From $4.2 billion in 2018, the metering pump market is projected to reach $5.6 billion by 2024, advancing at a 6.0% CAGR during the forecast period (2019–2024). Strict government regulations for water treatment and the increasing demand for metering pumps from the oil & gas and chemicals sectors are driving the market.
The metering pump market is observing a high demand for energy-efficient devices. Many industries conduct heavy pumping activities, which result in an increased energy consumption.
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Metering pumps are devised to move fluids, such as chemicals, water, and solutions, in a precise volume in a specified time at flow rates that are adjustable.
The rising demand for such devices from the oil & gas industry is contributing to the growth of metering pump market globally . The requirement for metering pumps in the industry is due to their application in the extraction of natural gas & oil as well as in midstream processes, where the dosing of corrosion inhibitors is carried out.
These pumps help reduce the maintenance requirements and energy costs, improve the operational efficiency, and enhance the overall productivity. Therefore, manufacturers are producing energy-efficient pumps, for instance, the IX series launched in 2017 by Walchem.
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The increase in crude oil extraction activities by nations such as Russia, Iraq, the U.S., and Saudi Arabia is driving the demand for metering pumps. Among these, in 2018, the largest amount of crude oil was produced in the U.S.
This post was originally published on Raleigh Recorder