Market Trends of Global Reciprocating Pumps Industry
This section covers the major market trends shaping the Reciprocating Pumps Market according to our research experts:
Oil & Gas Sector to Hold Significant Market Share
- As oil and gas extraction are high-pressure applications, they require suction to lift fluids and push them into different chambers for further processing. Plunger pumps are most popular to be used in this situation, as they are well suited for applications in high-pressure environments.
- Over the years, the oil & gas industry has witnessed significant growth. Owing to the increasing demand for petroleum-based products across the majority of the world, increased investment to modernize oil extraction and transportation has been observed, which is driving the demand for reciprocating pumps as they are widely used in oil extraction and transportation processes.
- According to Aramco, in 2021, the company's average hydrocarbon production was 12.3 million barrels of oil equivalent per day, including 9.2 mmbpd of crude oil. Considering the growing demand, the company plans to raise crude oil Maximum Sustainable Capacity (MSC) to 13 million barrels per day (mmbpd) by 2027.
- Such trends encourage the vendors to develop innovative products to fulfill various requirements of the oil & gas industry. For instance, DDL is among the few companies worldwide that specialize in manufacturing steam/gas-driven reciprocating pumps. These pumps are used predominantly in arduous duties within oil refineries and petrochemical plants.
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Asia Pacific to Witness Significant Growth
- The demand for reciprocating pumps has been increasing in the Asia Pacific region owing to rapid industrialization and urbanization. For instance, according to the forecasts of ADB, about 55% of the population in Asia will be urban by 2030. Furthermore, in China, the urbanization rate of permanent residents reached 64.72% in 2021, according to the State Council of the People's Republic of China.
- In its budget for 2021, the Indian government allocated INR 1,41,000 crore for wastewater treatment and solid waste management. Increasing investment in the wastewater treatment infrastructure is expected to drive the demand for reciprocating pumps as they're used for pumping large quantities of sewage against the low head.
- Reciprocating pumps are also widely used in the mining sector because they operate in high-pressure environments. Furthermore, the ability of reciprocating pumps to produce a fixed volume of fluid displacement at a given speed to provide a constant flow, regardless of pressure, makes them ideal for mining operations.
- The increasing size of the mining sector across countries such as Australia, China, and India further supports the studied market's growth. For instance, according to the Australasian Institute of Mining and Metallurgy (AusIMM), the Australian mining industry amounts to 75% of the country's exports, and the average annual earning of the Australian mining industry amounts to USD 50 billion.
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