The global canned motor pumps market is projected to grow 8 percent from 2019-2029, due to environmental regulations, says a new report from Fact.MR. These regulations are focused on integrated avoidance and reduction in environmental pollution from industrial operations, according the report.
Prominent players are developing hermetic canned motor pumps for manufacturing operations in the power, nuclear, refrigeration and chemical sectors. The global canned motor pumps market is expected to be valued at $6 billion by the end of 2029.
Key Market Takeaways
The chemical industry is expected to contribute one-fifth of the global value in the canned motor pumps market.
Multistage canned motor pumps are expected to have a two-fold increase in revenues by 2029. These pumps attract a larger consumer base due to their higher efficiency and longer operational life, the Fact.MR report says.
With resources available and low-cost manufacturing facilities in the Asia-Pacific region, the canned motor pumps market is expected to grow at a compound annual growth rate (CAGR) of 9 percent—becoming the most lucrative market by the end of 2029.
The reliability of canned motor pumps makes them suitable for pumping toxic and hazardous liquids in nuclear power plants. Thus, according to the report, the power end-use segment is expected to see a two-fold increase in valuation by the end of 2029.
Asia-Pacific Region Growth
Resource availability and cheaper manufacturing facilities in Asia-Pacific countries such as China and India are encouraging global leaders to outsource canned motor pump production. Power, oil and gas, pharmaceutical, and chemical industries are expanding in this region. Therefore, players in the canned motor pumps market are focused on generating higher sales from China, India and Japan to increase revenue margins.
The regional footprint is expanding by engaging with local component suppliers, which supports market growth. According to the report, the canned motor pump market size in Asia-Pacific will increase three-fold by 2029.