Peristaltic Pumps Market SWOT Analysis, Key Indicators, Share, Size, Growth Analysis and Forecast 2031
Global peristaltic pumps market was valued at $1.2 billion in 2021, and is projected to reach $2.2 billion by 2031, growing at a CAGR of 5.9%
PORTLAND, OREGON, UNITED STATES, September 25, 2023 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Peristaltic Pumps Market,” The peristaltic pumps market was valued at $1.2 billion in 2021, and is estimated to reach $2.2 billion by 2031, growing at a CAGR of 5.9% from 2022 to 2031.
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The peristaltic pumps market has witnessed significant growth in the past few years, owing to surge in demand for food & beverage, pharmaceutical and cosmetic & personal care products.
The developments in food & beverage industry, especially in high income countries such as U.S., Canada, UK, and Germany has fueled the demand for peristaltic pumps. Furthermore, rise in demand for personal care, cosmetics, and hygiene & cleaning products in developed and developing countries have increased the demand for peristaltic pumps.
In addition, advancement in technologies that have enabled peristaltic pumps to be monitored remotely, thus, providing lucrative opportunities for market growth.
The report provides an extensive analysis of the current and emerging peristaltic pumps market trends and dynamics.
By type, the tube pump segment dominated the peristaltic pumps market size, in terms of revenue in 2021 and hose pump is projected to grow at a significant CAGR during the forecast period.
By application, the dispensing segment registered higher revenue in 2021.
By end-user industry, the food & beverage segment is anticipated to grow at a higher CAGR during the forecast period.
LAMEA is projected to register highest growth rate in the coming years.
The key players within the peristaltic pumps market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the peristaltic pumps industry.
The report provides an extensive analysis of the current trends and emerging opportunities of the market.
In-depth peristaltic pumps market analysis is conducted by constructing estimations for the key segments between 2022 and 2031.
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Commonly observed types in peristaltic pumps include hose pump, and tube pump. Among these, the tube pump segment accounted for the highest market share in 2021, owing to its high capacity and long life. Further, the dispensing segment under the application registered a higher revenue in 2021, owing to growth of food & beverage industry.
In addition, the market is analyzed between different end-user industry of peristaltic pumps, including food & beverages, and manufacturing. The market is mainly driven by the rise industries such as pharmaceuticals, and food & beverages, along with other industries. However, limited applications and frequent maintenance of peristaltic pumps facilities constraints the peristaltic pumps market growth.
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In 2021, Asia-Pacific dominated the global peristaltic pumps market share, in terms of revenue. Moreover, the market in LAMEA is expected to grow with the highest CAGR. This is attributable to large pharmaceutical in the region.
Furthermore, on the basis of end-user industry, the manufacturing segment is anticipated to grow rapidly during the forecast period, owing to increased demand for manufactured products such as cosmetics, chemicals and pharmaceuticals.
Key players in the market offer a wide range of products and services to sustain the harsh competition in the market. In addition, business expansion is also playing a major role in driving the growth of the market. For instance, in January 2021, Watson-Marlow Fluid Technology Group announced the details of the new U.S. manufacturing facility, which will be located in Devens, Massachusetts.
The new facility which will be dedicated to its range of industry leading products, including peristaltic pumps, tubing, fluid path solutions and BioPure components. This expansion will help the company to gain more customers and better serve the existing customers in the region.
However, various businesses in the peristaltic pumps market had to stop their business in countries such as Canada, the U.S., and Europe, during the pandemic lockdown. This break directly impacted sales of companies involved in peristaltic pumps business. Thus, affecting the peristaltic pumps market forecast.
In addition, lack of manpower and raw materials constricted supply of raw materials for manufacturing various peristaltic pumps components; and negatively influenced the growth of the market. However, after two years of COVID-19 outbreak and introduction of vaccinations, the severity of the pandemic has significantly reduced and key players in the market are recovering rapidly.
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Key companies profiled in the peristaltic pumps market report include Boyser, Cole-Parmer Instrument Company LLC, FLOWTECH, Gilson Inc., Graco Inc., Heidolph Instruments, IDEX Corporation, Jieheng Peristaltic Pumps Co., Ltd., ProMinent Group, Pumpsquare Systems LLP, Randolph Austin, Ravel Hiteks Pvt. Ltd., TMVT Industries Pvt. Ltd, Valmet Corp, (Flowrox Oy), Verder Group, Wanner Engineering, and Watson-Marlow Fluid Technology Group
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Moreover, pharmaceutical sector is expected to grow rapidly in the Asia-Pacific, which is projected to play crucial role in growth of peristaltic pumps in Asia-Pacific. Furthermore, rapid industrialization of the developing countries, owing to favorable and supportive government initiatives is expected to drive the chemicals industry. This is anticipated to have a positive effect on the growth of peristaltic pumps in countries such as India, Chile, Argentina, Brazil, and others.
David Correa
Allied Market Research
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