The global oil & gas pump market accounted for a value of USD 5.4 billion in 2019 and is projected to register growth at a CAGR of 5.5% during forecast period.
COVID-19 has impacted the oil & gas pump market. The oil & gas industry is negatively affected due to outbreak of corona virus. The oil & gas exploration and production activities are significantly impacted due to COVID-19. The projects are getting delayed due to outbreak of pandemic and the supply chain and construction activities are disrupted due to lockdown and travel restriction. The oil & gas pumps market is likely to witness decline due to COVID-19.
For more details, visit: Global Oil & Gas Pump Market By Type (Centrifugal Pump, Cryogen Pump, Positive Displacement Pump), By Application (Upstream, Midstream, Downstream), By Capacity (Low, Medium, High), By Region, Forecast & Opportunities to 2026
The technological advancement and innovations are rising around the world. The innovation in horizontal drilling and hydraulic fracturing is growing. The utilization of unconventional resources like shale gas & liquids, coal bed methane and tight oil & gas requires pumps. This increases adoption of pumps in oil & gas industry and drives growth in oil& gas pump market during forecast period.
On the basis of type, the oil & gas pump market is segmented into centrifugal pump, cryogen pump and positive displacement pump. The centrifugal pump segment is estimated to dominate the market during forecast period. The centrifugal pumps are widely used in refineries and are used to transport petroleum and its derived products. The refining capacity is increasing and this increases the demand for centrifugal pumps in refineries. Many refineries are upgrading their existing infrastructure which increases demand for pumps. This drives growth in centrifugal pumps during forecast period.
On the basis of application, the oil & gas pump market is segmented into upstream, midstream and downstream. The midstream segment is estimated to be largest contributor during forecast period. The oil & gas midstream segment is considered as a critical infrastructure for storage and transport of hydrocarbons. The shale oil & gas production is increasing is increasing immensely in the market which creates need for an expanded midstream network of tankers, terminals, pipelines and rails. The pumps are largely employed in midstream segment in transportation & pipelines, CO2 pipeline, terminals and others. This boosts growth in midstream segment during forecast period.
Asia-Pacific region is estimated to hold largest market share during forecast period. The China is estimated to grow at highest rate in Asia-Pacific region. The China is major importers of oil & gas and its demand is higher than their production. The adoption of automation is increasing in oil & gas sector which optimum utilization of resources and curbs imports and it helps in reducing human interference and labor cost. There are various stringent labor laws in this region which is a major concern in this region. The demand for oil products is rapidly increasing due economic growth in this region. This increases demand for pumps in oil & gas industry in this region and drives growth in this region during forecast period.
The key market players in oil & gas pump industry are Alfa laval, Flowserve, KSB, Sulzer, Weir Group, Grundfos, HMS, Gardner Denver, Xylem, Nikkiso, Schmitt Kreiselpumpen, Trillium Flow Technologies, Atlas Copco, Wilo SE, Corporation E.G., Halliburton, Baker Huges, Groman-Rupp and Ebra Corporation.
- What are the expected industry trends over the next three to five years?
- Which of the oil & gas pump type is likely to lead by 2026?
- Which of the application segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2026?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?