Increased Demand for Diaphragm Pumps from Oil and Gas Industry to Drive Market Growth
There exists a huge oil & gas demand-supply gap. The International Energy Agency (IEA) predicts that worldwide oil demand will rise by 2.1 million barrels per day in 2022, compared to 2021. Due to the large-scale disruption in Russian oil production, as well as the Russian invasion of Ukraine has also caused a worldwide oil supply shock. As a result, other producers such as the United States, and the Organization of Petroleum Exporting Countries (OPEC), may try to increase their exploration and production activities to compensate for the Russian shortage. As more production requirement necessitates higher adoption of diaphragm pumps.
Many tiny diaphragm pumps have been developed as an upshot of technological breakthroughs, and their designs are quite simple. As a result, the usage of diaphragm pumps has increased in numerous industries, resulting in consistent expansion of the diaphragm pump market over the projection period. Furthermore, diaphragm pumps include qualities such as variable flow control, minimal maintenance costs, and little downtime that make them excellent for a wide range of applications. Because diaphragm pumps are well adapted to carry poisonous and corrosive fluids without leakage in many offshore drilling applications, diaphragm pumps market is expected to develop over the forecast period. The market for diaphragm pumps is predicted to develop due to the introduction of air-operated double diaphragm pumps for transporting liquids containing big solids without the use of electricity.
Growing Demand from Water and Wastewater to Enhance Diaphragm Pump Market
The Water and Wastewater is expected to be the fastest-growing segment for end-user of the diaphragm pump market over the forecast period. Diaphragm pumps are a typical piece of equipment in the water and wastewater treatment industry. Pumps like these are commonly used in wastewater treatment operations for fluid transfer, as well as metering and dosing. These pumps are appropriate for use in this industry because of their comparatively high solids handling capability. Governments all around the world are enacting severe regulations for the treatment of home and industrial wastewater before it is discharged into the environment. If left untreated, this effluent may contain dangerous contaminants that can affect the environment, animals, and humans. As a result, there will be a greater demand in the near future for companies and urban settlements to build wastewater treatment plants, which might contribute to a quick rise of the diaphragm pump market.
Industrial and Manufacturing Sector to Drive Growth of Asia Pacific Diaphragm Pump Market
The diaphragm pump market is being driven by the Asia Pacific region continues due to growth in the industrial and manufacturing sectors. The region's GDP is expected to increase from 6.5 percent in 2021 to 5.7 percent in 2022, according to the International Monetary Fund (IMF). The key end users of diaphragm pumps in this region include water and wastewater treatment, pharmaceuticals, chemicals, oil and gas, power generation, and mining. The expansion of the industrial sector necessitates judicious management and expansion of current power and fuel resources in order to provide energy security in this region. This, combined with volatile geopolitical situations threatening oil and gas supply, has resulted in a surge in domestic oil and gas exploration and production in the region. Water and wastewater treatment has typically been undeveloped in this region's developing economies, but it offers enormous growth potential. The region's pharmaceutical industry is also seeing increased investment, which is driving up demand for diaphragm pumps.
The diaphragm pump market in India is likely to benefit from India's investment in the refining and petrochemical industries. India's refining capacity increased by 16.18 percent between 2015 and 2021, to 249.87 million metric tonnes. China's refining capacity is also growing, as seen by Sinochem Quanzhou Petrochemical's recent contract for 1 MTA ethylene and refinery development. In addition, India received around USD 763.83 Billion in FDI from 2000 to 2021, with approximately USD 81.97 Billion in FDI in the petroleum, natural gas, and mining industries. Thus, throughout the forecast period, increased investments, supportive policies, and diverse industries are expected to boost the diaphragm pump market in the area. Kerala Water Authority began building of a water treatment plant at Aluva in January 2022, with a treatment capacity of 142 million gallons per day (MLD). As a result, demand for diaphragm pumps is expected to rise during the forecast period as a result of forthcoming water treatment projects.
Global Diaphragm Pump Market: Competitive Landscape
In February 2021, Grundfos Holding A/S and Denmark's Export Credit Agency, EKF, signed an agreement allowing Grundfos to finance projects abroad for private commercial and public customers with limited capital. On the other hand, in March 2021, Nexight LLC and its market-leading businesses - Envirosight, WinCan, MyTana, and Pipeline Renewal Technologies – were bought by IDEX Corporation (PRT).
Few of the players in the diaphragm pump market include URACA (Germany), PSG (US), Flowserve Corporation (US), Xylem, Inc. (US), Ingersoll Rand Inc. (US), Grundfos Holding A/S (Denmark), Kimray Inc. (US), SANDPIPER Pump (US), Tapflo AB (Germany), Yamada Corporation (Japan), Wanner Engineering Inc. (US), LEWA GmbH (Germany), Verder International B.V. (Netherlands), IDEX Corporation (US), Dr. JESSBERGER GmbH (Germany), SPX FLOW (US), Price Pump (US), Wenzhou Kaixin Pump Co., Ltd. (China), Versamatic (US), SERFILCO (US).
Regional Classification of the Global Diaphragm Pump Market is Described Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability
Key Elements Included In The Study: Global Diaphragm Pump Market
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