the cost of raw materials. The raw materials include bronze, polycarbonate, cast iron, and stainless steel, the cost of which is increasing as a result of rising inflation and supply shortage. China is expected to account for a significant share of the global electricity output over the next few years, up from 19.2% in 2010. In order to achieve this, China has implemented more than 33 policy initiatives to support renewable electricity, particularly in areas like solar and wind energy.