The global variable displacement pumps market is currently projected to reach $4,478 million in 2023. This is at a steady Compound Annual Growth Rate (CAGR) of 4.4%. This, according to research, will be a growth from the US$3,322m valuation in 2016.
The research done has further identified factors such as the global increase in construction activities, rise in car sales as the main propellants for the demand for variable displacement pumps.
Challenges facing the market
Furthermore, government regulations focused toward reduction of CO2 emission and increased awareness about energy saving also contributed to the expansion of the market.
Unfortunately, issues such as high cost of manufacturing poses a major challenge for the industry players. On the other hand, there has been notable increase in pace of infrastructural improvement as well as rise in demand for renewable energy.
Also Read: Retrofit solution giving pumps a new lease of life
This, according to the research, offer promising opportunity for players in the variable displacement pumps industry. Meanwhile, the upgrading of existing machinery also provides lucrative business opportunity to the players.
A variable displacement pump is a type of hydraulic pump used to convert mechanical energy into hydraulic energy. These pumps work on positive displacement principle and are used in various applications including construction, oil & gas, automotive, mining, agriculture, material handling, water & waste water management and others (transportation & logistics, maritime, and chemical).
Market categorization
The global variable displacement pump market is analyzed across geographical regions namely North America (U.S., Canada & Mexico), Europe (UK, Germany, France, Russia & others), Asia-Pacific (China, India, Japan & others) and LAMEA (Latin America, Middle East & Africa). Currently, Asia-Pacific is expected to dominate the market and is projected to grow at the fastest rate followed by LAMEA.
