Global canned motor pumps market is projected to witness a strong growth rate of 8 % during the forecast period, on the back of stringent environmental regulations such as IVU-Directive, Federal Emission Protection Law, and TA-Luft. These regulations are focused on integrated avoidance and reduction in environmental pollution from industrial operations. Prominent players are developing hermetic canned motor pumps for different manufacturing operations in the
- refrigeration and
- chemical sectors.
Owing to its versatile advantages and applications in a wide gamut of end-use industries, the global canned motor pumps market is expected to hit a valuation of around US$ 6 Bn by the end of the forecast period.
The chemical industry is expected to lead in the canned motor pumps market contributing 1/5th of the global value
In product type category, multistage canned motor pumps are expected to attract a larger consumer base due to their higher efficiency and longer operational life. Owing to this, multistage canned motor pump segment is estimated to witness a two-fold increase in revenues by 2029 end
Owing to abundant resource availability and low-cost manufacturing facilities in the region, the canned motor pumps market in APEJ is expected to grow at a CAGR of 9% to become the most lucrative market by the end of 2029
The high reliability of canned motor pumps makes them more suitable for pumping toxic, and hazardous liquids in nuclear power plants. On this premise, the power end-use segment, is foreseen to witness a two-fold increase in valuation by the end of the forecast period
“To comply with the regulations imposed by the Environmental Protection Agency (EPA) to control equipment leaks, the majority of manufacturing facilities are making a seismic shift to canned motor pumps by replacing conventionally sealed pumps”. Says report analyst.
Canned Motor Pump Market to Record Three-Fold Growth in Asia Pacific
Resource availability and cheaper manufacturing facilities in Asia Pacific countries such as China and India are encouraging global leaders to outsource their canned motor pump production in the region. Power, oil & gas, pharmaceutical, and chemical industries are expanding swiftly in the Asia Pacific region. Owing to these factors, prominent players in canned motor pumps market are focused on generating higher sales figures from China, India, and Japan to increase revenue margins. Canned motor pump market actors are strengthening regional footprint by engaging with local component suppliers, which support market growth. According to the report analysis, canned motor pump market in Asia Pacific will witness a three-fold increase in market size by the end of the forecast period over 2019.
These insights are based on a report on Canned Motor Pumps Market by Fact.MR.