Oil & Gas Pumps - Global Market Outlook (2019-2027)
According to Stratistics MRC, the Global Oil & Gas Pumps Market is accounted for $6.08 billion in 2019 and is expected to reach $11.68 billion by 2027 growing at a CAGR of 8.5% during the forecast period. Some of the key factors propelling the market growth include the continuous shale development activities, the development of gas terminals, growing adoption for oil & gas pumps due to increasing demand of unconventional resources, increasing demand for long shelf life pumps, and improved quality and reliability. However, increasing focus on use of renewable energy is likely to restraint the market.
Pumps are very important in the oil and gas industry. They are used to displace oil in several instances such as inside oil drilling rigs and refineries. They are used for injection tasks, chemical transfers, gasoline transfers, or steam stripping. The oil and gas industry cannot operate without pumps that have been specifically designed for them. Pumps in the oil and gas industry are designed for maximum reliability and optimum functioning. It is important to consider that the oil and gas industry faces a wide range of circumstances including temperatures, pressure, and chemicals. The pumps need to remain operational in such circumstances, whether onshore or offshore. Oil and gas pump manufacturers need to meet many criteria to deliver quality pumps. This includes selecting right materials, their high-quality processing, and complying with various industry standards such as ISO/TS 29001 Certification.
By application, the midstream segment is projected to be a significant-growing segment in the oil & gas pumps market, owing to the growth of unconventional resources is creating the need for an expanded midstream network of pipelines, rail, tankers, and terminals. The oil & gas midstream segment serves as critical infrastructure for the transport and storage of hydrocarbons. The midstream natural gas activities include gathering, transporting, and processing of natural gas from the wellhead, removal of impurities, production of natural gas liquids, storage, pipeline transport, and shipping, liquefaction or regasification of Liquefied Natural Gas (LNG). Companies that operate bulk stations & terminals and manufacture & install storage tanks and pipelines are also included in carrying out the operations of the midstream industry.
On the basis of geography, the Asia Pacific region is expected to have considerable market growth during the forecast period, due to the demand for oil products in the Asia Pacific region is rapidly increasing as the region experiences strong economic growth. The region has less than 9.0% of the world’s proven reserves, implying a high rate of redevelopment and rehabilitation of oilfields. Substantial economic growth and the demand for oil & gas have led to an increase in offshore oil & gas E&P in the region. The market in China is expected to grow as it is one of the major importers of oil and its domestic demand surpasses its production. Moreover, the increasing activities in deeper and more remote waters in the Philippines and Myanmar are expected to meet the growing energy demand.
Some of the key players in Oil & Gas Pumps Market include Alfa Laval AB, Flowserve Corporation, Sulzer AG, Trillium Flow Technologies, Xylem Inc., Atlas Copco, Gardner Denver Holdings Inc, HMS Group, Weir Group PLC, Schmitt Kreiselpumpen, EBARA Corporation, KSB SE & Co. KGaA, Halliburton, Baker Hughes Co, GE Oil & Gas, Wilo Se, and ITT Inc.
Pump Types Covered:
• Positive Displacement Pump
• Dynamic Pumps
• Cryogenic Pump
• Centrifugal Pump
• Non-Submersible Pumps
• Submersible Pumps
• High (More Than 1000 gpm)
• Medium (500-1000 gpm)
• Small (Upto 500 gpm)
Pump Characteristics Covered:
• Standard Pumps
• Engineered Pumps
• Special Purpose Pumps
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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