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Horizontal Pumping Systems Market Growth Projections and Opportunities
There's a growing need for something called horizontal pumping systems (HPS) in the world. These systems are becoming super popular globally because more and more oil and gas are being explored and produced. Also, industries are finding these pumping systems really handy for their operations.
The global market for horizontal pumping systems (HPS) is expected to grow at a rate of 4.28% every year from 2020 to 2026. In 2019, North America led the way in using these systems, making up 33.5% of the global market. Asia-Pacific and Europe followed with 24.3% and 18.2% shares, respectively.
These horizontal pumping systems come in different types based on their power. There are those under 100 horsepower (HP), ranging from 100 to 600 HP, and the really powerful ones above 600 HP. The super powerful ones, above 600 HP, are expected to grow even faster in the coming years. In 2019, they already held the biggest share of 46.2% in the global market.
The usage of these pumping systems depends on what different industries need. They find a place in industries, oil and natural gas operations, mining activities, and more. Among these, the oil and natural gas industry is predicted to be the fastest-growing user of these pumping systems. In 2019, this sector already held a big share of 43.1% in the global market.
So, what's driving this surge in demand for horizontal pumping systems? Well, as the world explores and produces more oil and gas, the need for these pumping systems shoots up. Industries, especially in North America, Asia-Pacific, and Europe, are relying heavily on these systems for smooth operations. It's like these pumping systems have become the go-to superheroes for making things work efficiently in various sectors. With such a surge in demand, it's clear that the global market for horizontal pumping systems is set to grow and play a crucial role in different industries in the years to come.
Covered Aspects:| Report Attribute/Metric | Details |
|---|---|
| Growth Rate | 3.40% |
Horizontal Pumping Systems Market Highlights:
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