Reciprocating Pumps Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022-2027)

The Global Reciprocating Pump market is expected to grow by registering a CAGR of 6.1% during the forecast period (2022 - 2027). The growth of the majority of end-user industries of reciprocating pumps including oil & gas, water treatment, and chemical processing, among others is driving the growth of the studied market.

Key Highlights

• A reciprocating pump at its core is a hydraulic machine that converts mechanical energy into hydraulic energy. These pumps use a piston moving back and forth in a cylinder. Additionally, these pumps have been in use for a long time now, primarily for high-pressure as well as low-volume applications.
• In the wastewater treatment industry, reciprocating pumps are used where it is required to deal with a large quantity of sewage and sludges to be pumped against low heads. The increasing investment in wastewater treatment across various regions is expected to drive the demand for reciprocating pumps. For instance, according to Eurostat, wastewater treatment and waste management accounted for 23% and 28% of total expenditure in the general government and non-profit sector, in 2021.
• Similarly, in November 2021, the United States Government announced USD 550 million in new spending of which USD 55 million was allocated to fund the development of wastewater, drinking water, and storm water infrastructure.
• However, factors such as non-uniform flow of liquid, high initial cost, along with increased maintenance cost due to higher degree of wear and tear is challenging the growth of the studied market.
• The outbreak of COVID-19 pandemic had a significant impact on the studied market owing to destruction of activities across the major end user industries. For instance, in the United States several guidelines regarding safety of the workers were issued by OSHA that restricted the use of manpower at any specific site at a single time. However, with the conditions returning towards normalcy, the market is expected to witness pre-pandemic level growth during the forecast period.

Key Market Trends

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 part 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 as well 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 is planning to raise crude oil Maximum Sustainable Capacity (MSC) to 13 million barrels per day (mmbpd) by 2027.
• Such trends are encouraging 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 the manufacture of steam/gas-driven reciprocating pumps. These pumps are used predominantly in arduous duties within oil refineries and petrochemical plants.

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 owing to their ability to 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 the countries such as Australia, China, and India is further supporting the growth of the studied market. 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.

Competitive Landscape

The Global Reciprocating Pumps market is moderately competitive. Owing to the presence of several players in the market the focus of the vendors is to develop innovative solutions to achieve market differentiation. Established players are focusing more on mergers & acquisitions to reduce competition and further strengthen their market presence. Some of the major players operating in the market include DMW Corporation, PSG Dover, Flowserve Corporation, and Ram Pumps Ltd.

• May 2022 - Jereh unveiled its latest JR7000QP Plunger Pump and its innovative fracturing solutions of Apollo Turbine Frac Pumper, Power2Go 33MW Mobile Gas Turbine Genset, and Electric Frac at the OTC 2022.
• June 2021 - To improve the speed and bring simplicity to design, Celeros Flow Technology launched a new, standardized range of reciprocating pumps. The latest upgrades will enable the customers to view preconfigured drawings to allow them quickly select from the pump options.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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