Changes in Consumer Behavior During Coronavirus Outbreak May Affect Metering Pump Market Growth
by Deepak Kumar Sr. SEO Executive
In 2018, the global metering pump market generated a revenue of $4.2 billion and is projected to witness a 6.0% CAGR during the forecast period (2019–2024). The market is growing due to the rising demand from the oil & gas industry, strict government regulations regarding water treatment, and growing demand from the chemical industry.
A major driving factor of the metering pump market is the implementation of stringent government regulations regarding water treatment. Water treatment plants make use of metering pumps for supplying the correct amount of chemicals in water, in order to remove slurry, harmful pollutants, and other contaminants, thus improving the quality of water.
To maintain the quality of drinking water, governments across the world have passed several laws. For example, the U.S.’s Water Infrastructure Act was signed into the law, which authorizes the Environmental Protection Agency to set minimum standards for improving the quality of drinking water.
Another factor leading to the growth of the metering pump market is the rising demand from the oil & gas industry. The industry needs metering pumps for the extraction process of oil and natural gas and for dosing corrosion inhibitors in mainstream processes. The increasing demand for metering pumps in this industry is facilitated by the rising production of crude oil in countries including Russia, Iraq, the U.S., and Saudi Arabia.
The average crude oil production in the U.S. rose from 9.4 million barrels per day in 2017 to approximately 10.9 million barrels per day in 2018. The rising demand for energy efficient metering pumps is a key trend that is being observed in the metering pump market. Recently, various industries need pumps that consume low power in order to reduce the energy consumption.
Request to Get the Sample Report : https://www.psmarketresearch.com/market-analysis/metering-pump-market/report-sample
Furthermore, energy-efficient metering pumps help decrease the energy costs and maintenance requirements, offer improved operational efficiency, and enhances overall productivity, which is resulting in the rising requirement for these pumps around the world. This is further projected to drive the market in the near future.
Created on May 18th 2020 09:13. Viewed 168 times.