Apr 28, 2020
Canned Motor Pumps Market to Witness Sluggish 3% Growth, as Demand Plummets in Myriad End-Use Sectors amid COVID-19 Crisis, Infers Fact.MR
by Team Fact.MR
Pegged at US$ 2.4 billion in 2020, the canned motor pumps market is poised to grow at a CAGR of 2.8%. However, amid the COVID-19 pandemic, the market is projected to remain stagnant for the next couple of fiscal quarters. This is attributed to a significant drop in demand due to business closures in many countries. As infections soar, the adoption of canned motor pumps is expected to remain low in several end-use industries such as chemical, oil & gas and power industries amid volatile market conditions.
For instance, in April 2020, the American Chemistry Council (ACC) reported that the U.S. registered a decline in demand for specialty chemicals by 5% in March 2020. At the same time, the manufacturers who have been able to ramp up production are having to contend with a disrupted supply chain. This is turn, has significantly impacted the global canned motor pumps market posing a serious threat of dormancy in the near future. In the long run, as the impact of COVID-19 fades, the market is anticipated to recover and pave way for significant opportunities.
Key Takeaways of Canned Motor Pumps Market
- Global canned motor pumps market is expected to grow at a CAGR of 2.7% in terms of volume, and is set to expand 1.3X in terms of value from 2020 through 2030.
- Reverse circulation pumps will hold the maximum share in terms of value, creating an absolute $ opportunity of US$ 153 million by the end of forecast period (2020 – 2030).
- Within the end use segment, canned motor pumps in various chemical industries are set to grow at a CAGR of 2.2% in terms of value and are expected to lose 130 BPS from their market share by the end of forecast period.
- Low capacity canned motor pumps are anticipated to account for a majority share in terms of value. These are projected to create an absolute $ opportunity of more than US$ 345 million during the forecast period.
- APEJ is prophesied to hold maximum share in terms of value and will expand at CAGR of 3.4% in terms of value by the end of the forecast period.
“Global canned motor pumps market will witness sluggish growth as COVID-19 has created latency in the end use industries. However, the market will craft significant opportunities for itself by mid-term, when impact of the pandemic will be completely under control” says a Fact.MR analyst.
Manufacturers Focus on New Product Developments to Stimulate Demand
The global canned motor pumps market is highly fragmented, with top players accounting for a majority of the overall market share. Key players are focusing on new product launches in order to stimulate growth within the market. For instance,
- In January 2019, NIKKISO Pumps launched an updated version of its non-sealed canned motor pumps. The upgrade is done in accordance with the EN ISO 2858, a European market standard.
- In August 2019, EBARA Corporation in partnership with Teikoku Electric Mfg. Co. Ltd. launched Model UCWC, a process canned pump, designed for applications in petroleum refinery and petrochemical industries.
More Valuable Insights on the Canned Motor Pumps Market:
Fact.MR, in its new offering, presents an unbiased analysis of the global canned motor Pumps Market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. The study divulges essential insights on the canned motor Pumps Market on the basis of product type, end use, and capacity across six major regions.
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About the Industrial Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned industrial team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million plus data points, the team has analysed industrial good industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.