Positive displacement (PD) pumps make a fixed volume of fluid move from the inlet pressure section of the pump into the discharge pipe. Demand for PD pumps boomed in recent years as the rapidly growing oil & gas industry created a multitude of business opportunities.
But with oil prices staying low, and exploration activity in the shale gas sector cooling off, demand has slowed down.
A new analysis by Frost & Sullivan shows that the market generated $2.67 billion in 2014. Revenues are forecast to reach $3.33 billion in 2021 as oil prices and the global economy stabilize in the long run.
“Currently, low oil prices and sluggish growth are affecting the market,” commented Anand Gnanamoorthy, senior analyst with Frost & Sullivan’s Industrial Automation & Process Control unit. “However, as oil prices and the global economy stabilize the PD pumps market is expected to experience growth in the mid and long term.”
The PD pumps market benefits from the intensifying focus on regulations and energy efficiency, according to the report. For example, manufacturers in the food and beverage industry continuously invest in new equipment to comply with U.S. Food and Drug Administration standards as well as to meet consumer demands.
Frost & Sullivan also found that manufacturers are integrating process machinery with central control systems for unified plant-wide or enterprise-wide control. This requires advanced pumping solutions such as smart pumps, asset management and wireless intelligence.
“The revival of the chemicals and power industry has added thrust to the market’s momentum,” Gnanamoorthy pointed out. “The opening up of end-user industries, along with concerted marketing efforts to improve product awareness, will go a long way in aiding the growth of the PD pump market.”