Investments in sectors other than oil & gas in the Middle East region and growth of the manufacturing sector in the Asia-Pacific region drive the growth of the global high pressure pumps market. However, the outbreak of the COVID-19 pandemic had forced several sectors to shut down their operations temporarily. This in turn, had halted manufacturing activities and reduced the demand and production of high-pressure pumps.
Portland, OR, Oct. 28, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global high pressure pumps market generated $2.5 billion in 2020, and is projected to reach $3.4 billion by 2030, witnessing a CAGR of 3.1% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Investments in sectors other than oil & gas in the Middle East region and growth of the manufacturing sector in the Asia-Pacific region drive the growth of the global high pressure pumps market. However, slowdown in the oil & gas industry restrains the market to some extent. On the other hand, wide-scale adoption of carbon capture and storage (CCS) services presents new opportunities in the upcoming years.
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The outbreak of the COVID-19 pandemic had forced several sectors to shut down their operations temporarily. This in turn, had halted manufacturing activities and reduced the demand and production of high-pressure pumps.
Demand for high-pressure pumps from various end-use industries such as building & construction, automotive, and paints & coatings declined to a great extent.
Furthermore, disruptions in the supply chain, and non-availability or less availability of workforce had affected the market demand.
The report offers detailed segmentation of the global high pressure pumps market based on process, application, end use, and region.
Based on process, the dynamic segment held the highest market share in 2020, holding more than half of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is estimated to register the highest CAGR of 3.6% from 2021 to 2030. The report also include positive displacement.
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Based on end use, the oil & gas segment held the largest market share in 2020, holding more than one-third of the total market share, and is expected to continue its leadership status during the forecast period. However, the manufacturing facilities segment is projected to register the highest CAGR of 3.8% from 2021 to 2030.
Based on region, Asia-Pacific contributed to the highest share in terms of revenue in 2020, holding two-fifths of the total market share, and is estimated to continue its dominant share by 2030. Moreover, the same region is projected to manifest the fastest CAGR of 3.5% during the forecast period. Other regions discussed in the report include North America, Europe, and LAMEA.
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Leading players of the global high pressure pumps market analyzed in the research include Cat Pumps, Maximator GmbH, Andritz, GEA Group, Grundfos, Sulzer Ltd., The Weir Group PLC, KSB SE & Co., Danfoss, and Hammelmann. Other players operating in this market include Teledyne Isco, Zhejiang Danau Industries Co., Ltd., and Udor S.P.A.
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