Americas Hydraulic Submersible Pumps Market Size

Americas Hydraulic Submersible Pumps Market Analysis

The market for America's hydraulic submersible pumps is expected to register a CAGR of approximately 5.52% during the forecast period. The shale market of the United States witnessed around a 53% jump in investment and led the global upstream investment in 2017. It is expected to increase further during the forecast period, which, in turn, is likely to act as a driver for hydraulic submersible pumps across hydraulic fracturing services. The region remained subject to constant economic and political instability, including severe corruption charges, violence between government and Revolutionary Army Forces of Colombia (FARC-EP), socioeconomic and political crisis in Venezuela, amongst others. These conditions resulted in the delay of several announced end-user specific projects, and in turn, resulted in reduced demand for hydraulic submersible pumps.

• The oil and gas segment dominated the Americas hydraulic submersible pumps market in 2019, and it is expected to witness the highest growth rate in the future, owing to government plans to encourage unconventional resource development and several upcoming brownfield refinery projects and refinery expansion plans in the Americas.
• With favorable government support and rising oil prices, exploration and production activities are expected to increase. This presents an opportunity for ample growth for hydraulic submersible pump manufacturers, in the coming years, to provide hydraulic submersible pumps capable of operating in high suction areas and complex multiphase production in subsea areas.
• 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.