Oil & gas industry is the major influencer behind escalating global pumps market as pumps are the key equipment used in upstream and midstream operations to accelerate transfer of fluid from one location to other. Oil pumps are used to lift fluid out of an oil well when there is not enough ground pressure to force the oil on the surface. These pumps are used mainly in onshore areas where oil is in abundant but the ground needs external force to release it. Based on reports from EIA’s Short-Term Energy Outlook (STEO), the U.S. may be at par or may have surpassed Saudi Arabia and Russia to become one of the world’s major crude oil producers in early 2018. In its October STEO, EIA has projected U.S. crude oil production to average around 11.8 million b/d in 2019 – around 300,000 b/d higher than its forecast in the September STEO. Additionally, the agency also claims that the country is likely to become a net energy exporter in 2020 with a rapid increase in natural gas, crude oil, and natural gas plant liquid (NGPL) production and a slump in U.S. energy consumption. This scenario undeniably points toward enhanced product adoption in the U.S. in the oil & gas sector, which would in consequence, majorly impel pumps market share. To browse this report titled, “Pumps Market by Products & Regional Analysis 2019 - 2025: Global Market Insights, Inc.” https://www.gminsights.com/industry-analysis/pumps-market Increased urbanization has also led to development of smart cities across China. According to China’s 13th Five-Year-Plan, the country aims to optimize urban space through high-capacity infrastructure, public transport, mixed-use development, and green city planning. These initiatives are speculated to enhance the demand for pumps in the region, thereby augmenting the growth graph of the APAC pumps industry. Despite of having applications in several business industries, global pumps market growth is hindered by high maintenance and operational cost of the equipment, as eventually some parts get damaged and need to be replaced or repaired immediately, otherwise they can hamper the total productivity of the plant. Based on position, pumps are categorized as of two types submersible and non-submersible. This segment is dominated by non-submersible pumps because of their growing use in surface application like pressure boosting, water transfer, turf irrigation, washdown application, storm water, waste water and in other areas. Submersible pumps hold a comparatively smaller market due to their restricted use in offshore areas. However, with increasing exploration activities related to deep-water and increase in subsea operations are factors that will offer growth opportunities to submersible pumps.
© 2017 Global Market Insights Inc. All Rights Reserved