Drum Pump Market : Notable Developments & Geographical Outlook -2032
The global drum pump market is anticipated to exhibit a positive growth outlook for the market with a surging CAGR of around 6.2% over the projection period from 2022 to 2032. The global market is expected to be valued at around US$ 503.6 Million in 2022 and surpass a valuation of about US$ 921.0 Million by 2032. According to the reports of Future Market Insights, the historical projection period registered a growth of around 5.7% CAGR from 2016 to 2021. The growth of the drum pump market is attributed to the increased adoption of advanced technology for effectively delivering the drug to the target site is expected to drive overall market growth.
Drum pumps are portable pumps designed exclusively to facilitate the safe and efficient transfer of low-viscosity fluids from one to another container. They erase the need to lift heavy barrels by fitting them on the upper opening of containers in order to allow the safe passage of fluids. Drum pumps are available in different materials, models, and tube lengths for different liquids. Different electric drum pumps can be driven by the same motor. Various industrial fluids are quite heavy if they are put into a drum. When the liquid is outside the drum, the producer must make use of a drum pump instead of tips to obtain the liquid. Various industries produce high demand for drum pumps, which is likely to increase throughout the forecast period.
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Over the recent years, the prominent players are massively investing in quality assurance, and they have also implemented two new pump test stands for the final inspection of drum pumps and the testing of centrifugal pumps and air-operated pumps. Thereby, surplus investments and favorable industrial policies spurred demand for drum pumps. Furthermore, the technological advances taking place in the industry combined with the current and emerging trends seen within the leading regional market are projected to propel the market growth for drum pumps over the forecast period.
- The demand for drum pumps is expected to witness a significant surge for a variety of reasons. One of the primary reasons contributing to the expansion of the drum pump is the surging demand from numerous industries such as chemicals & materials, oil & gas, and lubricant among others. These industries import and export liquids in massive containers rather than tiny containers to reduce shipping and transportation costs.
- Furthermore, drum pumps are preferred more than any other containers for the distribution of liquid from large container industries, which boosts the drum pump market favorably. It provides for the rapid transfer of liquid without spilling, which contributes to the growth of the drum pump industry. The requirement for drum pumps is expanding rapidly in the industry and is expected to spread faster than normal owing to an increase in demand from various industries.
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The key market players in the global drum pump market are working hand-in-hand in order to provide the best-in-class drum pump for enhancing the global analytics arena. However, many global start-ups in the Drum Pump market are stepping forward in matching the requirements of the Drum Pump domain.
More Insights into the Drum Pump Market
North America is expected to dominate the global drum pump market by accounting for the largest portion of the global industry around 14% of the total revenue in 2022. The manufacturer’s preference for drum pumps is high as they serve as cost-effective and efficient dispenser equipment for a wide range of liquids.
North America dominates the global drum pump market due to the presence of significant investment by prominent companies in the area along with a well-established chemical sector in the local market.
As per the reports of Future Market Insights, Europe is anticipated to possess a large share of the global market revenue by accounting for around 18.0% of the global drum pump market as of 2022. Europe has a significant market share due to strong technology adoption and a developing equipment manufacturing industry throughout the region.
The Asia Pacific is expected to be a crucial region in the global drum pump market attributing to the area’s well-established chemical and food & beverage industry as well as the deployment of electric-driven drum pumps in regional factories.
China is expected to lead the market followed by India, Japan, Korea, and others, owing to the expanding oil & gas pipeline projects all over the world and surged government backing for the chemical and additives production industry.