The market for America’s hydraulic submersible pumps is expected to register a CAGR of approximately 5.52% during the forecast period. The shale market of the United States witnessed around a 53% jump in investment and led the global upstream investment in 2017. It is expected to increase further during the forecast period, which, in turn, is likely to act as a driver for hydraulic submersible pumps across hydraulic fracturing services. The region remained subject to constant economic and political instability, including severe corruption charges, violence between government and Revolutionary Army Forces of Colombia (FARC-EP), socioeconomic and political crisis in Venezuela, amongst others. These conditions resulted in the delay of several announced end-user specific projects, and in turn, resulted in reduced demand for hydraulic submersible pumps.
Key Market Trends
The Oil and Gas Segment to Witness Highest Growth Rate
The oil and gas segment was estimated to hold the largest share in the market in 2019 and is expected to witness the highest growth rate in the future.
United States to Dominate the Market
Increasing exploitation of shale reserves in the country has resulted in increased production of wastewater. Shale exploitation consumes more than 20 million gallons of water per well. The lack of availability of water and government regulations on wastewater treatment are encouraging the industry to treat the produced water. As hydraulic submersible pumps are ideally used for wastewater and effluent removal, the increasing exploitation of shale reserves in the country is expected to drive the demand for hydraulic submersible pumps during the forecast period.
Competitive Landscape
The Americas hydraulic submersible pumps market is fragmented. The major companies include Atlas Copco AB, BAKERCORP, Cornell Pump Company, The Gorman-Rupp Company, and Griffin Dewatering Corporation.
Reasons to Purchase this report:
- The oil and gas segment dominated the Americas hydraulic submersible pumps market in 2019, and it is expected to witness the highest growth rate in the future, owing to government plans to encourage unconventional resource development and several upcoming brownfield refinery projects and refinery expansion plans in the Americas.
- With favorable government support and rising oil prices, exploration and production activities are expected to increase. This presents an opportunity for ample growth for hydraulic submersible pump manufacturers, in the coming years, to provide hydraulic submersible pumps capable of operating in high suction areas and complex multiphase production in subsea areas.
- The oil and gas industry in the United States is providing a huge impetus to the hydraulic submersible pump market, on account of widespread investments in oil and gas projects, in the coming years.
Key Market Trends
The Oil and Gas Segment to Witness Highest Growth Rate
The oil and gas segment was estimated to hold the largest share in the market in 2019 and is expected to witness the highest growth rate in the future.
- The increasing exploitation of shale reserves is expected to result in increased production of wastewater. As hydraulic submersible pumps are used for wastewater and effluent removal, the increasing exploitation of shale reserves in countries, like the United States and Canada, are expected to drive the demand for hydraulic submersible pumps during the forecast period.
- Moreover, as the government plans to encourage unconventional resource development in the coming years, the number of wells to be drilled in Canada is expected to increase to approximately 7,900 wells in 2018, as compared to 7,550 wells in 2017.
- Further, there are several upcoming brownfield refinery projects and refinery expansion plans in the Americas (particularly the United States, Mexico, Brazil, and Argentina, among others), which are expected to drive the demand for hydraulic submersible pumps for pumping and wastewater treatment purposes.
United States to Dominate the Market
Increasing exploitation of shale reserves in the country has resulted in increased production of wastewater. Shale exploitation consumes more than 20 million gallons of water per well. The lack of availability of water and government regulations on wastewater treatment are encouraging the industry to treat the produced water. As hydraulic submersible pumps are ideally used for wastewater and effluent removal, the increasing exploitation of shale reserves in the country is expected to drive the demand for hydraulic submersible pumps during the forecast period.
- The oil and gas industry in the United States is providing a huge impetus to the hydraulic submersible pump market, on account of widespread investments in oil and gas projects, in the coming years. Nearly USD 76 billion is expected to be spent on 97 upcoming oil and gas projects in the country, between 2018 and 2025, thus, creating widespread opportunities for the hydraulic submersible pumps business.
- Before the downfall in the commodity prices, the US Gulf of Mexico accounted for around 25% of the crude oil production. Though the crude oil price recovered in 2017, major growth was witnessed in onshore areas. The reason being high CAPEX and OPEX in offshore, compared to onshore shale.
Competitive Landscape
The Americas hydraulic submersible pumps market is fragmented. The major companies include Atlas Copco AB, BAKERCORP, Cornell Pump Company, The Gorman-Rupp Company, and Griffin Dewatering Corporation.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
Table of Contents
1 INTRODUCTION
4 MARKET OVERVIEW
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
Methodology
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