Chicago, Feb. 08, 2024 (GLOBE NEWSWIRE) -- Oil and Gas Pumps Market size is projected to grow from USD 8.7 billion in 2023 to USD 10.9 billion by 2028, at a CAGR of 4.7% according to a new report by MarketsandMarkets™. The rise in infrastructural development, global economic growth, and rise in exploration of new oil fields, accelerates the growth of the Oil and Gas Pumps Market.
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Scope of the Report
| Report Metric | Details |
| Oil and Gas Pumps Market Size Values |
|
| Base Year | 2022 |
| Forecast Period | 2023–2028 |
| Forecast Unit | Value (USD Billion) |
| Segments Covered | Oil and Gas Pumps Market by Type, Pump Type, Application, and Region. |
| Geographic Regions Covered | Asia Pacific, North America, Europe, South America, and Middle East & Africa. |
| Companies Covered | Atlas Copco AB (Sweden); Flowserve Corporation (US); Sulzer Ltd (Switzerland); KSB SE & Co. KGaA (Germany); Nikkiso Co., Ltd. (Japan), HYDROMASHSERVICE (Russai), Gardner Denver (US), Xylem (US), SEEPEX GmbH (Germany), Leistritz Pumpen GmbH (Germany), ITT Goulds Pumps (US), WILO SE (Germany), SCHMITT Kreiselpumpen (Germany), TSURUMI MANUFACTURING CO., LTD (Japan), EBARA CORPORATION (Japan), TRILLIUM FLOW TECHNOLOGIES (Scotland), Halliburton (US), Baker Hughes Company (US), Gorman-Rupp Pumps (US), EBARA CORPORATION (Japan) |
This report segments the Oil and Gas Pumps Market based on application into three categories: upstream, midstream, and downstream. Midstream is expected to hold the largest market share in the Oil and Gas Pumps Market during the forecast period. The midstream sector in the oil and gas industry plays a vital role in handling the transportation and storage of hydrocarbons. The increasing production of shale oil and gas in the US market is demanding an enlargement of the midstream network, involving pipelines, tankers, and terminals are the factors that are expected to drive the growth of midstream segment during the forecast period.
Based on the Type, the Oil and Gas Pumps Market is segmented into submersible pumps and non-submersible pumps. The non-submersible pumps segment is expected to dominate the market during the forecast period. Non-submersible pumps, due to their ease of access and maintenance in contrast to submersible pumps, lead to reduced downtime and lower maintenance expenses. Their generally lower initial purchase costs, coupled with the ability to handle a diverse range of fluids like crude oil, water, and slurries, make them a cost-effective and versatile choice. They excel in boosting fluid pressure for transportation or processing, transferring fluids between storage and processing sites, and managing the filling and emptying of storage tanks for various fluids including crude oil and water.
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Based on the pump type, the Oil and Gas Pumps Market is segmented into Centrifugal Pumps, Positive Displacement Pumps and Cryogenic Pumps. The centrifugal pumps segment is expected to be the fastest growing market during the forecast period. Centrifugal pumps are favored for handling low-viscosity fluids at high flow rates, particularly in scenarios without air, vapor, or excessive solids. They play a crucial role in upstream operations, especially in multi-phase pumping situations. Various types of these pumps cater to a wide array of applications. For example, electrical submersible pumps serve as efficient water and oil separators, allowing water to be reintroduced into reservoirs without needing surface lifting. This versatility contributes to the continued growth and adoption of centrifugal pumps across diverse industrial applications.
North America is expected to be the largest region in the Oil and Gas Pumps Market.
North America is expected to be the largest Oil and Gas Pumps Market during the forecast period. The North America region comprises major economies such as US, Canada and Mexico. As per the report from the US Energy Information Administration, the United States claimed the title of the largest global crude oil producer in 2022, representing 14% of the world's total crude oil production. Similarly, Canada contributed to approximately 5.6% of the world's crude oil production in the same period. The expansion of the Oil and Gas Pumps Market is propelled by the increasing exploitation of unconventional resources in both the US and Canada. Additionally, the demand emanating from onshore and offshore fields in the Gulf of Mexico is anticipated to be a significant factor fostering market growth throughout the forecast period. Projections indicate that North America is poised to experience the initiation of 594 operational projects between 2023 and 2027.
Key Players
Atlas Copco AB (Sweden); Flowserve Corporation (US); Sulzer Ltd (Switzerland); KSB SE & Co. KGaA (Germany); Nikkiso Co., Ltd. (Japan) are the market leaders in the global Oil & Gas Pumps Market.
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