The global gear pump market size was valued at USD 1.67 billion in 2017. It is estimated to expand at a CAGR of 4.2% over the forecast period. The market will witness high demand from oil and gas, automotive, chemical, and construction among other end-use sectors. Demand from oil and gas sector is a key growth contributor given the scale of deployment. Gear pumps are widely used in extraction, transfer, and displacement of fluids in oil and gas industry.
The electrical submersible pump (ESP) is a reliable and most efficient method for lifting medium to high volume of fluids from the bores. The main component includes multistage centrifugal pump, three phase induction motor.
Increasing environmental awareness about energy generation using conventional plants is going to make governments to increase development of DEG technology. It is the factor expected to drive the market growth over the forecast period. Distributed energy generation system includes small-scale energy generation units which generate energy at a location near to power end-users. Distributed energy generation cuts the need of building a transmission capacity which reduces the line cost.