High-Pressure Pumps Market Overview
Shift of exploration projects from conventional oil and gas to shale oil and gas across several regions in the world, involving hydraulic fracking process, which needs a large volume of water to extract oil and gas from shale well. In order to inject water with high pressure into shale well, exploration and production (E&P) companies require high-pressure pumps. This is identified as a key trend impacting the global high-pressure pumps market. In recent years, several U.S. oil and gas companies are making huge investments in shale gas E&P activities.
For instance, in February 2019, Exxon Mobil Corporation and Qatar Petroleum announced a $10 billion investment to explore and export natural gas from Texas and New Mexico shale fields. In addition, China is also planning to intensify its E&P activities for shale oil and gas due to its abundant shale reserves, which is expected to reduce the import of oil and gas. Developments such as these are expected to transform the high-pressure pumps market in the long-run.
High-pressure pumps are designed to generate high pressure to either compress or create flow for fluids. The selection of pumps depends on type and volatility of liquid to be pumped, and available space at installation site. Moreover, these pumps are used to supply viscous fluids at high pressure and flow rates. Additionally, these pumps are extensively used in oil and gas, power generation, pharmaceuticals, and manufacturing industries. The high-pressure pumps market is segmented on the basis of type, pressure, industry, and geography.
The high-pressure pumps market is bifurcated on the basis of type into dynamic and positive displacement. Dynamic pumps are majorly employed in low pressure applications, while positive displacement pumps are operated from 250 psi to 3000 psi pressure range. The dynamic pumps held a significant share in the market due to their increased applications in various industries, owing to their ability to generate different flow rates and cost-effective adoption. Moreover, chemical manufacturers who need to generate high pressure, use a series of dynamic pumps to reduce cost of equipment in different chemical processes.
On the basis of pressure, the high-pressure pumps market is classified into 30–100 bar, 101–500 bar, and above 500 bar. Among these, 30–100 bar pumps accounted for a significant share in the market during the historical period, due to increased use of these pumps in various applications. Manufacturers are using a series of these pumps to generate high pressure, owing to their low-space requirement, low cost, and easy installation and maintenance.
Based on industry, the high-pressure pumps market is categorized into oil and gas, power generation, manufacturing, and pharmaceuticals. Among these, oil and gas industry held a significant share in the market during the historical period, due to adoption of several types of pumps such as electric submersible pumps, helico-axial pumps, deep well pumps, progressive cavity pumps, and twin-screw pumps in exploration, production, and transportation activities. Furthermore, manufacturing industry (includes textile and automotive) is expected to witness a prominent growth in the market during forecast period, owing to high-volume demand for its end products across the APAC and the LATAM regions.
The high-pressure pumps market is categorized on the basis region into Asia-Pacific (APAC), North America, Latin America (LATAM), Europe, and the Middle East and Africa (MEA). Globally, North America held a significant share in the market during the historical period, due to high investments in oil and gas industry, majorly in E&P activities. However, the APAC market is expected to witness a prominent growth, owing to increasing application of these pumps across oil and gas, and manufacturing industries.
High-Pressure Pumps Market Dynamics
The high-pressure pumps market growth is driven by major factor such as rising investments in oil and gas, and manufacturing industries. The oil and gas industry witnessed a marginal recovery in 2018 and is expected to maintain stable crude oil prices during the forecast period. The stable crude oil prices are expected to increase and incentivize investments in E&P activities by E&P companies, causing an extensive usage of dynamic and positive displacement pumps to explore and process crude oil and natural gas. Furthermore, increasing demand for manufacturing automobiles, polymers, and construction products in the APAC region is also expected to drive the growth of the market.
Wide-scale adoption of carbon capture and storage (CCS) is a major opportunity area for the high-pressure pumps market. Carbon capture, which is implemented by several governments in order to reduce greenhouse gases, is a process of capturing carbon dioxide emitted from various application processes. In this process, high-pressure pumps are required to capture, transport, and store carbon dioxide, and also transport other gases, which are separated from carbon dioxide.
As per the Global Status of CCS, released in December 2018, 43 large-scale CCS facilities are in operation or under construction and development around the world. Moreover, several countries are expected to invest in CCS projects in recent future. This indicates future potential for adoption of high-pressure pumps and is expected to propel their demand during the forecast period.
High-Pressure Pumps Market Competitive Landscape
Some of the major players in the global high-pressure pumps market are ANDRITZ GROUP, GEA Group, Dansoff, Weir Group PLC, MAXIMATOR GmbH, Hammelmann GmbH, Sulzer Management Ltd., Grundfos, Cat Pumps, and The McFarland Group.
The study provides the historical as well the forecast market size data for various countries, including the U.S., Canada, France, Germany, the U.K., Italy, Spain, Japan, China, India, Brazil, Saudi Arabia, and South Africa.