As cited by the research report titled ‘Global Horizontal pumping system Market Size study, By Type (Under 100 HP, 100-600 HP and Above 600 HP), By End Use (Industrial, Oil & Natural Gas, Mining and Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global horizontal pumping system market was worth USD 420 million in 2019 and is projected to grow with a CAGR of 3.1% over 2020-2027 to accumulate USD 536.19 million by the end of study duration.
 

Rise in various industrial activities like mining, agriculture, water & wastewater treatment, and maritime trades due to rapid urbanization, increasing population, and improved incomes of people, is spurring the growth of global horizontal pumping system market.
 

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According credible sources, the U.S. mines generated mineral raw materials of around USD 82.2 billion in 2018, showing an increase to that of 2017. These raw materials were then combined with recycled materials for the processing of mineral materials like aluminum, steel, and copper worth USD 766 billion.
 

For the record, horizontal pumping system comprises of a surface pump, a power fluid storage, treatment & distribution system, and a pump driving fuel or an electric motor.
 

Increasing exploration & production of oil & gas, coupled with rising use of horizontal pumping systems in industrial vertical are also bolstering the market valuation.
 

However, high cost for manufacturing and installation of the equipment is acting as a restraint for the growth of worldwide horizontal pumping system market.
 

Based on type, global horizontal pumping system market is segmented into above 600 HP, 100-600 HP, and under 100 HP. Speaking of end user spectrum, the marketplace is divided into industrial, mining, and oil & natural gas among others.
 

Geographically, Asia Pacific, Europe, North America, and Latin America are major revenue generators for worldwide horizontal pumping system market. Of these, North America is projected to be a major growth hub for the market over 2020-2027, owing to growing urbanization and increasing per capita incomes.
 

Whereas, Europe market is likely to showcase remunerative growth over the forecast period.  And, flourishing agricultural sector, coupled with amplifying marine and wastewater treatment industries in the Asia Pacific region would also generate revenues for the horizontal pumping system market.
 

Key players in the report are HOSS Pump Systems, Submersible Pumps Inc., Borets International Ltd., Canadian Advanced Esp Inc., National Oilwell Varco Inc. (NOV Inc.), Weatherford International plc, Novomet USA Inc., Halliburton Company, General Electric Company, and Schlumberger Limited.