Canned Motor Pumps Market – Insights on Challenges 2030
Posted by Divakar on April 22nd, 2021
Pegged at US$ 2.4 billion in 2020, the canned motor pumps market is poised to grow at a CAGR of 2.8%. However, amid the COVID-19 pandemic, the market is projected to remain stagnant for the next couple of fiscal quarters. This is attributed to a significant drop in demand due to business closures in many countries. As infections soar, the adoption of canned motor pumps is expected to remain low in several end-use industries such as chemical, oil & gas and power industries amid volatile market conditions.
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For instance, in April 2020, the American Chemistry Council (ACC) reported that the U.S. registered a decline in demand for specialty chemicals by 5% in March 2020. At the same time, the manufacturers who have been able to ramp up production are having to contend with a disrupted supply chain. This is turn, has significantly impacted the global canned motor pumps market posing a serious threat of dormancy in the near future. In the long run, as the impact of COVID-19 fades, the market is anticipated to recover and pave way for significant opportunities.
Key Takeaways of Canned Motor Pumps Market
“Global canned motor pumps market will witness sluggish growth as COVID-19 has created latency in the end use industries. However, the market will craft significant opportunities for itself by mid-term, when impact of the pandemic will be completely under control” says a Fact.MR analyst.
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Manufacturers Focus on New Product Developments to Stimulate Demand
The global canned motor pumps market is highly fragmented, with top players accounting for a majority of the overall market share. Key players are focusing on new product launches in order to stimulate growth within the market. For instance,
More Valuable Insights on the Canned Motor Pumps Market:
Fact.MR, in its new offering, presents an unbiased analysis of the global canned motor Pumps Market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. The study divulges essential insights on the canned motor Pumps Market on the basis of product type, end use, and capacity across six major regions.
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About the AuthorDivakar
Joined: January 23rd, 2017
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