The global canned motor pumps market is pegged to experience sluggish growth in the forthcoming period. The market is expected to witness the negative impact of the COVID-19 pandemic during the first two quarters of 2020. According to the analysts from Fact.MR, the global canned motor pumps market is expected to reach the values of around US$ 3.1 Billion by the end of the forecast period 2020 to 2030. Disruption in production, demand, and supply chain owing to current lockdown situations in the gamut of regions is affecting badly on the growth of the global canned motor pumps market.
source: https://www.factmr.com/report/382/canned-motor-pumps-market
Lockdowns in many countries owing to COVID-19 have resulted in insufficient and irregular raw materials supply. In addition to this, the demand for canned motor pumps is remarkably decreased in the recent period owing to a setback in the work in end-use industries. These factors are projected to decrease the sales of the global canned motor pumps market.
However, the global canned motor pumps market is expected to see considerable demand avenues from the thriving pharmaceutical sector. According to the analysts from Fact.MR, the end-use segment chemical will show remarkable growth and develop at CAGR 2.2% during the forecast period of 2020 to 2030.
Canned motor pumps find application in various end-user industries such as water and wastewater, chemical, oil and gas, power, food and beverages, agricultural, pharmaceutical, and others. Depending on the end-use, companies can select from high, low, and medium capacity canned motor pumps.
A wide range of products is available in the global canned motor pumps market. The list of products in this market includes high-temperature pumps, standard pumps, liquid pumps, reverse circulation pumps, multistage pumps, and others. Among all products, the reverse circulation canned motor pumps hold a major share in the global canned motor pumps market. These pumps find application in the industrial as well as the oil and gas industry. The ability of these pumps to process highly volatile fluids such as LNG, LPG, refrigerants, and liquid ammonia makes them the perfect choice for use in the oil and gas industry.
Players Focus on Sustaining In Critical Market Situation
The global canned motor pumps market is consolidated in nature. This signifies that the competitive landscape of the global canned motor pumps market is highly intense. The presence of a considerable number of well-established players in the market for canned motor pumps makes the entry of new players difficult. Major vendors in this market are focused on the development of advanced products. To achieve this motive, they are increasing investments in research and development activities.
Some of the key players working in the global canned motor pumps market are HERMETIC-Pumpen GmbH, Avingtrans Plc, Curtiss-Wright Corporation, Dalian Huan you Canned Motor Pump Co., Ltd., Dynamic Pumps & Projects Pvt. Ltd., Jiamusi Electric Machine CO., Ltd. Hefei Xinhu Canned Motor Pump Co., Ltd., Kirloskar Brothers Limited (KBL), and Harbin Electric Corporation.
Asia Pacific: One of the Prominent Regions for Market Growth
The global canned motor pumps market is spread across many regions such as North America, Latin America, Europe, Asia Pacific excluding Japan, Japan, and the Middle East and Africa. Of them, the market for canned motor pumps holds significant expansion avenues in the Asia Pacific excluding Japan. The region is considered as the manufacturing powerhouse and this factor makes it one of the most lucrative regions for the global canned motor pumps market.