Progressive Cavity Pump Market Trends

Growth Drivers

• Growing Investment in Oil & Gas Exploration- By 2030, the globe expects a 13% increase in current capital investment in oil and gas exploration. It will be majorly owing to the rising cost of oil and gas. The assistance of higher capital will aid the exploration of more challenging reservoirs, the progressive cavity pump helps in pulling heavy fluid like oil to the surface.
• Rising Number of Smart Cities- There are around 250 smart city projects from 178 cities worldwide, with most of them centered around government and energy activities, next to initiatives for transportation, building, and water. These pumps contribute to optimizing resource distribution, improving infrastructure management, and enhancing overall sustainability within these smart cities and urban environments.
• Increasing Need for Enhanced Oil Recovery – The oil becomes even more viscous after undergoing through enhanced oil recovery, such as CO2 injection and waterflooding. Microbial enhanced oil recovery (MEOR) can be increased by up to 15% with enhanced oil recovery. In such scenarios, the pumps are suitable for handling viscous fluid and optimizing production.

Challenges

• High Sensitivity Fluid Characteristics – The performance of progressive cavity pumps can be affected by variations in fluid viscosity, consistency, and other characteristics. This limits their suitability for some applications
• Limited Awareness has Limited the Adoption
• Strict Environmental Regulations