The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360-degree analysis of micro and macro-economic factors on the global horizontal surface pumping system market. In addition, complete analysis of changes on the global horizontal surface pumping system market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market. During the covid pandemic, the Horizontal Surface Pumping System market has witnessed a great downfall across the globe. In order to restraining the rapid spread of covid-19 virus, the regulatory bodies in almost every part of the globe, imposed lockdown restriction due to which the supply chain got restricted which restricted the import of raw material and affected the supply of raw materials for manufacturing processes which negatively impacted the market for horizontal surface pumping system. Similarly, as the lockdown restricted the geographic boundaries, it hampered the export of finished products as well, which also made a negative remark on the growth of horizontal surface pumping system market. In addition to that, owing to the imposed lockdown, the manufacturing units of the Horizontal surface pumping systems also remained closed for a temporary period of time which majorly affected the market for horizontal surface pumps system market. However, it is expected that as the lockdown has been lifted in various parts of the globe, and the industries like chemical and oil & gas are growing, the growth rate of horizontal surface pumping system market is also expected to gain momentum.
The horizontal surface pumping system market is witnessing tremendous growth during the forecast period 2022-2028. The key reason which is driving the growth of the market is the growing oil & gas exploration in almost every part of the globe due to rising price of oil and gas and increasing demand of energy in developing countries as well which has helped to boost the demand for horizontal surface pumping system, since these pumps provide a cost-saving way to extract the oil & gas from the wells rather than conventional industrial pumps, also it reduces the manual labor as well. These pumps require less maintenance and horizontal surface pumping system are efficient in various activities such as pipeline booster, water injection, jet pumping, crude oil and gas transfer, reservoir pressure maintenance, etc. which they are highly demanded in the oil and gas industry.
In recent years, with increasing rate of urbanization, domestic income, and supported by regulatory bodies in almost every part of the globe, the industrial sector has been witnessing a tremendous growth, which has created a great opportunity for the horizontal surface pumping system market to grow at a faster rate. The use of horizontal surface pumps has been increased in the sectors like mining, agriculture, marine, water & wastewater treatment industries where these pumps are commonly used for irrigation, liquid CO2 boosting, salt dome leaching, mine dewatering, and for various other industrial application. The horizontal surface pumping system has been known for low maintenance cost, lesser vibration and various other features which creates an opportunity for the horizontal surface pumping system market to grow further.
Horizontal Surface Pumping System market is growing at a rapid pace, but still one of the major reasons which hinders the growth of this market is the several issues faced during the installation of machines, due to which in many of the cases, end-users resist installing the horizontal surface pumps. These are the pumps which require a machine-based installation and the diameter of such pumps is generally very large as compared to the other surface pumps, thus it restricts the growth of horizontal surface pump market.
The key challenge which horizontal surface pumping system market is facing is the presence of various pumps in the market which are suitable for the industrial and the urban drainage, since these pumps do not require larger space to operate. Moreover, for the horizontal surface pumps market, the number of newly launched products is quite less, due to which there is a lack of introduction of new technology in the market. Thus, market leaders of the horizontal surface pumps market need to focus upon R&D, to overcome this challenge and help this market to grow at a faster rate.
The report provides in-depth analysis of global Horizontal Surface Pumping System market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. With increasing popularity of Horizontal Surface Pumping System among various end-users has led the increasing demand for market and is expected to witness the growth at a specific CAGR from 2021-2028.
The Horizontal Surface Pumping System market is bifurcated into application, component, End-users and geography.
The global horizontal surface pumping system market is studied for various applications such as water disposal & injection, crude oil transfer, liquid co2 pumping, and lean amine pumping. Among various applications, the horizontal surface pumping has been widely used in the crude oil transfer, since it is a cost-effective solution for crude oil transfer, wide operational range, as well as they require less maintenance. Also, these pumps system have been used for commonly used for the water disposal & injection in various industries which is likely to increase the market share of horizontal pumping system market.
The various components analyzed in the global horizontal surface pumping system market are pumps, motor, skid, seal, and others. In horizontal surface pumping system, motor is considered to be the most important component, since motor used in horizontal surface system are powerful and saves a great maintenance cost, also it supports various liquid and gas applications, which is why they can be commonly used in the oil & gas, mining and various other industries. On the other hand, pumps are also common and crucial component of hydrogen surface pumping system.
The global horizontal surface pumping system market studied for end-users includes oil & gas, mining, industrial, chemical, and others. Based on the end-users, the oil & gas industry is likely to cover the larger share in the market, in the oil & gas industry, horizontal surface pumps can be effectively used in extracting the oil from low surface on the land, as well as they are used in the extracting underground water also around the shale formation. In addition to that, horizontal surface pumps have been widely used in the industrial applications as well, which mainly include water flooding, water transfer, etc.
The report analyses various geographical regions such as North America, Europe, Asia Pacific and Rest of the World. Based on Geography, North America holds the major market share, since horizontal surface pumps in North America region are majorly used by the oil and gas industry, and owing to availability of the abundant tight oil and natural gas resources in the region, the market is growing rapidly. Moreover, growing industrialization in countries like UK and Germany in the Europe is also expected to help the market to grow in Europe. Similarly, Asia-Pacific is considered to fastest developing market for horizontal surface pumps, as the region is emerging as manufacturing hub and many of the market plyers are entering into this region to expand their business.
The horizontal surface pumping system market is witnessing high competition owing to presence of many major players in the market. The key companies operating in the horizontal surface pumping system market are catering to the demand by collaborating, innovative, acquiring small players and investing in a technologically advanced product portfolio across the globe.
The key players studied in market are Borets (United Arab Emirates), Canadian Advanced ESP (Canada), Baker Hughes (United States), Dickow Pump Company (United States),, National Oilwell Varco (United States), Novomet Group (Russia), Submersible Pumps, Inc (SPI) (United States), Schlumberger (United States), Summit ESP (United States), Weatherford (United States), CNP Pump (India), Valiant ALS (United States), Kirsolar Brother (India) ,Pump Works (United States).
October 2021: The Baker Hughes has merged with Subsea Drilling Systems business (SDS) and Akastor ASAs to form a global offshore drilling equipment company. The newly formed company will be name as HMH.
January 2020: Submersible Pumps, Inc. has acquired Black Arrow Solutions, LLC as an entryway into the sucker rod pumping business. They decided to expand their business by giving artificial lift services.
The horizontal surface pumping market is growing at rapid pace, owing to various factors such as with increased demand for oil and gas in various industries, the project for oil and exploration has been also increased which has raised the demand for these pumps. Horizontal surface pumps are the one which are used for many of the applications which include water disposal & injection, Crude oil transfer, Liquid CO2 Pumping, Lean Amine Pumping. Based on the components, this market includes pumps, motor, skid, seal, and others. Also, horizontal surface pumps are used by many of the industries which majorly include oil & gas, mining, industrial, chemical, and others.
1) What are the major drivers and opportunities in the Horizontal Surface Pumping System market?
Ans: Growing industrialization, especially in the developing countries and increased expenditure on the oil exploration sector is likely to boost the market at a rapid pace.
2) What are the major strategies adopted by the key players?
Ans: Product launches and deals such as acquisitions, partnerships and agreements are the major strategies adopted by the key players of horizontal surface pumping system market.
3) Which region contributes to the largest market share in Horizontal Surface Pumping System market during the forecast period?
Ans: North America contributes the largest market share in horizontal surface pumping system market during the forecast period.