(MENAFN- P&S Intelligence) The worldwide metering pump market was valued at $4.4 billion in 2019, and it is predicted to rise at a CAGR of 3.9% by 2030, to reach $6.8 billion. The key propelling factor for the industry is the escalation in the demand for these devices from the oil and gas industry. Apart from this, the strict government regulations for water treatment, growth in the chemical sector, and increase in the FDI in manufacturing plants are positively affecting the demand for metering pumps, especially in the APAC region.
In the metering pump market, the growth of the diaphragm category will be faster in the coming years, based on type. This is because these variants have numerous advantages over other kinds of pumps. They can handle corrosive, flammable, abrasive, and highly viscous fluids and are cheaper in the long run because of their higher energy efficiency. This classification is further categorized into metallic and polytetrafluoroethylene. Out of the two, the dominant share was accounted for by the latter, because of the suppleness and sturdiness of the materials used.
Water treatment was the largest among the end user categories in the global metering pump market in 2019. It is mainly attributable to the stringent regulations imposed by governments around the world regarding safe drinking water. The rise in the number of such stringent rules has opened the gates for various water treatment projects, in order to make water reusable and free of contaminants. Owing to the usage of a lot of chemicals in water treatment, metering pumps are used to add the correct amount.
APAC is experiencing the maximum boom in the metering pump market at present, and it is expected to consolidate its place in the near future. Industrial development activities are one of the primary contributors to the rise in the market revenue here. This, coupled with the accessibility of low-cost raw materials for pump production, will make China the dominant force in the industry in the coming years. China has a large number of industrial facilities, and its demand for potable water is mounting.
With the cost of power rising day by day, it is becoming a common trend in the metering pump market to choose the most energy-efficient metering pumps. These variants can be deployed in all those applications that use these devices for a longer duration. Power wastage is curtailed without giving up on accuracy, which is one of the primary perks of such pumps. When the power is saved and the efficiency is maintained, it can lead to a lot of financial savings as well.
The oil & gas industry plays a key role in the advance of the global market. This can be credited to the intensifying usage of metering pumps in midstream processes and the extraction of oil and natural gas, specifically for measuring the amount of corrosion inhibitor applied to pipelines. Hence, the increase in the production of crude oil in the U.S., Saudi Arabia, Russia, Iraq, and other nations is leading to a surge in the demand for metering pumps around the world.
Thus, the market is showing a gradual upward shift mainly due to the stringent regulations being imposed worldwide regarding clean water supply.
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