$4.08 Billion Worldwide Progressing Cavity Pump Industry to 2023 - Forecasts and Opportunities - iCrowdNewswire - 0 views
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Almira Coyne on 12 Feb 21The progressing cavity pump market is expected to grow from an estimated USD 3.02 Billion in 2018 to USD 4.08 Billion by 2023, at a CAGR of 6.24%, during the forecast period. The market is set to witness growth because of increasing investments in modernizing water & wastewater infrastructure, infrastructure development, and suitability for handling high-viscosity fluids in the oil & gas sector. Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=142949269 The up to 50 hp segment is expected to be the largest progressing cavity pump market, by power rating, in 2018. Up to 50 hp rated progressing cavity pumps are expected to hold a large share of the total market, by in 2018. This is dominance is attributed to the increase in infrastructure development, and growing demand for industrialization globally. Water & wastewater management end industry is expected to generate significant demand for the progressing cavity pump during the forecast period. The need to reduce life cycle costs and improve operating margins is anticipated to boost the usage of progressing cavity pump units in the water & wastewater industry such as polymers, waste, sludge, and flocculants. Increasing demand for freshwater, liquids with higher viscosities, and a clean environment are likely to drive the market in the future, creating opportunities for the usage of progressing cavity pumps in water & wastewater management.