The global canned motor pumps market is projected to cross a US$ 3.1 Bn valuation by the end of the forecast period in 2030. The report states that, the coronavirus outbreak has disrupted activities in most end-use industrial verticals, which require canned motor pumps. In addition, the pandemic has also hurt essential raw material supply chain operations, which will hinder the growth of the canned motor pumps market in the near future.

"Extensive chemical and industrial applications including extreme temperature and pressure parameters for conveying hazardous materials will contribute substantially to the demand for canned motor pumps for the foreseeable future in multiple verticals," says the FACT.MR report.

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Canned Motor Pumps Market- Key Takeaways

Low capacity canned motor pumps are highly sought after owing to applications in multiple industrial settings.
Reverse circulation pumps hold a major, but declining market share owing to extensive applications in natural gas and oil industry setups.
Asia Pacific is a major canned motor pumps market, supported by the presence of major end user industries in the region.
Canned Motor Pumps Market- Driving Factors

Extensive applications of canned motor pumps in nuclear energy, HVAC, chemical, and oil & gas sectors is a major growth factor.
Investments into product development with material and design innovations will generate lucrative opportunities.
Strict regulations associated with environment and health in chemical and industrial settings support the adoption of canned motor pumps.
Canned Motor Pumps Market- Major Restraints

Bearing wear and tear, and replacement requirements are a key challenge for manufacturers.
Stagnancy in end use sectors such as energy and oil & gas are detrimental to market growth.
COVID-19 Impact on Canned Motor Pumps Market

The coronavirus crisis is having a negative impact on the canned motor pumps market, largely owing to economic and operational disruptions in multiple end use verticals, which is likely to continue towards the end of 2020. However, niche applications in the pharmaceutical sector will generate growth opportunities during the crisis period, helping to recover some of the losses from other sectors.

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Competitive Landscape

The canned motor pumps market players are emphasizing on research for product development for multiple application requirements. For instance, LEWA NIKKISO Italy S.r.l. has revealed twin-shell, low maintenance canned motor pumps for the gas industry. Kirloskar Brothers Ltd., Avingtrans plc, Jiamusi Electric Machine Co., Curtiss-Wright Corp., Harbin Electric Corp., and Dynamic Pumps & Projects Pvt. Ltd. are some of the top canned motor pump manufacturers in the global market. 

About the Report

This study offers readers a comprehensive market forecast of the canned motor pumps market. Global, regional and country-level analysis of the top industry trends impacting the canned motor pumps market is covered in this FACT.MR study. The report offers insights on the canned motor pumps market on the basis of product (standard pumps, high temperature pumps, reverse circulation pumps, liquid pumps, multistage pumps, and others), end use (chemical, water & wastewater, oil & gas, power, pharmaceuticals, food & beverages, agricultural, and others) and capacity (low, medium, and high) across six regions (North America, Latin America, Europe, Japan, Asia Pacific excluding Japan, and MEA).

Press Release: https://www.factmr.com/media-release/1530/canned-motor-pumps-market-trends