Oil and gas demand pushes pump growth
A
Frost and Sullivan product story
Edited by the Engineeringtalk editorial team
Mar 11, 2008
The energy pump market generated revenues of US $959.4 million in 2006 and is expected to reach US $1217.3 million by 2013.
Rising global demand for oil and gas is driving demand for energy equipment such as pumps.
With customers continually demanding pumps with longer life and improved quality and reliability, higher quality pumps are witnessing promising growth as they maximise the efficiency of operations.
New analysis from Frost and Sullivan; "Pumps market in the European oil and gas sector", finds that the market generated revenues of US $959.4 million in 2006 and is expected to reach US $1217.3 million by 2013.
With customers demanding so much more from energy equipment, manufacturers are keenly developing intelligent pumping systems (IPS), which control and monitor pump performance.
"Industry participants are looking to cash in on the lifecycle costing strategy by convincing customers about high initial costs but low maintenance costs of their products, compared to the low-quality products", according to Frost and Sullivan Senior Research Analyst Karthikeyan Balasubramaniyam.
The market for retrofits is also expected to grow, especially in Western and Central Europe, as companies look to improve the performance of existing equipment.
On the other hand, stiff competition from low-cost manufacturers from Asia Pacific, especially in the downstream sector, is challenging pump manufacturers catering to the European oil and gas sector to improve their production methods to counter pricing pressures.
Moreover, directives for energy efficiency and emissions are expected to become more stringent in future and suppliers may find it difficult to comply with the various standards.
This requires the equipment and components to satisfy basic criteria with respect to noise levels, emissions, hygiene, quality and reliability.
"To rise above these challenges, market participants must focus on improving the efficiency of production and quality by implementing proper methods such as total quality management (TQM) and just in time (JIT), in order to produce effectively priced products", explains Karthikeyan.
"They must also provide product differentiation features such as price, customer service, delivery, quality and pump intelligence such as control and monitoring systems to steer clear of overlapping product portfolios due to the limited technological advancements".
"It is also crucial to have well-established network of distributors and contractors across the geographic regions as the pumps market in the European oil and gas sector is highly fragmented due to the presence of numerous manufacturers".
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