|Global Oil and Gas Pumps Market, 2019|
|With Short-term Economic Setbacks, There is a Need to Curtail Operating Costs and Improve Well Productivity to Solidify Pump Sales and Boost the Adoption of Industrial Internet of Things (IIoT) Based Solutions in the Long Run|
The aim of this research study is to identify and analyze various market trends impacting and influencing the pumps landscape in the oil and gas industry. Oil price volatility, economic uncertainties, trade conflict, and political tensions have severely affected the investment sentiment in the oil and gas industry. Moreover, the increasing concern toward well productivity and Operational Expenditure (OPEX), especially in shale reserves, has caused momentary roadblocks in the upstream activities. In this study, Frost & Sullivan correlates various political, economic, and technological factors that have a direct impact on the growth of the pumps industry and those that cause a roadblock in pushing order volumes. The sales of pumps is assessed across 3 segments of the oil and gas industry, namely upstream, midstream, and downstream. An in-depth analysis of pumps types that include centrifugal and Positive Displacement (PD) is offered in the study where its impact across regions and the 3 segments of the oil and gas industry is discussed. Furthermore, the competitive assessment of pumps in the oil and gas industry offers insights on the leading market participants and pivotal factors that enable to outperform in this market. Additionally, 5 major growth opportunities are identified for pump manufacturers in the oil and gas industry that will enable to unlock new revenue streams.
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