Global Progressing Cavity Pump Market Is Estimated To Witness High...

Global Progressing Cavity Pump Market Is Estimated To Witness High Growth Owing To Expanding Oil and Gas Industry and Increasing Demand for Artificial Lift Systems

Posted 2023-10-18 13:13:32

The Progressing Cavity Pump Market is estimated to be valued at US$ 1,360.7 Mn in 2021 and is expected to exhibit a CAGR of 3.3% over the forecast period of 2022-2028, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Progressing Cavity Pump is a type of positive displacement pump that is widely used in the oil and gas industry for various applications such as fluid transfer, injection, and artificial lift systems. These pumps are highly efficient and provide stable flow rates with high pressure capabilities. The demand for progressing cavity pumps has been increasing with the growing oil and gas exploration activities globally. Moreover, the implementation of advanced technologies and the need for improved production efficiency have further driven the market growth.

Market Dynamics:
The high growth of the Progressing Cavity Pump Market can be attributed to two main drivers. Firstly, the expanding oil and gas industry, particularly in regions such as North America and the Middle East, has created a significant demand for efficient pumping systems. Progressing cavity pumps offer several advantages such as high reliability, low maintenance, and the ability to handle abrasive fluids, making them ideal for oil well production. Additionally, the increasing demand for artificial lift systems to enhance production from mature oil wells is driving the market growth. Progressing cavity pumps are widely used in artificial lift systems for lift assistance, which further propels market growth.