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 Asia-Pacific Horizontal Surface Pumping System market. In addition, complete analysis of changes on the Asia-Pacific Horizontal Surface Pumping System market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on Asia-Pacific economies, international trade, business investments, GDP and marketing strategies of key players present in the market. The Asia-Pacific region is considered to be the most affected area from the covid pandemic, the region is known to be the epicenter of the Covid-19 virus, and almost every sector of this region has been affected by the covid pandemic which has hampered the growth of the Horizontal Surface Pumping System as well. Also, due to the covid pandemic, government in almost every part of the Asia-Pacific region, imposed lockdown which restricted the geographical boundaries and caused many of trade barriers and also negatively impacted the market share of the horizontal surface pumping system. During the lockdown, many of the manufacturers remained closed for a temporary period of time, also supply of raw materials got restricted, market faced labor shortage as well, which hampered the manufacturing of horizontal surface pumps. In addition to that, during the covid pandemic, many of the geographic restriction were also made in the region, due to which the supply chain also got disturbed and caused huge loss to the horizontal surface pumping system market. Furthermore, in this region, China being the major country for this market, was impacted the most and many of the industries of the country suffered a great loss, which also caused loss to the horizontal surface pumping system market. However, as the vaccine has been introduced and the vaccination process is growing at a faster rate, it is expected that the demand for the horizontal surface pumps would grow further in the coming years.
The horizontal surface pumping system market is witnessing significant growth during the forecast period 2022-2028. In Asia-pacific region, the industrialization is growing at a rapid pace, due to which the demand for energy is rising at a faster rate, and in order to meet the energy supply, the regulatory bodies are paying more emphasis on exploring the new sources of the oil and gas, which has created the demand for the horizontal surface pumping system in the region. In this part of the globe, China is making a huge investment on the oil exploration sector, for instance, in the year 2021, National Petroleum Corporation (CNPC) stated that China discovered a new 1-billion-ton super-deep oil and gas area in the Tarim Basin in Northwest China's Xinjiang. Also, the government in India is also making a huge investment in the oil exploration, which is likely to drive the market for horizontal surface pumping system.
Asia-Pacific region is consisting of countries like India, China and Japan. These countries are considered to be the fastest growing countries across the globe. As the countries are growing rapidly in this region in terms of economy and technology, the production of chemicals is also increasing in this region. Moreover, China is considered to be the one of the leading producers of the chemical on a global, along with that, the production of Chemical in recent years has been increased in the India as well, as the government has been supporting various industries, which is creating a great opportunity for the horizontal surface pumping system market to grow further in the Asia-Pacific region.
Horizontal Surface Pumping System market is growing at a rapid in the Asia-Pacific region, still there are certain factors which restrain the growth of this market, which majorly includes the large diameter of these pumping system. Since, these pumps capture large space, due to which the installation of these pumps become difficult for at the tight space, due to which they are being avoided by the end-users in many of the cases. Also, there is availability of the pumps in the market which require less space for the installation and this ultimately restrict the growth of horizontal surface pumps market.
The key challenge which horizontal surface pumping system market in Asia-Pacific region is facing is the, lack of new products in the market. In the region, there is lack of introduction of new products, due to which there is a fear of technological obsolescence, and it’s a great challenge for the market to grow in the country. Thus, to overcome this challenge in the market, the market player in the region needs to invest in the R&D, also need to focus on the dynamics of the business, which is likely to help this market to grow further in coming years.
The report provides in-depth analysis of Asia-Pacific 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 country.
The Asia-Pacific 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. Based on the application, the segment has been majorly covered by the crude oil transfer segment, since these pumps have wide operational range and they require very less maintenance, moreover they are cost-savvy as well, which is why the are widely preferred for the crude oil transfer. Apart from that, these pumps are known to be popular for water disposal & Injection as well.
The various components analyzed in the Asia-Pacific Horizontal Surface Pumping System market are pumps, motor, skid, seal, and others. On the basis of components, the motor component is known to be major one, since motor is the most important component for these pumps and they are very powerful enough to support the various functions of horizontal surface pumps. These motors are available in single phase, two phase or three phase variants, depending upon the requirement of the end-users. Moreover, these motors make less noise and require less maintenance too, which make them cost-savvy.
The Asia-Pacific region, Horizontal Surface Pumping System market is studied for end-users which include oil & gas, mining, industrial, chemical, and others. On the basis of end-users, the market has been dominated by the oil & gas industry, as the industrialization is growing rapidly across the globe, and the population is growing at a faster rate, the demand for fuel and energy increasing. Thus, regulatory across the globe are focusing upon exploring new sources of oil & gas for meeting the energy requirement, which is creating the demand for Horizontal Surface Pumps. Moreover, for certain other industrial activities such as water flooding, water transfer, etc., these pumps are widely preferred.
The report analyses various countries of Asia-Pacific, such as China, Japan, India and Rest of Asia-Pacific. In Asia-Pacific region, China is considered as most important market, since the country has easy availability of the work force and raw material, due to which there are many producers for horizontal surface pumping systems. Moreover, as the country is growing rapidly, the regulatory bodies in the country are also actively focusing upon self-dependency for the energy requirement, due to which the regulatory bodies are investing upon oil and gas exploration, which is creating the demand for the horizontal surface pumping system. Moreover, in this region, Japan is considered to be the major country as well, since the country is one of the most technically advanced countries across the globe, and the industrialization is growing rapidly, due to which it is highly demanded in various industries. Moreover, India being a developing country has been actively focusing upon the its industrialization and it is major producer of chemicals as well. Moreover, the government is also investing upon the oil and gas exploration which make it a potential market for the Horizontal Surface Pumping System.
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 Asia-Pacific region.
The key players studied in market are Baker Hughes, Dickow Pump Company, National Oilwell Varco, Novomet Group, Submersible Pumps, Inc (SPI), Schlumberger, Summit ESP, Weatherford, CNP Pump, Valiant ALS, Kirsolar Brother, and Pump Works among others.
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. For Asia-Pacific region, China, India and Japan have been studied for horizontal surface pumping system market.
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.
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.
Which country contributes to the largest market share in Horizontal Surface Pumping System market during the forecast period?
Ans: China contributes the largest market share in Horizontal Surface Pumping System market during the forecast period.
