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World Pumps Market in the Oil and Gas Industry
Frost & Sullivan, Sep 2006, Pages: 150
This Frost & Sullivan research service titled World Pumps Market in the Oil and Gas Industry provides in-depth analysis on the challenges, drivers and restraints, revenue forecasts, market and technology trends, and key focus regions for business opportunities. It identifies the key challenges faced by market participants and presents strategic recommendations to achieve growth as the market expands. In this research service, Frost & Sullivan's expert analysts thoroughly examine the following aspects of the market: reduced life cycle costs, control, monitoring, and need for technological innovation.
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- Assisting companies to reach their full potential in the core business
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Expert Frost & Sullivan analysts thoroughly examine the following market sectors in this research service:
- Total pumps market in the oil and gas industry
- Pumps market in the North American oil and gas industry
- Pumps market in the EMEA oil and gas industry
- Pumps market in the Asia Pacific oil and gas industry
- Pumps market in the rest-of-world oil and gas industry
Constant Global Demand for Oil and Gas Propels Demand for Pumps
Due to the all-important role of the oil and gas sector in the current economic and political scene, new business opportunities are opening up for pump manufacturers in this sector. The dwindling supplies and spiralling prices of oil and gas are boosting the demand for high performance pumps that can help optimize utilization of resources. Manufacturers are also offering competent customer service in addition to higher quality products in a bid to differentiate themselves from competitors and earn customer loyalty.
The global pumps market is at a mature stage, witnessing a spate of consolidations, which are aiding major participants in increasing their market penetration. 'The focus is now on providing more solution-based and full support services along with the pumps,' says the analyst of this research service. 'Manufacturers are going for smaller acquisitions to enhance their technology, product and solutions portfolio, and talent pool.'
Technological Innovations Critical to Improve Efficiency and Weather Price Competition
A major challenge in the pumps market for oil and gas industry is the lack of growth-oriented technological innovations, which can help manufacturers improve efficiency and handle mounting energy bills. In order to withstand price competition and limited market supply, participants are re-evaluating their manufacturing procedures to improve production costs and reduce overheads to a minimum. The increased competition in this mature market with numerous participants is compelling incumbents to resort to innovative centrifugal pump technology and pump body upgrades, which can improve efficiency, besides differentiating their products from the competitors’.
The capital-intensive nature of the pump market, along with manufacturing costs, overheads, and the stringent government rules and environmental regulations, is proving to be unfavourable for setting up operations in the North American region. However, the booming economies, rapid industrialization, and growing population of the Asia Pacific and Latin American regions are boosting the market. 'The Asia Pacific region is projected to remain the fastest growing market and is most likely to remain an attractive economic region, given its lower labour costs, cost-effective land, and good geographical location,' opines the analyst.
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