Horizontal pumping system Market Size: Industry Outlook By Drivers, Restraints 2022-2031
“Global Horizontal pumping system Market is valued approximately USD 420 million and is anticipated to grow with a healthy growth rate of more than 3.1% over the forecast period. HPS (Horizontal Surface Pumps) involves a surface pump to bring the power fluid down the pit, a pump-driving petrol, diesel or electric motor, and a power fluid storage, treatment and distribution system (made of oil or water) for use by the down hole pump. Increased exploration and development of oil and gas (E&P) and the growing use of horizontal pumping systems industrial applications will drive the market growth. For surface pumping applications in the oil & gas industry, horizontal pumping systems are used for the transport of gases and fluids. The rise in demand for horizontal pumping systems is parallel to factors such as rapid urbanization, rising population, and increased per capita income, leading to enormous growth in the world’s mining, agricultural, maritime, municipal, and water & wastewater treatment industries. For Instance: . In 2018, U.S. mines produced mineral raw materials worth $82.2 billion —an increase from 2017. These domestic raw materials—along with recycled materials—were used to process mineral materials such as aluminum, copper, and steel worth $766 billion. This will rise the demand for horizontal pumping system. However, high manufacturing costs impedes the growth of the market over the forecast period. Also, due to growth in mining, agriculture and wasteland treatment, the adoption & demand for Horizontal pumping system is likely to increase.
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The regional analysis of global Horizontal pumping system market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the increasing urbanization and rising disposable income. Whereas,Europe is also anticipated to exhibit highest growth rate / CAGR over the forecast period. Factors such as rising agriculture industry and marine & water industry would create lucrative growth prospects for the Horizontal pumping system market across Asia-Pacific region.
Major market player included in this report are:
Weatherford International Plc
National Oilwell Varco, Inc
Canadian Advanced ESP Inc
Submersible Pumps, Inc
HOSS Pump Systems
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
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