Pegged at US$ 2.4 billion in 2020, the canned motor pumps market is poised to grow at a CAGR of 2.8%. However, amid the COVID-19 pandemic, the market is projected to remain stagnant for the next couple of fiscal quarters. This is attributed to a significant drop in demand due to business closures in many countries. As infections soar, the adoption of canned motor pumps is expected to remain low in several end-use industries such as chemical, oil & gas and power industries amid volatile market conditions.
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For instance, in April 2020, the American Chemistry Council (ACC) reported that the U.S. registered a decline in demand for specialty chemicals by 5% in March 2020. At the same time, the manufacturers who have been able to ramp up production are having to contend with a disrupted supply chain. This is turn, has significantly impacted the global canned motor pumps market posing a serious threat of dormancy in the near future. In the long run, as the impact of COVID-19 fades, the market is anticipated to recover and pave way for significant opportunities.
Key Takeaways of Canned Motor Pumps Market
- Global canned motor pumps market is expected to grow at a CAGR of 2.7% in terms of volume, and is set to expand 1.3X in terms of value from 2020 through 2030.
- Reverse circulation pumps will hold the maximum share in terms of value, creating an absolute $ opportunity of US$ 153 million by the end of forecast period (2020 – 2030).
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- Within the end use segment, canned motor pumps in various chemical industries are set to grow at a CAGR of 2.2% in terms of value and are expected to lose 130 BPS from their market share by the end of forecast period.
- Low capacity canned motor pumps are anticipated to account for a majority share in terms of value. These are projected to create an absolute $ opportunity of more than US$ 345 million during the forecast period.
- APEJ is prophesied to hold maximum share in terms of value and will expand at CAGR of 3.4% in terms of value by the end of the forecast period.
“Global canned motor pumps market will witness sluggish growth as COVID-19 has created latency in the end use industries. However, the market will craft significant opportunities for itself by mid-term, when impact of the pandemic will be completely under control” says a Fact.MR analyst.
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Manufacturers Focus on New Product Developments to Stimulate Demand
The global canned motor pumps market is highly fragmented, with top players accounting for a majority of the overall market share. Key players are focusing on new product launches in order to stimulate growth within the market. For instance,
- In January 2019, NIKKISO Pumps launched an updated version of its non-sealed canned motor pumps. The upgrade is done in accordance with the EN ISO 2858, a European market standard.
- In August 2019, EBARA Corporation in partnership with Teikoku Electric Mfg. Co. Ltd. launched Model UCWC, a process canned pump, designed for applications in petroleum refinery and petrochemical industries.
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