Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
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 course of covid pandemic the Horizontal surface pump market has witnessed a decreased demand in the North America region, since many of the manufacturing units remained closed during the pandemic due to which the supply of these pumps got hampered. Moreover, in North America region, as the lockdown was imposed in the most of the part of this country, many of the manufacturer remained closed which also negatively affected the market in the country. Additionally, many of the end-users also shut their operation in the region for a temporary period of time due to government intervention, also the demand for oil & gas also decreased during the covid in the North America region due to which the market share of horizontal surface pumps also get declined. However, in the North America region, the oil & gas industry is considered to be very important and government is making continuous investment in the oil & gas extraction, which is likely to help this market to grow further, also as the lockdown has been lifted up in most of the parts of this region, and the trade relation of countries in North America are getting back on track, it is expected that the market share of the horizontal surface pumps would expand further.
The Horizontal Surface Pumping System market is witnessing significant growth during the forecast period 2022-2028. The key reason which is driving the market for the Horizontal Surface Pumping System in the North America region is the increased demand for oil & gas in this region owing to the industrialization, due to which many of the oil & gas producing companies in this region are investing a great amount in the oil exploration sector. Along with that, the oil & gas industry of the North America also plays an important role in the economy of the region, for instance, according to an article published by Forbes magazine in 2020, the US oil and gas sector employs about 880,000 workers and contributes about $1.5 trillion towards the US gross domestic product. Thus, presence of strong heavy oil and gas industry in the country makes it a potential market for the horizontal surface pumping system.
In the North America region, owing to high rate of urbanization, domestic income and technological advancements, the industrial sector is growing at a rapid pace, which creates a great opportunity for the horizontal surface pumping system market to grow at a faster rate. Moreover, North America region is considered to be one of the largest produces and suppliers of the chemical across the globe, and the countries in this region are investing a great amount on the chemical research which makes North America a suitable marker for the Horizontal surface pumping system. Moreover, in recent years, the mining industry of the North America region has witnessed a significant growth, and contributing in the growth of economy, for instance, in US, according to U.S. Geological Survey, U.S. mines produced approximately USD 82.3 billion in minerals in 2020, which makes a great opportunity for the Horizontal Surface Pumping System market to grow further.
Horizontal Surface Pumping System market is growing at a remarkable pace, but still, the key reason which hampers the growth of this market is the various issues faced by the end-users to install this system due to the large space taken by horizontal surface pumping system while installing, since the diameter of these pumps is generally very large. Thus, in many of the cases, it is not feasible for the end-users to install these pumps on their site, due to which they do no prefer to install the horizontal surface pumping system on their site and hampers the growth of horizontal surface pumping system market.
The key challenge which horizontal surface pumping system market in the North America region is the lack of new of innovative and new products in the market. North America region is considered to be the home to many of the key market players of the horizontal surface pumping system market, and in the region owing to the very few advancements in the technology and there is a lack of the new products in the market, which is a major challenge that needs to be meet to help this market growing further.
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 North American 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. On the basis of application, the market for horizontal surface pumps has been dominated by the crude oil transfer. Since, these pumps are known to be the cost-effective solution for crude oil transfer, wide operational range, as well as they require less maintenance. Moreover, the use of horizontal surface pumping system has been increased for the water disposal & injection as well, which is creating the demand for the horizontal surface pumping system in the market.
The various components analyzed in the North America Horizontal Surface Pumping System market are pumps, motor, skid, seal, and others. For horizontal surface pumping system, the motors are considered to be the most important component, these motors suitable for various uses of horizontal surface pumping system, and they require low-maintenance cost which is why they are widely preferred by the end-users. Also, as the demand for horizontal surface pumping system is increasing in the mining and oil & gas sector, the market share for motors is also increasing, as the motors used in this system are very powerful and make very less noise.
The North America 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 countries of North America, such as US, Mexico and Canada. Based on countries, in North America region, U.S. holds the maximum share in the market. Since, U.S. is known to be one of the largest producers of oil & gas across the globe, and the regulatory bodies in this region are actively focusing upon the growth of this sector, along with private companies involved in the oil & gas industry, which is why the oil exploration activities has been increased in the country, and is creating demand for horizontal surface systems. Moreover, as industrialization is growing in countries like Canada and Mexico, the demand for horizontal surface pumping systems is also expected to grow further. Moreover, significant presence of the chemical and mining sectors also creates a great opportunity for the horizontal surface pumping system market to grow further.
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 North America region.
The key players studied in market are Canadian Advanced ESP (Canada), Baker Hughes (United States), Dickow Pump Company (United States), National Oilwell Varco (United States), Submersible Pumps, Inc (SPI) (United States), Schlumberger (United States), Summit ESP (United States), Weatherford (United States), 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 country contributes to the largest market share in Horizontal Surface Pumping System market during the forecast period?
Ans: United States contributes the largest market share in Horizontal Surface Pumping System market during the forecast period.
