(MENAFN - PR Newswire) CHICAGO, March 4, 2021 /PRNewswire/ -- According to the new market research report " Metering Pumps Market by Type (Diaphragm, Piston/Plunger), End-Use Industry (Water Treatment, Petrochemicals, Oil & Gas, Chemical Processing, Pharmaceuticals, Food & Beverages, Textile, Automotive, Pulp & Paper), and Region - Global Forecast to 2026 " , published by MarketsandMarkets™, the global Metering Pumps Market size is projected to grow from USD 6.1 billion in 2020 to USD 7.9 billion by 2026, at a CAGR of 4.4% between 2020 and 2026.
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Factors such as stringent government regulations regarding water treatment, growth of chemical, and petrochemical and oil & gas industries, double-digit growth of pharmaceutical industry in developing countries, and the demand for digital pumping solutions are driving the metering pumps market. Moreover, the increasing demand for superior quality, reliable, and accurate metering systems and expansion of chemical plant capacities are expected to offer opportunities for metering pump manufacturers.
Diaphragm pump segment estimated to lead the metering pumps market in 2019
By type, the Diaphragm pump segment accounted for the largest share in the overall metering pumps market. This growth can be attributed to the low cost of pump, high efficiency, and fluid handling capacity efficient. Compared to the other types, diaphragm metering pumps offer cost advantage, high accuracy, reliability, and suitability of several industrial application owing to which they are widely used in the water treatment, petrochemical, oil & gas, chemical, and other industries.
Water treatment segment is estimated to be leading consumer of metering pumps
The water treatment segment led the overall metering pumps market in 2019, both in terms of value and volume. Governments of several countries have passed laws and regulations for industries to treat the wastewater before discharging it into water bodies. Metering pumps are being used in wastewater treatment by accurate dosing of several chemicals, such as chlorine or other chemical additives, into the water to maintain pH level and kill pathogens. Therefore, the demand for metering pumps is increasing in the water and wastewater treatment plants.
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APAC projected to account for the largest share of the metering pumps market during the forecast period
APAC is projected to have the largest share in the global metering pumps market, in terms of both value and volume, from 2020 to 2026. The APAC metering pumps market is driven by the thriving demand from the water treatment, oil & gas, and chemical industry. APAC metering pumps market has been witnessing consistent growth due to the increasing water & wastewater treatment capacity in region, growth of the manufacturing sector, and double-digit growth of pharmaceutical and food & beverage industry. The rise in the demand for metering pumps from the oil & gas, chemical, and desalination industries is expected to drive the metering pumps market. Due to the COVID-19 pandemic, the economic growth of several countries such as India, ASEAN, and other countries, has been declining owing to disruption of the supply chain, declining demand for industrial product, the suspension of the manufacturing facilities, and declining oil & gas prices. The demand for metering pumps is therefore expected to decrease in several end-use industries in 2020.
The key players operating in the market are IDEX Corporation (US), LEWA (Germany), Ingersoll Rand (US), Dover Corporation (US), ProMinent (Germany), Grundfos (Denmark), SEKO (Italy), and Watson-Marlow Fluid Technology Group (UK).
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