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. Owing to the covid pandemic, the horizontal surface pumping system market has witnessed several downfalls in the Europe region. Since, the regulatory bodies in the Europe region imposed the lockdown, to restrain the rapid spread of the covid virus, due to which industries like chemical, mining and oil & gas industry got affected which ultimately reduced the demand for horizontal surface pumping system. Moreover, due to covid pandemic, many of the manufacturing units for the horizontal surface pumping system remained closed for a temporary period of time, and the supply chain in most of the part of the Europe also got affected, due to which the market growth of Horizontal Surface Pumping System market got hampered. However, as the cases of covid virus has been reduced and the lockdown has been lifted up in most of the part of Europe and the industrial sector is likely to grow further, it is expected that market share of horizontal surface pumping system would grow in the coming years.
The horizontal surface pumping system market is witnessing significant growth during the forecast period 2022-2028. In Europe region, the market for horizontal surface pumping system is growing rapidly, owing to the increased focused towards the extraction of oil & gas in the Europe region. As the industrialization is growing rapidly in the countries like UK, Germany and France, the demand for energy is increasing in the country is also increasing, for instance according to the BP statistical review of world energy 2020, natural gas consumption in Germany was around 88.7 bcm in 2019. Thus, for meeting the energy requirement in the Europe, the regulatory bodies are focusing on new sources of oil & gas which is creating the demand for horizontal surface pumping system in the Europe region. Moreover, in Europe region, countries like Russia and Norway are known to be one of the largest exporters across the globe, which creates the demand for horizontal surface pumping system in the Europe region.
Europe region is consisting of countries like Germany, UK, Italy, Spain, France and Rest of the Europe. These countries are known to be technically very advanced countries and the rate of urbanization in the region is growing at a rapid pace which is why the industrialization is increasing rapidly. Moreover, country like Germany is known to be the one of the largest producers and exporters of the chemicals across the globe, also the production of the chemical has been increasing in the UK and France as well. Thus, growing chemical sector in the region is likely to create a great opportunity for the horizontal surface pumping system market to grow in the Europe region. Moreover, in recent years, the mining sector of the Europe region is also growing at a rapid pace which is why is creating a great platform for the horizontal surface pumping systems to grow further.
Horizontal Surface Pumping System market is growing at a rapid in the Europe region, still the key reason which hampers the growth of this market is the large diameter of the horizontal surface pumping systems, due to which these are hard to install to end-users’ site, which makes it difficult to install at end-users’ site. Thus, owing to the large size of the of the horizontal surface pumping system, in many of the cases end-users avoid using horizontal surface pumping system and that hampers the growth of horizontal surface pumping system market in the Europe region.
The key challenge which horizontal surface pumping system market in the Europe region is facing is the, lack of availability of the new products in the market. Since, the market for horizontal surface pumps is growing in the county but there is a lack of new and innovative product launch in the market, and technical advancements are also likely to be made in this sector. Thus, market players in the Europe region, need to invest in the R&D sector of this market of overcome this market and help the horizontal surface pumping system market to grow further at a rapid pace.
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 European 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, crude oil transfer is considered to be most important application of the horizontal surface pumping system. These pumps are cost-effective and have wide operational range and they require very less maintenance due to which they are highly preferred for the crude oil transfer. In addition to that, these pumps are widely demanded for water disposal & injection as well.
The various components analyzed in the Europe Horizontal Surface Pumping System market are pumps, motor, skid, seal, and others. Based on components, motors are known to be the most crucial component for the horizontal surface pumping system, the motors used in the horizontal surface pumping system are known to be powerful enough, these motors can be single phase, two phase or three phase, depending upon the requirement of various end-users. Also, horizontal surface pumping system make less noise and require less maintenance.
The Europe 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 Europe, such as UK, Germany, France, Germany, Italy and Rest of the Europe. In Europe region, Germany is considered to be the most important country in the Europe region, since the country is known to be one of leading chemical producers across the globe, also with increased industrialization in the Germany, the demand for oil & gas has been also increased, thus the regulatory bodies are making various investment towards oil & gas exploration, which has made the Germany as an important market for the horizontal surface pumping system. Moreover, in recent years, France has been also emerged as an important market for the horizontal surface pumping system, as the country has been witnessing industrial growth and regulatory bodies are investing in the oil & gas sector for last few years, due to which the country has been emerged as an important market for horizontal surface pumping system. Furthermore, UK is also known as an important market for the horizontal surface pumping systems, as the oil exploration activities has been increased in the country.
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 Europe 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 Europe region, UK, Italy, Germany, Spain and France 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: Germany contributes the largest market share in Horizontal Surface Pumping System market during the forecast period.
