Oil-trunk Pumps Market: Introduction
- Oil-trunk pumps form a very essential tool for effective transportation of oil and gas through pipelines in the oil & gas industry. Oil-trunk pumps are used to pump oil as well as gas to various equipment.
- In the oil & gas industry, large volume of oil is transported through pipelines. More than 90% of the produced oil is transported and pumped from oil-trunk pipelines with the help of oil-trunk pumps.
- Companies are trying to find out more efficient solutions and competent equipment to pump oil and gas easily by investing in research & development for more advanced version of oil-trunk pumps.
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Key Drivers and Restraints of Oil-trunk Pumps Market
- Rapid globalization and industrialization is one of the drivers of the oil-trunk pumps market. Significant increase in demand for oil and gas across the globe has lead companies to increase the production and upgrade the existing infrastructure. Hence, rise in demand for fuel is one of the major drivers of the oil-trunk pumps market.
- Increase in use of advanced electronic technologies and sensors in oil-trunk pump and pipelines is another key driver of the oil-trunk pumps market as these technologies observe and regulate operating conditions and consequently, reduce damage from internal factors such as excessive strain, stress, and corrosion
- Geopolitical uncertainties and volatile prices are major restraints for the oil-trunk pumps market. Inconsistent demand and changing crude oil prices due to unstable geopolitical issues are expected to affect the oil-trunk pumps market.
- Use of renewable energy reduces the cost of power generation and rise in concerns on carbon emission. Increase in use of renewable energy is expected to restrain oil & gas industry. This, in turn, is likely to be one of the key restraining factors of the oil-trunk pumps market.
Global Oil-trunk Pumps Market: Segmentation
- The oil-trunk pumps market can be segmented in terms of application as upstream, midstream, and downstream. The midstream segment is expected to expand at a high CAGR during the forecast period, due to high demand from the oil and gas processing unit.
Global Oil-trunk Pumps Market: Regional Segmentation
- Based on region, the global oil-trunk pumps market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- North America dominated the global oil-trunk pumps market in 2018. This trend is projected to continue during the forecast period, due to increased capacity of oil and gas production in the U.S. and Canada. Furthermore, presence of a large number of private oil companies in North America is likely to drive the oil-trunk pumps market in the region during the forecast period. The U.S. is expected to add more trunk pipelines during the forecast period, thereby dominating the global oil-trunk pumps market. According to General Electric Company’s Baker Hughes Inc., the oil rig count in the U.S. increased by approximate 42% in 2017 compared to that in 2016 due to the recovery in crude oil prices.
- Middle East & Africa is a major oil producer region in the world. Offshore developments and discoveries of new oil and gas fields by countries such as Qatar, the UAE, and Saudi Arabia are anticipated to dominate the oil-trunk pumps market in the Middle East during the forecast period.
- The market in Latin America, Europe, and Asia Pacific is estimated to expand at a considerable pace during the forecast period. Increase in investment in offshore exploration activities by developing counties such as China, India, and Brazil is expected to drive the oil-trunk pumps market during the forecast period.
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- In August 2019, PumpWorks introduced PWA-SL Sealless horizontal process pump. This pump is designed to take on all applications of a typical ANSI pump, while eliminating the need for mechanical seals and seal support systems.
- In December 2018, HMS Group signed a contract to deliver main and auxiliary equipment worth US$ 80 Mn for a gas booster station at an oil and gas condensate field in Russia
- In February 2017, SPX expanded production capabilities by opening a new manufacturing campus in Poland. This plant is a multi-million dollar investment, established in 28,000 square meter area.
Key Players Operating in the Oil-trunk Pumps Market:
- HYDROMASHSERVICE (HMS Group)
- Wastecorp Pumps
- Sulzer Ltd
- SPX Corporation
- KSB SE & Co. KGaA
- Weir Group
- ENCE GmbH
Global Oil-trunk Pumps Market: Research Scope
Global Oil-trunk Pumps Market, by Application
Global Oil-trunk Pumps Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.