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Rodless Pumps Market Key Drivers & On-going Trends 2018 - 2026
Rodless Pumps Market: OverviewGlobal demand for energy has been increasing rapidly in the last few years. This has led to the rise in oil and gas exploration and production activities. Rodless pumps are required for the artificial lift process in oil and gas production activities. Discoveries of unconventional resources has increased the demand for rodless pumps. Increase in energy exploration and production is boosting the demand for rodless pumps. Rodless pumps helps in saving operation time and improve the overall efficiency of the wellbore. Rise in technological advancements help reduce manufacturing and service costs of rodless pumps.
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Rodless Pumps Market: Key Segments
The rodless pumps market can be segmented based on type, application, and region. In terms of type, the rodless pumps market can be classified into hydraulic submersible pump and electric submersible pump. Rodless pumps are used in drilling rigs in offshore and onshore areas. The rodless pumps market create several opportunities. Mature oilfields are increasing rapidly where installation of rodless pumps proves beneficial. Additionally, rodless pumps can be customized in terms of design, integration, and installation as per the customer needs to produce oil and gas. Rodless pumps face severe wear and tear due to dog leg severity, water and sand cut, deviation of wells, which is likely to restrain the rodless pumps market. The oil and gas industry has been experiencing weak demand and low prices of crude oil from the last few years.
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Moreover, it is difficult for Oil & Gas companies to plan and make strategic decisions for commencing oil and gas production owing to the fluctuating crude oil prices globally. Installation of real time monitoring system helps in mitigating the risks of corrosion in the rodless pumps.
Rodless Pumps Market: Regional Outlook
In terms of geography, North America dominates the global rodless pumps market. This can be ascribed to the increase in exploration & production activities in offshore areas in the U.S. Discovery of shale oil in North Dakota, U.S., boosts the demand for rodless pumps. The rodless pumps market has been expanding in countries in Asia Pacific such as India, China, and Japan due to the rise in offshore oil and gas production activities. The rodless pumps market is projected to expand in countries such as the U.K., Germany, France, and Norway in Europe due to the increase in oil and gas drilling activities in the Johan Sverdrup field in the North Sea and improvements in offshore drilling activities.
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Demand for rodless pumps is expected to rise in countries such as Brazil and Mexico in Latin America owing to rapid urbanization and increase in offshore oil and gas exploration and production activities in the Gulf of Mexico. Demand for rodless pumps in countries in Middle East & Africa is likely to rise due to the increase in number of offshore oil and gas exploration and production activities. Moreover, Saudi Arabia, Kuwait, and Qatar have been rapidly drilling and producing oil and gas due to the increase in global demand for energy. Deep-water discoveries in Africa are anticipated to propel the demand for rodless pumps in the sub-region.
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Rodless Pumps Market: Key Players
Key global market players operating in the global rodless pumps market include GE, Schlumberger Ltd, Weatherford International, HANSEN Downhole Pump Solutions, Halliburton, and National Oilwell Varco (NOV).
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