Horizontal Surface Pumps Market 2021: Industry Estimated to Grow...

Horizontal Surface Pumps Market 2021: Industry Estimated to Grow with a Healthy CAGR

Posted 2021-05-28 09:44:11

537

Market Highlights

Global Horizontal Pumping Systems (HPS) Market is projected to grow at a high rate during the study period due to the rise in oil and gas exploration and production (E&P) and the increasing use of horizontal pumping systems in industrial applications. Moreover, the rising adoption of horizontal pumping systems in developing countries is expected to present a growth opportunity for the global horizontal pumping systems (HPS) market.

The growing demand for fluid handling solutions in the oil & gas, mining, and industrial verticals is expected to drive the market for horizontal pumping systems during the forecast period. Horizontal pumping systems are used for surface pumping applications in the oil & gas industry for the movement of gases and fluids. These pumps are used in various operations in upstream, midstream, and downstream activities in the oil & gas industry, such as pipeline booster, water injection, CO2 injection, jet pumping, crude oil and gas transfer, reservoir pressure maintenance, salt cavern leaching, and amine circulation systems. The rising developments in the overall oil & gas industry are expected to grow exponentially in the coming years, resulting in a surge in demand for horizontal pumping systems in the oil & gas industry. Many oil and gas companies such as Schlumberger Limited (US), Saudi Aramco (Saudi Arabia), and Halliburton (US) are focusing on the E&P of oil and gas across the world. For instance, in August 2019, Halliburton (US) signed a contract with Woodside Energy (Australia) for drilling and completion services of offshore SNE Field, located in Senegal, Africa, for the E&P of oil and gas. In February 2020, Saudi Aramco (Saudi Arabia) announced plans to invest USD 110 billion in the Al-Jafoura unconventional gas field for the production of gas. Such developments are expected to drive the demand for horizontal pumping systems for various operations in E&P. Thus, the increase in oil and gas exploration and production is expected to drive the growth of the global horizontal pumping systems (HPS) market during the forecast period.

Moreover, the increase in the demand for horizontal pumping systems runs parallel with factors such as rapid urbanization, increasing population, and increased per capita income, which has led to the tremendous growth in the mining, agriculture, marine, municipalities, and water & wastewater treatment industries across the globe. Horizontal pumping systems are multistage surface pumping systems used for various operations such as water flooding, boiler feed water, mine de-watering, drainage, liquid transfer, and fluid treatment & distribution in the mining, marine, water & wastewater treatment applications. The low maintenance costs, lesser vibration, and high flow rate of these pumping systems are additional factors boosting the demand for horizontal pumping systems in industrial applications. Thus, the increasing use of horizontal pumping systems in industrial applications is expected to drive the growth of the global horizontal pumping systems (HPS) market during the forecast period.

The global market for horizontal pumping system (HPS) is segmented based on type, end use, and region. By type, the global market is segmented as under 100 HP, 100–600 HP, and above 600 HP. By end use, the horizontal pumping system (HPS) market is segmented into industrial, oil and natural gas, mining, and others.

Market Research Analysis

In terms of region, the Horizontal Surface Pumps market is segmented into Europe, Asia-Pacific, North America, the Middle East & Africa, and South America. North America dominates the horizontal pumping systems (HPS) market. The increasing per capita energy consumption and E&P of oil and gas are expected to drive the growth of the horizontal pumping systems (HPS) market in the region.

The horizontal pumping systems (HPS) market in North America is estimated to hold the largest share in the overall market during the review period. North America is one of the key regions in the world, where increasing per capita energy consumption and E&P of oil and gas drive the growth of the horizontal pumping systems market. As per the data furnished in the BP Statistical Review of World Energy Report, 2020, in 2019, the oil and natural gas production in North America grew by 7.3% and 7.4%, respectively, compared to the previous year. Furthermore, some of the exploration and production companies discovered new offshore oil and gas reserves to meet the rising demand for oil and gas in the US. For instance, in June 2019, W&T Offshore (US) has found an oil reserve in the Gladden Deep prospect in the Mississippi Canyon block. Additionally, the increasing E&P of shale oil and gas in the US is expected to grow substantially during the forecast period. In July 2020, Pemex (Mexico) announced that it would increase the crude production capacity to reach 2.4 million BPD by 2024 with the development of new exploration wells. In February 2019, BHP (Australia) invested USD 696 million to drill eight new wells as a part of its Atlantis Phase 3 project in the Gulf of Mexico. Such factors are expected to drive the demand for horizontal pumping systems between 2020 and 2026.

Scope of the Report

This study provides an overview of the global horizontal pumping systems (HPS) market, tracking two market segments across five geographic regions. The report studies key players, providing a four-year annual trend analysis that highlights market size, and share for North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global horizontal pumping systems (HPS) market by type, end-use, and region.

By Type

Under 100 HP
100–600 HP
Above 600 HP

By End-Use

Industrial
Oil & Natural Gas
Mining
Others

By Regions

North America
Asia-Pacific
Europe
Middle East & Africa
South America

Key Players

The Key Players operating in the Global Market for Horizontal Pumping Systems are Halliburton (US), Weatherford International Plc (US), General Electric (US), Borets (US), National Oilwell Varco, Inc. (US), Schlumberger Limited (US), HOSS Pump Systems (US), Novomet (Russia), Submersible Pumps, Inc. (US), and Canadian Advanced ESP Inc. (Canada).

Browse Complete report @ https://www.marketresearchfuture.com/reports/horizontal-pumping-systems-market-10406

Our Forte