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Rising demand for energy-efficient solutions and advanced automation drives growth in the glycol pumps market
ROCKVILLE, MD, UNITED STATES, December 13, 2024 /EINPresswire / -- According to Fact, a
market research and competitive intelligence provider, the global glycol pumps market is estimated to reach a valuation of US$ 139.7 million in 2024 and is expected to grow at a CAGR of 6.1% during the forecast period of (2024 to 2034).
The glycol pumps market is experiencing massive growth mainly caused by the rising need for energy-efficient systems as well as lightweight materials in various industries. In sectors such as oil and gas, HVAC, and chemical processing where green house gas emissions have to be minimized while fuel efficiency is improved.
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Advances in pump technology which provide high- performance solutions with less than before consumed energy have been driving forth its expansion. Another factor that has fueled this growth stems from the incorporation of IoTs in addition to automation on pump systems that enhance operational efficiency leading to market development. Due to an increased concentration on sustainable industrial processes glycol pumps are regarded as pivotal elements needed for achieving environmentally friendly objectives making this market continue growing.
Key Takeaways from Market Study
The global glycol pumps market is projected to grow at 1% CAGR and reach US$ 252.6 million by 2034
The market created an opportunity of US$ 29.3 million growing at a CAGR of 1% between 2019 to 2023
North America is a prominent region that is estimated to hold a market share of 3% in 2034
Predominating market players include LEWA and Kimray
Oil & Gas under End-use Industry are estimated to grow at a CAGR of 0% creating an absolute $ opportunity of US$ 16.7 million between 2024 and 2034
North America and East Asia are expected to create an absolute $ opportunity of US$ 55.1 million collectively
“The increasing shift towards sustainable and energy-efficient solutions across key industries is a major driver for the glycol pumps market” says a Fact analyst.
Leading Players Driving Innovation in the Glycol Pumps Market:
Key players in the glycol pumps market are Bifold, Cat Pumps, Exterran, Goulds Pumps, Heat Exchange & Transfer, Inc., HERMETIC-Pumpen GmbH, John Wood, Inc., Kimray, LEWA, March Pumps, Mcmaster, North Ridge Pumps, Rotor Tech, Sintech, T-Mag, TriRotor Inc, Verder, Viking Pump, Xylem & Others.
Market Development
The increasing demand from various industries, including oil and gas, petrochemicals, chemicals, and automotive, contributes to the growth in the glycol pumps market. The pumps are also at the core of various applications, ranging from heat transfer processes to anti-freeze and fluid handling, hence becoming an inseparable part of companies aiming for energy efficiency and sustainability.
The growing focus of several industries on reducing carbon emission and operation costs, along with the movement toward more energy-efficient alternatives, acts as the primary driver for market growth. It is important to note that constant technological improvement, such as integrating IoT and automation of glycol pumps, aims at improving performance, monitoring, and efficiency, hence gaining further popularity.
Increasing Demand Across Several Industries Fuels Growth in the U.S. Glycol Pump Market
The U.S. glycol pump market is expected to develop at a rate of 6.5% throughout the evaluation period and hold 44.5% of the North American market share by 2024. Improvements in manufacturing capabilities, advantageous government policies, and rising demand for glycol pumps across a range of industries, including chemicals, pharmaceuticals, and oil and gas, are the main drivers of this rise.
The use of cutting-edge technologies and energy-efficient pump systems, as well as an increasing emphasis on sustainability, are helping the U.S. industry. In order to satisfy the growing demand, businesses are increasing their production capacity, which is further accelerating the market's development trajectory.
Glycol Pumps Industry News:
One of the biggest producers of glycol pumps is said to be LEWA. The company declared in 2023 that it was expanding its production facilities because of the strong demand from industries like chemicals and oil and gas, among others.
Kimray has kept up its progress in the development of glycol pumps, concentrating on high-reliability, low-maintenance devices for gas dehydration systems. By incorporating user feedback on customer demands into product design, innovations continue.
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More Valuable Insights on Offer
Fact, in its new offering, presents an unbiased analysis of the global glycol pumps market, presenting historical data for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study reveals essential insights on the basis of the type (Ethylene, Propylene), capacity (Less than 5 Gpm, 5-10 Gpm, 10-15 Gpm, Above 15 Gpm), pump type (Centrifugal Pumps, Positive Displacement Pumps) operating pressure (Less than 50 Bar, 50-100 Bar, 100-150 Bar, Above 150 Bar) End-use Industry (Chemicals & Petrochemicals, Food & Beverages, Pharmaceuticals, Automotive & Transportation, Oil & Gas, Cosmetics, Plastics, Paints and Inks, Others) across major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia, and Pacific, Middle East & Africa).
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About Us:
Fact is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning.
With its unwavering dedication to providing reliable market intelligence, FACT continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT ensures its clients receive actionable insights to capitalize on emerging opportunities and stay competitive.
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