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.
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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.
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.
By Product :
- Standard Pumps
- High-Temperature Pumps
- Reverse Circulation Pumps
- Liquid Pumps
- Multistage Pumps
By End-Use :
- Water & wastewater
- Oil & gas
- Food & beverages
- Other End-Use
By Capacity :
By Region :
- North America
- Latin America
- Asia Pacific Excluding Japan (APEJ)
- Middle East & Africa (MEA)
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.