Chemical Injection Pumps Market Size, Share, Trends and Future Growth Predictions till 2029
- The chemical injection pumps market registered a CAGR of nearly 4% during the course of 2014 to 2018.
- The chemical injection pumps sales closed in on US$ 4 Bn in 2018 and are anticipated to grow at a healthy CAGR of nearly 5% through 2029.
- Strategic acquisitions and contractual supply agreements have been the key focus areas shaping competition landscape of the chemical injection pumps market over the recent past. Key companies are also prioritizing improvements in accuracy and reliability of chemical injection monitoring and control devices.
- East Asia is projected to remain the leading as well as high-growth market for chemical injection pumps owing to the region’s strong production and manufacturing capabilities complemented with constantly increasing demand for chemical injection pumps.
- In line with the aggravating need for high energy efficiency, solar powered chemical injection pumps are gathering momentum in market. Technological sophistication of industrial infrastructure also remains a major revenue contributor to rising sales of chemical injection pumps.
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Key Strategies Implemented by Chemical Injection Pumps Market Competitors
According to Fact.MR’s study on the chemical injection pumps market, acquisitions will remain a vital strategy for competitors in a bid to improve market penetration and enhance global presence. Companies are expected particularly focusing on opportunities residing in the chemical and petrochemical industries across key regions. Strategic collaborations, acquisitions of associated businesses, and new product developments are cited to be the primary strategies implemented by chemical injection pumps providers in a bid to capture major shares in the global market revenues. Companies are emphasizing engineering of compact pump designs to eventually reduce the carbon footprint, which is fueling innovations in the chemical injection pumps market. While frontrunners in the chemical injection pumps market primarily adhere to mergers and product diversification, first-movers continue to rely on innovation strategies for market recognition.
Promising growth in the demand for chemical injection pumps and strong presence of manufacturing facilities of some of the key players continue to uplift market attractiveness of Asian countries for participants in the chemical injection pumps market. India and China have reflected considerable market growth in the recent past and are likely to create healthy opportunities for chemical injection pumps market players.
According to the pricing analysis of the chemical injection pumps market, the price sensitivity is undermining the overall revenue growth potential of the market. Emergence of China as a major producer of low-cost pumps has disrupted the market, compelling international pump vendors to focus on product differentiation through advanced technology integration and provision of various additional services. Increasing integration of technologies, such as QR coding is accounting for an added marketing value to online product overviews and pump manuals.
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Key Factors Determining Growth of the Chemical Injection Pumps Market
- Technological Upgrade Favors Effective Maintenance – Digitalization and Industry 4.0 continue to offer opportunities for the optimization of operations and maintenance of chemical injection pumps. Advanced analytical methods and monitoring equipment that allow for predictive maintenance are enabling end-users to improve the pump uptime, thereby driving profitability for manufacturing companies.
- Innovations Enable Automated Pump Control – Key developments pertaining to the need for effective pumping control of chemical injection pumps are fueling innovations, such as pump controllers designed to inject chemical additives into oil and gas wells, and into pipelines.
- Bolstering Investments in Oil & Gas Sector Supplementing Sales – Rising demand for petroleum and petrochemical products has been directing significant investments towards the oil and gas industry. With major funds invested for employing vital state-of-the-art industrial equipment, such as chemical injection pumps, major opportunities are likely to be generated for competitors in the chemical injection pumps market.
- Wastewater Management Initiatives to Spur Demand – Considerable rise in the number of proactive wastewater management projects, particularly across Asia and other developing regions, prompts an upward trend in the industrial equipment demand, thereby elevating sales of chemical injection pumps. Moreover, desalinization projects are contributing substantially to the increasing adoption of chemical injection pumps.
- Growing Adoption in the Chemical Industry Sustains Revenues – The unparalleled efficacy of chemical injection pumps to safely deliver specific hazardous chemicals in pipeline systems are advocating for their bolstering adoption within the chemical industry. Diaphragm pumps will particularly remain a preferred choice across the chemical industry, as they allow for isolation of fluid chamber and flexibility.
Chemical Injection Pumps Market – Key Restraining Factors
- Technologically advanced chemical injection pumps, which are relatively expensive than conventional pump variants, remain a key factor shaping overall sales of chemical injection pumps in market. Longer life-cycle of technology enabled pumps will continue to suppress new sales in the conventional category.
- Low priced chemical injection pump models offered by local players in developing countries, such as China will remain a longstanding threat to global players foraying into new regional markets. While the former are leveraging advantages of easier access to raw materials, the pricing pressure is likely to compel global brands to consider competitive pricing strategies in the near future.
Additional Insights – Centrifugal Pumps Top Selling, Accounting for Nearly 45% of Chemical Injection Pumps Sales
Fact.MR study states that centrifugal pumps continue to witness higher demand compared to other chemical injection pumps owing to their simple design with mobile parts that accounts for their high-speed movement and low maintenance requisites. The steady output is another important factor underpinning the sales of centrifugal pumps, which currently hold a leading share of nearly 45% in the chemical injection pumps market. In line with the increasing applicability of chemical injection pumps in various infrastructural activities, centrifugal pumps are highly likely to sell higher within domestic and wastewater treatment industries. Reciprocating this surge in the demand from water treatment segments, companies are augmenting their investments in the development of innovative, application-specific centrifugal pumps. Apart from these industries, centrifugal pumps are considered ideal for chemical transfer and circulation in surface treatment industry, attracting the focus of vendors for new product developments.
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