Horizontal pumping system Market is valued approximately USD 420 million in 2019 and is anticipated to grow with a healthy growth rate of more than 3.1% over the forecast period 2020-2027.
HPS (Horizontal Surface Pumps) involves a surface pump to bring the power fluid down the pit, a pump-driving petrol, diesel or electric motor, and a power fluid storage, treatment and distribution system (made of oil or water) for use by the down hole pump. Increased exploration and development of oil and gas (E&P) and the growing use of horizontal pumping systems industrial applications will drive the market growth. For surface pumping applications in the oil & gas industry, horizontal pumping systems are used for the transport of gases and fluids. The rise in demand for horizontal pumping systems is parallel to factors such as rapid urbanization, rising population, and increased per capita income, leading to enormous growth in the world’s mining, agricultural, maritime, municipal, and water & wastewater treatment industries.
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For Instance: . In 2018, U.S. mines produced mineral raw materials worth $82.2 billion -an increase from 2017. These domestic raw materials-along with recycled materials-were used to process mineral materials such as aluminum, copper, and steel worth $766 billion. This will rise the demand for horizontal pumping system. However, high manufacturing costs impedes the growth of the market over the forecast period of 2020-2027. Also, due to growth in mining, agriculture and wasteland treatment, the adoption & demand for Horizontal pumping system is likely to increase.
The regional analysis of global Horizontal pumping system market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the increasing urbanization and rising disposable income. Whereas,Europe is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as rising agriculture industry and marine & water industry would create lucrative growth prospects for the Horizontal pumping system market across Asia-Pacific region.
Major market player included in this report are:
Weatherford International Plc
National Oilwell Varco, Inc
Canadian Advanced ESP Inc
Submersible Pumps, Inc
HOSS Pump Systems
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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study.
Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
Under 100 HP
Above 600 HP
By End Use:
Oil & Natural Gas
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Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Horizontal pumping system Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
The global market is forecast to witness a rapid growth, owing to increasing demand for technological advancements from end-users. Moreover, increasing investments in research and development activities, launches, partnerships, and other strategic initiatives will benefit the market. Furthermore, the growing focus of authorities towards increasing urbanization and industrialization is forecast to drive the market growth.
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COVID-19 Impact Analysis
The COVID-19 pandemic has affected almost every industry. The market witnessed a significant decline in investments, mainly in the energy and power sector. According to the estimations by the International Energy Agency, investments in the energy and power domain are projected to decrease by 10% in 2020 as compared to the pre-pandemic statistics. This indicate the condition of global marketplace along with severe challenges faced during pandemic.
Asia-Pacific market is forecast to emerge as rapidly growing region in global market, owing to governments’ initiatives towards increasing urbanization and growing population leading to increasing demand of energy-based products and services. Also, North America is forecast to grow rapidly because of high energy consumption in the region and technological advancements across the sector. Energy consumption has been increasing in the region, mainly in the US; the primary energy consumption is segmented on the basis of nuclear electric power, petroleum, coal, renewable energy, and natural gas. The petroleum and natural gas segment is dominating the overall sector. In the mix of energy sources, petroleum accounts for around 35% of the overall consumption, whereas natural gas accounts for 34%.
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What is the key information extracted from the report?
Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
The report offers the present scenario and future growth prospects Market in various geographical regions.
The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
The SWOT analysis is conducted along with Porter’s Five Force analysis.
The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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