Canned Motor Pumps Market to Witness Sluggish 3% Growth, Notes Fact.MR
The global canned motor pumps market created an absolute $ opportunity worth US$ 728.9 million during the historical period. However, the outbreak of COVID-19 pandemic has disrupted demand for canned motor pumps in almost every region.
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.
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Key Takeaways of Canned Motor Pumps Market
• Global canned motor pumps market is expected to grow at a CAGR of 2.7% in terms of volume, and is set to expand 1.3X in terms of value from 2020 through 2030.
• Reverse circulation pumps will hold the maximum share in terms of value, creating an absolute $ opportunity of US$ 153 million by the end of forecast period (2020 – 2030).
• Within the end use segment, canned motor pumps in various chemical industries are set to grow at a CAGR of 2.2% in terms of value and are expected to lose 130 BPS from their market share by the end of forecast period.
• Low capacity canned motor pumps are anticipated to account for a majority share in terms of value. These are projected to create an absolute $ opportunity of more than US$ 345 million during the forecast period.
• APEJ is prophesied to hold maximum share in terms of value and will expand at CAGR of 3.4% in terms of value by the end of the forecast period.
"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.