The market for America’s hydraulic submersible pumps is expected to grow at a CAGR of approximately 5.52% during the forecast period. The shale market of the United States witnessed around 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 has 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 have resulted in the delay of several announced end-user specific projects, and in turn, has resulted in reduced demand for hydraulic submersible pumps.
– The oil & gas segment is expected to dominate 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 of ample growth for hydraulic submersible pumps 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.
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Key Market Trends
The Oil & Gas Segment to Witness Highest Growth Rate
– The oil & gas segment is estimated to hold the largest share in the market in 2019 and 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 the countries like the United States, Canada, etc 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 United States, Mexico, Brazil, Argentina, amongst others), which are expected to drive the demand for hydraulic submersible pumps for pumping and wastewater treatment purposes.
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