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Energy Efficiency to Emerge as Key Purchase Criterion for Pumps in the Oil and Gas Industry, Says Frost & Sullivan

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Energy Efficiency to Emerge as Key Purchase Criterion for Pumps in the Oil and Gas Industry, Says Frost & Sullivan PR Newswire LONDON, July 4, 2012 - Focus to be on achieving increased pump and motor efficiencies, higher price performance ratio and prompt after sales service LONDON, July 4, 2012 /PRNewswire/ -- The oil and gas industry in Europe has been through economic vagaries in the last 10 years with financing difficulties and low oil prices resulting in several projects being either postponed or abandoned altogether. This, in turn, has affected the uptake of pumps by the industry. Nevertheless, demand for pumps is set to grow steadily as projects gradually start being revived. New analysis from Frost & Sullivan (http://www.industrialautomation.frost.com), European Pumps Market in the Oil and Gas Industry, finds that the market earned revenues of euro 1,346.78 million in 2010 and estimates this to reach euro 1,483.19 million in 2015. The research covers centrifugal and positive displacement pumps. Pump reliability, energy efficiency and conservation, and safety have become critical factors due to the oil and gas crisis in Europe. "The EU policy of using energy efficient motors and drives is expected to boost the demand for pumps in the oil and gas industry," notes Frost & Sullivan Program Manager Ashwin Annareddy.
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Energy Efficiency to Emerge as Key Purchase
Criterion for Pumps in the Oil and Gas Industry,
Says Frost & Sullivan
PR Newswire
LONDON, July 4, 2012
- Focus to be on achieving increased pump and motor efficiencies, higher price
performance ratio and prompt after sales service
LONDON
,
July 4, 2012
/PRNewswire/ -- The oil and gas industry in
Europe
has
been through economic vagaries in the last 10 years with financing difficulties
and low oil prices resulting in several projects being either postponed or
abandoned altogether. This, in turn, has affected the uptake of pumps by the
industry. Nevertheless, demand for pumps is set to grow steadily as projects
gradually start being revived.
New analysis from Frost & Sullivan (http://www.industrialautomation.frost.com),
European Pumps Market in the Oil and Gas Industry
, finds that the
market earned revenues of
euro 1,346.78 million
in 2010 and estimates this to
reach
euro 1,483.19 million
in 2015. The research covers centrifugal and
positive displacement pumps.
Pump reliability, energy efficiency and conservation, and safety have become
critical factors due to the oil and gas crisis in
Europe
.
"The EU policy of using energy efficient motors and drives is expected to boost
the demand for pumps in the oil and gas industry," notes Frost & Sullivan
Program Manager Ashwin Annareddy. "Pump manufacturers are ready to
match the need for innovative and energy efficient products with intelligent
pumps that can save massive amounts of energy over their lifetime. Over the
medium and long term of the forecast period, more energy efficient products
are set to enter the market."
The competitive environment in the European oil and gas industry is dominated
by large corporates with API and non-API pump offerings. Low cost pump
manufacturers from
Asia
and Far East have not been able to gain a foothold in
the market, due to a conservative end user mindset and a tendency to equate
lower prices with inferior products.
"The pumps market in the European oil and gas industry has been very
conservative in terms of adopting new pump types and pumping technology,"
remarks Annareddy. "The majority of the pumps used in the oil and gas
industry are API 610 pumps that require extremely high standards of
manufacture, machining and safety levels. Strict regulations within the oil and
gas industry have resulted in end users being unwilling to risk their investment
with pumps manufactured in
Asia
and the Far East."
Increasing customer satisfaction also poses a significant challenge to pump
manufacturers. Customer satisfaction is essential in building long term and
profitable relationships leading to customer loyalty and repeat business.
"End users now expect not just a high quality product but, equally, an array of
services to go along with it," adds Annareddy. "Market participants will also
have to address end user demand for efficient service personnel and timely