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Frost & Sullivan's newly released analysis "WorldPumpsMarketintheOilandGasIndustry" (global oil and gas industry pump market) shows that in 2005 the market's revenue reached 5.23 billion US dollars, and it is expected that the figure will reach 8.01 billion US dollars in 2012.
The ever-popular trend of service provided by pump manufacturers is attractive to manufacturers because it enables them to stand out from the highly competitive market. In fact, the uniqueness of the service will increase the possibility of more revenue growth. These services as a stimulus purchase factor or included include installations, general service agreements, maintenance contracts, and technical support.
Vendors in this market use this service model to attract end users who want to outsource the maintenance of the skills and equipment needed to achieve the best application. Moreover, the risk of this approach is also the smallest. In addition to providing convenient solutions, manufacturers must also pay attention to the growing demand for improved energy costs and pump efficiency. Considering that energy will become increasingly tense between 2006 and 2008, the importance of this challenge will likely be raised to the level of regulations.
Dushyant Mehra, Frost & Sullivan research analyst, said: "In compliance with the various standards for various equipment and components, especially the smaller manufacturers will face more and more difficulties. They will have to reduce the noise and emission levels of their equipment, Improve hygiene standards, quality and reliability."
Mehra commented: “In the past few years, rapid economic growth, further intensification of industrialization, and an increase in population have all contributed to the growth of the pump market in the Asia Pacific region and Latin America, given its low labor costs and low real estate. With a convenient price and convenient transportation location, the Asia Pacific region is expected to continue to be the fastest growing market in the world and an attractive manufacturing center."
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Pump manufacturers in the oil and gas industry are expected to usher in a significant increase in sales revenue by providing a full range of services and solutions for their products. These manufacturers seek to increase their competitiveness by providing convenient additional services and solutions such as on-site assistance, maintenance and spare parts.