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Chemical Injection Pumps Market in Numbers:
- The chemical injection pumps market registered a CAGR of nearly 4% during the course of 2014 to 2018.
- The chemical injection pumps sales closed in on US$ 4 Bn in 2018 and are anticipated to grow at a healthy CAGR of nearly 5% through 2029.
- Strategic acquisitions and contractual supply agreements have been the key focus areas shaping competition landscape of the chemical injection pumps market over the recent past. Key companies are also prioritizing improvements in accuracy and reliability of chemical injection monitoring and control devices.
- East Asia is projected to remain the leading as well as high-growth market for chemical injection pumps owing to the region’s strong production and manufacturing capabilities complemented with constantly increasing demand for chemical injection pumps.
According to the pricing analysis of the chemical injection pumps market, the price sensitivity is undermining the overall revenue growth potential of the market. Emergence of China as a major producer of low-cost pumps has disrupted the market, compelling international pump vendors to focus on product differentiation through advanced technology integration and provision of various additional services. Increasing integration of technologies, such as QR coding is accounting for an added marketing value to online product overviews and pump manuals.
Key Factors Determining Growth of the Chemical Injection Pumps Market
- Technological Upgrade Favors Effective Maintenance - Digitalization and Industry 4.0 continue to offer opportunities for the optimization of operations and maintenance of chemical injection pumps. Advanced analytical methods and monitoring equipment that allow for predictive maintenance are enabling end-users to improve the pump uptime, thereby driving profitability for manufacturing companies.
- Innovations Enable Automated Pump Control - Key developments pertaining to the need for effective pumping control of chemical injection pumps are fueling innovations, such as pump controllers designed to inject chemical additives into oil and gas wells, and into pipelines.
- Bolstering Investments in Oil & Gas Sector Supplementing Sales – Rising demand for petroleum and petrochemical products has been directing significant investments towards the oil and gas industry. With major funds invested for employing vital state-of-the-art industrial equipment, such as chemical injection pumps, major opportunities are likely to be generated for competitors in the chemical injection pumps market.
The competition landscape of global chemical injection pumps market is characterized by a growing focus of competitors on the increasing need for efficiency and accuracy of chemical processes, along with an enduring product lifecycle. Banking on improving industrial and infrastructural investments by regional governments, key companies operating in the chemical injection pumps market are considering new product innovations as a key strategy. While solar- and electric-powered pumps are rapidly garnering R&D interests of a majority of players, compact design engineering will also be an important strategy assisting their headway to mitigate the carbon footprint.
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