Metering Pump Market Overview
The global metering pump market has reached $4.2 billion in 2018, and is expected to register CAGR of 6.0% during 2019-2024. The metering pump market is projected to grow rapidly due to increasing demand from the chemical industry, oil & gas industry, and increasingly stringent government regulations pertaining to water treatment. Oil & gas industry require metering pumps in the extraction process of oil and natural gas, and in dosing of corrosion inhibitors in midstream processes. Due to increasing production of crude oil in countries such as the U.S., Russia, Saudi Arabia, and Iraq, the global metering pump market is expected to demonstrate amicable growth over the forecast period.
On the basis of the diaphragm, by type, the metering pump market is further segmented into metallic and PTFE. Among these, PTFE category is expected to hold the largest share as well as demonstrate faster growth, attributed to the non-resilient, flexible, and robustness of materials used for a diaphragm PTFE pump. Also, metallic diaphragm metering pumps are costly as compared to PTFE, as they are used in industries requiring high pressure applications.
Based on end-user, the metering pump market is classified into water treatment, oil & gas, chemical processing, petrochemicals, pharmaceuticals, food & beverage, pulp and paper and others, wherein ‘others’ include textile, agriculture, mining, and construction. The oil & gas industry is further classified into onshore and offshore applications. Among these, onshore held the larger share, owing to the increasing need for safety for onshore applications, wherein metering pumps disburse fluid into the drilling head, preventing the formation of methane hydrate at the borehole.
Based on the region, APAC held the largest market share and is expected to demonstrate faster growth over the forecast period. The growth in industries, such as chemical, oil & gas, and water and wastewater, generate significant demand for metering pumps in the region. High operational efficiency of metering pumps coupled with increasing adoption across the residential sector and stringent government regulations toward promoting efficiency within end-user industries will boost the market growth.
Metering Pump Market Dynamics
Growing demand for energy efficient metering pumps is a major trend observed in the metering pump market. Nowadays, several industries require low power consumption pumps for reducing the energy consumption. Energy efficient metering pumps offer enhanced operational efficiency, reduced energy costs, predictive maintenance, and improves overall productivity, owing to which the demand for these pumps is increasing across the globe. For instance, in 2017, Walchem, an Iwaki America Company, launched IX series digitally controlled direct-drive diaphragm pumps that have energy saving feature.
Increasing demand for metering pumps from the chemical and oil & gas industries is one of the key factors driving the market growth. The chemical industry needs metering pumps for pumping various corrosive chemicals. The rising demand for metering pumps is driven by the growing chemical industry in China, Europe, and U.S. For instance, in 2017, it has been recorded that China held the largest share in the global chemical production, holding approximately 37.2% share of global chemical sales. Furthermore, in countries such as U.S., oil & gas industry witnessed a boom in shale gas production, which resulted in increasing investments for the construction of new refineries in the U.S. between 2010 and 2015 that would be operational in 2019.
Strict government regulations pertaining to water treatment is another key factor driving the metering pump market across the globe. Metering pumps are used in water treatment plants to supply the correct amount of chemicals in the water to remove harmful pollutants, slurry, and other contaminants, thereby enhancing the quality of water. In 2018, America’s Water Infrastructure Act (AWIA) is a federal law that offers water infrastructure improvements across the country and authorizes the Environmental Protection Agency (EPA) to set minimum standards for protecting drinking water as well as regulates all operators or owners of public water systems to comply with health-related standards.
The key opportunity in the metering pump market includes growing coal bed methane (CBM) reserves. CBM refers to a form of natural gas found in a coal bed and is extracted by drilling wells into the coal bed. At present, U.S. is the largest producer of CBM in the world, however, huge reserves of CBM are yet to be explored. In the Asian region, China, India, and Australia are the biggest producers of CBM.
Metering Pump Market Competitive Landscape
The global metering pump market is highly competitive in nature. The global metering pump market is consolidated with the presence of a limited number of players, holding majority share of the market. However, it has been noted that an increasing number of small players is increasingly focusing on innovations and product development. The major players in the market are involved in mergers and acquisitions, product launches, and in partnerships.
Dover Corporation, SEKO S.p.A., Lewa GmbH, Grundfos Pump Corporation, IDEX Corporation, ProMinent GmbH, Accudyne Industries LLC, Blue-White Industries Ltd., Spirax-Sarco Engineering plc, and Verder International B.V. are some of the key players in the market.