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Progressive Cavity Pumps Market Size Latest Estimate

Pune, Maharashtra, India, September 17 2020 (Wiredrelease) Absolute Reports Pvt. Ltd :Startling rise in municipal waste generation around the globe is likely to be the most visible factor driving the global progressive cavity pumps market size in the forecast period. Municipal waste refers to liquid and solid rejected items from households and commercial spaces in a municipal area such as a city or town. With rising world population and increasing commercial activities, municipal waste generation has reached an all-time high. According to the World Bank, presently, about 2.01 billion tons of municipal solid waste is being generated worldwide. It further states that by 2050, this number will rise to 3.40 billion tons. Daily per capita increase in this waste generation is anticipated to rise by 40% by 2050 in low and middle-income countries. This meteoric increase has compelled governments to invest in developing modern waste management techniques and it is in this regard that progressive cavity pumps are expected to play a pivotal role.To get more news about bryson pump, you can visit brysonpump.com official website.
Fortune Business Insights shares crucial market analysis in its report, titled Progressive Cavity Pumps Market Size, Share and Global Trend By Capacity (Low, Medium, High), By End-User (Oil Gas, Chemicals, Water and Wastewater, Food and beverage) and Geography Forecast till 2026. The report incorporates a comprehensive evaluation of the spectrum of factors and dynamics that are likely to shape the development path of the market during the forecast period. Additionally, it also contains an elaborative overview of the general industry outlook that businesses can use to design strategies and create products for the market.

Considered as a modern artificial lift method, a Progressive Cavity Pump (PCP) is essentially a positive displacement device that provides a force that powers fluids to flow through the pump. They are used extensively in a wide of variety of industries including chemicals, food and beverages, oil and gas, power and energy, among others.

Growing need to modernize industrial processes is anticipated to be a dominant factor driving the progressive cavity pumps (PCP) market trends in the coming decade. This modernization is being characterized by the steady progress of the fourth industrial revolution which is founded on the development of Internet of Things (IoT) technology. According to the World Economic Forum (WEF), IoT spending in the manufacturing sector has already touched USD 189 billion in 2018, with other industries also increasing their spending on this technology. In the next four years, the WEF predicts, this figure will reach USD 1.2 trillion. PCPs are touted to play a vital role in facilitating the goals of modernization with sustainable industrial development, thereby pushing up the demand for these devices.

North America and Europe are projected to lead the global progressive cavity pumps market share owing to high adoption rate of modern pumping technologies in resource extraction activities. Advancements in municipal waste treatment methods will also bode well for the market in these continents. In Asia-Pacific, a swiftly expanding manufacturing sector in India and China, coupled with increased petroleum refining activities, will fuel the market in the region. Moreover, growing preference for renewable energy sources in China, India, North America, and Europe will further enhance the potential of this market.

One of the most preferred strategies adopted by key players in the progressing cavity pumps market is acquisition of companies whose products and knowledge can elevate the production capacities of the acquiring company. Some other companies are entering into contractual agreements to diversify their product offerings.