Global Canned Motor Pumps Market Overview
The global canned motor pumps market created an absolute $ opportunity worth US$ 728.9 million during the historical period. However, the outbreak of COVID-19 pandemic has disrupted demand for canned motor pumps in almost every region. This, in turn, is poised to create latency in the global canned motor pumps market. As the market rebounds, Fact.MR projects that the global canned motor pumps market is poised to witness sluggish growth and is set to be valued at US$ 3.1 billion by the end of the forecast period (2020 – 2030). Hampered supply chains amidst lockdowns imposed in many of the countries has caused irregular and insufficient supply of raw materials. At the same time, demand for canned motor pumps has dampened significantly due to halted operations in end use industries.
Canned Motor Pumps Market Product Insights
Reverse circulation canned motor pumps accounted for the majority share in the global canned motor pumps market. These pumps are widely used in the oil & gas and industrial applications due to their ability to process highly volatile fluids such as LPG, LNG, Liquid Ammonia and refrigerants, etc. The oil & gas industry is witnessing a major setback due to plummeting oil prices amidst substantially dropped demand due to restricted movement of vehicles in many of the regions currently under lockdown. For instance, in April 2020, the crude oil price in the U.S. dropped significantly for the first time in history as the demand for oil dried up. This, in turn, is expected to hinder the adoption of the reverse circulation canned motor pumps in the next three fiscal quarters. Therefore, reverse circulation canned motor pumps are projected to witness stunted growth at a value CAGR of 3.6% during the forecast period, predicts Fact.MR.
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Canned Motor Pumps Market: End Use Insights
The outbreak of the COVID-19 pandemic has brought economic uncertainty in almost every sector. The global chemical industry is facing unprecedented slump due to disturbed production and demand amid ongoing lockdowns in many of the regions. For instance, according to China’s National Bureau of Statistics (NBS), China registered a decline in the chemical manufacturing output & profit by 21% & 66% respectively in the first two months of 2020.
At the same time, a sudden drop in the demand for electricity due to shut down of business operations has created a major setback in the global power sector. Such a marked decline in the end-use sectors is poised to hinder growth within these sectors, as a consequence, growth of canned motor pumps will also be hampered. However, the projected rise in the pharmaceutical sector due to the coronavirus pandemic is expected to achieve equilibrium in the market in the next couple of years. Fact.MR opines that in the end use segment, chemical is poised to expand at CAGR 2.2% during the forecast period.
Canned Motor Pumps Regional Insights
Asia Pacific Excluding Japan (APEJ) accounts for more than one-third of the global canned motor pumps market. APEJ has emerged as a manufacturing powerhouse in the world making the region the most suitable market for canned motor pumps manufacturers. Canned motor pumps efficiency is also resulting in higher uptake. For instance, APEJ leads the chemical and industrial sector with around 45% share of the global market.
However, the outbreak of COVID-19 has caused economic instability in the region. Leading countries have imposed a complete lockdown since the last couple of months which has stalled production in the region resulting in substantially lowered demand for canned motor pumps.
However, as the situation is being brought under control, businesses are resuming production in East Asia. For instance, In March 2020, China Petroleum and Chemical Industry Federation (CPCIA) revealed that around 86% of chemical plants in the country have reopened. This is expected to create a significant opportunity in the canned motor pumps market in the region. Therefore, in Fact. Mr’s report APEJ is projected to expand at a CAGR of 3.4% during the forecast period.
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Canned Motor Pumps Manufacturers: Strategies
The canned motor pumps market is moderately consolidated as well as highly competitive. Leading players are focusing on new product developments to stimulate growth. For instance, in 2019, HERMETIC-Pumpsen GmbH, a manufacturer of canned motor pumps, expanded its modular product line named “V-Line” for the chemical and petrochemical industry.
The company found a new material combination for canned motor pumps which helps to transfer fluid with a temperature of -50oC instead of – 40oC. Other leading players in the global canned motor pumps market are Avingtrans Plc, Curtiss-Wright Corporation, Dalian Huanyou Canned Motor Pumps Co., Ltd., Dynamic Pumps & Projects Pvt Ltd, Harbin Electric Corporation Jiamusi Electric Machine CO., Ltd, and Kirloskar Brothers Limited (KBL).
