LONDON--(BUSINESS WIRE)--The new metering pumps market research from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.
Get detailed insights on the COVID-19 pandemic Crisis and Recovery analysis of the metering pumps market.
"One of the primary growth drivers for this market is the growing demand for water conservation and treatment,” says a senior analyst for industrials at Technavio. To make the most of the opportunities, vendors should focus on growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. As the markets recover Technavio expects the metering pumps market size to grow by USD 835.01 million during the period 2020-2024.
Metering Pumps Market Segment Highlights for 2020
- The metering pumps market is expected to post a year-over-year growth rate of -4.41%.
- Based on the end-user, the market saw maximum growth in the water and wastewater industry segment. The growth of this segment is driven by the growing demand for water conservation and treatment.
- The market growth in the segment will be significant over the forecast period.
- 41% of the growth will originate from the APAC region.
- The adoption of intelligent metering pumps will significantly influence the metering pumps market's growth in the APAC region.
- China and Japan are the key markets for metering pumps in APAC.
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- The metering pumps market size is expected to accelerate at a CAGR of over 3% during the forecast period.
- The metering pumps market is segmented by end-user (Water and wastewater industry, Oil and gas industry, Chemical and petrochemical industry, Food and beverage industry, and Others), geography (APAC, Europe, North America, MEA, and South America), and product (Diaphragm and Plunger).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Dover Corp., Grundfos Holding AS, IDEX Corp., Nikkiso Co. Ltd., Schlumberger Ltd., SEEPEX GmbH, SEKO Spa, Spirax-Sarco Engineering Plc, SPX FLOW Inc., and Swelore Engineering Pvt. Ltd.
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