According to market search firm Facts.PR, the global canned motor pumps market is projected to witness a strong growth rate of 8 percent during the next decade, on the back of stringent environmental regulations such as IVU-Directive, Federal Emission Protection law, and TA-Luft. These regulations are focused on integrated avoidance and reduction in environmental pollution from industrial operations. Prominent players are developing hermetic canned motor pumps for different manufacturing operations in the power, nuclear, refrigeration, and chemical sectors. Owing to its versatile advantages and applications in a wide gamut of end-use industries, the global canned motor pumps market is expected to hit a valuation of around six billion dollars by the end of the forecast period.
Resource availability and cheaper manufacturing facilities in Asia Pacific countries such as China and India are encouraging global leaders to outsource their canned motor pump production in the region. Power, oil & gas, pharmaceutical, and chemical industries are expanding swiftly in the Asia Pacific region. Owing to these factors, prominent players in canned motor pumps market are focused on generating higher sales figures from China, India, and Japan to increase revenue margins. Canned motor pump market actors are strengthening regional footprint by engaging with local component suppliers, which support market growth. According to the report analysis, canned motor pump market in Asia Pacific will witness a three-fold increase in market size by the end of the forecast period over 2019.