Market Trends of Americas Hydraulic Submersible Pumps Industry
This section covers the major market trends shaping the Americas Hydraulic Submersible Pumps Market according to our research experts:
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.
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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.
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