COVID-19 Impact Insights:
The pandemic has caused economic volatility across leading industries in the world. It has substantially affected the global canned motor pumps market as end-use industries of the market are currently stagnant. At the same time, lockdowns imposed in most of the countries have caused a sharp downfall in the production of the canned motor pumps globally. However, few regions, for instance, East Asia has now lifted the restrictions on movements and therefore the businesses are resuming operations.
But this isn’t helping much as the supply chain has been disturbed substantially with other regions still under lockdown. This is turn, is causing limitations in exports from these regions. Nevertheless, the global market is poised to remain stagnant for the next couple of financial quarters. As the pandemic is brought under control the global canned motor pumps market is projected to grow 1.3X through 2030.
“The global canned motor pumps market will witness stagnancy for the next couple of financial quarters amid economic uncertainty caused due to the COVID-19 pandemic. However, an expected surge in the adoption of canned motor pumps in the pharmaceutical industry will create significant opportunities.”
Global Canned Motor Pumps Market: Scope of the Report:
The recent global canned motor pumps market report by Fact.MR offers a 10-year forecast from 2020 to 2030. The report elaborates on the key drivers, restraints, opportunities and threats to the expansion of the global canned motor pumps market. A detailed segmental analysis, based on product type, end use, capacity and regions, has been provided in the report.
Regional analysis in terms of supply chain analysis, business execution and market value analysis provides an in-depth perspective about the future scope of the global canned motor pumps market. In addition, a separate section on market structure has also been provided. The section provides a detailed analysis of key market players and the strategies for expansion in the canned motor pumps market.
Canned Motor Pumps Market - Scope of the Report
Fact.MR recently published a market study on the global market for canned motor pumps. The study provides a detailed assessment on the key market dynamics, including drivers, trends, opportunities, restraints, and detailed information about the canned motor pumps market structure. The market study presents exclusive information about how the canned motor pumps market will grow during the forecast period of 2020-2030.
Key indicators of market growth, which include Year-on-Year (Y-o-Y) growth of the market, value chain, supply chain analysis, and Compounded Annual Growth Rate (CAGR) are explained in Fact. MR’s study in a comprehensive manner. This information can help readers understand the quantitative growth prospects of the canned motor pumps market in the forecast period.
The study is relevant for stakeholders in the canned motor pumps market, including manufacturers, suppliers, distributors, and investors, and can help them in developing appropriate strategies to grow in the market. Stakeholders in the canned motor pumps market, investors, industry experts, researchers, and journalists, as well as business researchers can leverage the information and data presented in the Fact.MR study.
The study also includes statistics as well as facts related to macro as well as microeconomic factors that are impacting developments in the canned motor pumps market. It also offers actionable insights based on future trends in the canned motor pumps market. Furthermore, small businesses and new entrants in the canned motor pumps market too can make use of the information presented in this study, based on which, they can make appropriate business decisions in order to gain momentum in the market.
Key Segments of the Canned Motor Pumps Market
Fact.MR’s study on the canned motor pumps market offers information divided into two key segments— product, end use and capacity across six regions. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.
Key Questions Answered in the Fact.MR’s Canned Motor Pumps Market Report
- Which regions will continue to remain the most profitable regional markets for canned motor pumps market players?
- Which factors will induce a change in the demand for canned motor pumps during the assessment period?
- How will changing trends impact the canned motor pumps market?
- How can market players capture the low-hanging opportunities in the canned motor pumps market in developed regions?
- Which companies are leading the canned motor pumps market?
- What are the winning strategies of stakeholders in the canned motor pumps market to upscale their position in this landscape?
Canned Motor Pumps Market: Research Methodology
In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the canned motor pumps market, and reach conclusions on future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of conclusions.
Secondary resources referred to analysts during the preparation of the canned motor pumps market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who have contributed to the development of this report as a primary resource.
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