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With Short-term Economic Setbacks, There is a Need to Curtail Operating Costs and Improve Well Productivity to Solidify Pump Sales and Boost the Adoption of Industrial Internet of Things (IIoT) Based Solutions in the Long Run
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The aim of this research study is to identify and analyze various market trends impacting and influencing the pumps landscape in the oil and gas industry. Oil price volatility, economic uncertainties, trade conflict, and political tensions have severely affected the investment sentiment in the oil and gas industry. Moreover, the increasing concern toward well productivity and Operational Expenditure (OPEX), especially in shale reserves, has caused momentary roadblocks in the upstream activities. In this study, Frost & Sullivan correlates various political, economic, and technological factors that have a direct impact on the growth of the pumps industry and those that cause a roadblock in pushing order volumes. The sales of pumps is assessed across 3 segments of the oil and gas industry, namely upstream, midstream, and downstream. An in-depth analysis of pumps types that include centrifugal and Positive Displacement (PD) is offered in the study where its impact across regions and the 3 segments of the oil and gas industry is discussed. Furthermore, the competitive assessment of pumps in the oil and gas industry offers insights on the leading market participants and pivotal factors that enable to outperform in this market. Additionally, 5 major growth opportunities are identified for pump manufacturers in the oil and gas industry that will enable to unlock new revenue streams.This research embraces a specific methodology that includes discussion with the senior management of pump manufacturers both in PD and centrifugal, and oil and gas enterprises and is supported by secondary research.
This research also discusses the role of disruptive technologies, such as Industrial Internet of Things (IIoT) and its role in addressing some of the pressing concerns of oil and gas enterprises such as energy efficiency, cutting down operational costs, enhancing production efficiency, and improving profitability. This study discusses the need for new-age pumps that are embedded with smart and intuitive features enabling plant engineers to redefine plant maintenance strategy by enhancing pump efficiency and its consequent impact on the production throughput. Oil and gas companies, known for their conservative approach, are gradually exploring new methods such as digital transformation, to remain competitive and relevant in this cut-throat business environment. This beginning is expected to be witnessed at plant-level assets and particularly support IoT-based pump solutions that are used in critical operation.
Key Issues Addressed
?Author: Kiravani Emani
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