Frost & Sullivan: Increased Conventional and Unconventional O&G Explorations Drive New Investments in Latin American Positive Displacement Pump Market
Jul 29, 2014 UncategorizedComments Off on Frost & Sullivan: Increased Conventional and Unconventional O&G Explorations Drive New Investments in Latin American Positive Displacement Pump Market
– Brand awareness campaigns and training programs on the applications of positive displacement pumps are vital for market success
BUENOS AIRES, Argentina, July 30, 2014 /PRNewswire/ — Strong investment in the oil and gas (O&G) and petrochemical industries in Latin America is fueling the demand for positive displacement pumps in the region. The development of the infrastructure and food and beverage manufacturing industries to meet the accommodation and consumption needs of the expanding population, is also adding momentum to the market.
Photo – http://photos.prnewswire.com/prnh/20140729/130811
New analysis from Frost & Sullivan, Analysis of the Latin American Positive Displacement Pump Market, finds that the market earned revenues of $464.5 million in 2013 and estimates this to reach $626.7 million in 2020. Although Latin America’s gross domestic product is expected to decelerate to an average of three to four percent, the demand for positive displacement pumps will grow at a compound annual growth rate of 4.4 percent mainly due to new applications in the O&G and petrochemical industries. The study covers rotary, reciprocating and peristaltic pumps.
“With the mining industry in Latin America garnering major interest from state governments and international companies, opportunities for positive displacement pump manufacturers are also emerging in this space,” said