Horizontal Pumping Systems Market Trends

Key Emerging Trends in the Horizontal Pumping Systems Market

In the world of oil and gas, there's a special kind of pump called a horizontal pumping system. These pumps are like superheroes for moving gases and fluids on the surface. They play a crucial role in various oil and gas activities, like moving oil and gas through pipelines, injecting water and CO2, and maintaining the pressure in underground reservoirs. These horizontal pumping systems are in high demand because the oil and gas industry is growing, and these pumps are needed for many important jobs.

The BP Statistical Review of World Energy 2020 gives us some interesting facts. It says that global oil production increased from 92,798 thousand barrels per day in 2017 to 95,254 thousand barrels per day in 2018. Similarly, global natural gas production went up from 3,857.5 billion cubic meters in 2018 to 3,989.3 billion cubic meters in 2019. This growth happened because the world needed more energy, especially from industries. Natural gas became a go-to choice for making electricity because it produces more power and causes fewer emissions compared to coal and diesel-powered plants. The report also mentions that the use of natural gas for making electricity increased from 6,802.5 Terawatt-hour in 2018 to 6,297.9 Terawatt-hour in 2019. This trend is expected to continue.

With the increase in natural gas production, there's a higher demand for oil and gas exploration and production (E&P) worldwide. Big companies like Schlumberger Limited, Saudi Aramco, and Halliburton are focusing on exploring and producing more oil and gas. For example, in 2017, Schlumberger teamed up with Torxen Energy and Cenovus Energy to spend a whopping USD 1 billion on exploring and producing oil and gas in Canada. Similarly, in 2019, Halliburton signed a contract with Woodside Energy to help drill and complete offshore fields in Senegal, Africa. In 2020, Saudi Aramco announced a plan to invest USD 110 billion in an unconventional gas field for more gas production. These actions show that the exploration and production of oil and gas are booming.

As more oil and gas are explored and produced, the need for horizontal pumping systems grows. These pumps become the unsung heroes, ensuring that the movement of gases and fluids happens smoothly. Data from Baker Hughes tells us that the worldwide rig count, which is a sign of how much oil and gas exploration is happening, increased from 2,029 rigs in 2017 to 2,177 rigs in 2019. This increase shows a growing demand for exploring and producing oil and gas, which, in turn, boosts the demand for horizontal pumping systems in the oil and gas industry. So, the surge in oil and gas exploration and production is set to propel the global horizontal pumping systems (HPS) market to new heights in the coming years.