Newark, Jan. 24, 2024 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global Oil and Gas Pumps market is expected to grow from USD 8.32 Billion in 2022 to USD 13.15 Billion by 2032, at a CAGR of 4.70% during the forecast period 2023-2032.
This market is primarily growing due to conventional sources of oil and gas. The unconventional sources are leading to the faster growth rate of the pump market. Many factors drive the oil and gas pump market, like shale production in the US, the finding of other conventional reserves in Latin America, oil sands in Canada, and deep water discoveries in the Asia Pacific.
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Competitive Strategy
To enhance their market position in the global Oil and Gas Pumps market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• In March 2023: KSB, a leading supplier of valves, pumps and systems, acquired the Bharat Pumps and Compressors’ (BP&CL) technology and hence has the right to the technology of the products by BP&CL. BP&CL is a leading manufacturer of centrifugal pumps, reciprocating pumps, etc. It is eventually helping the organization gain market share in the Oil and Gas Pumps market.
Market Growth & Trends
Based on one of the articles in 2020, Saudi Arabia plans to become a key player in the petrochemical market soon. It is planning to increase domestic and foreign production and expand its exports. The plan's implementation aligns with Saudi Vision 2030, a government plan to decrease Saudi Arabia's dependence on oil, expand its economy and develop its public service sectors. The plan would create the conditions for developing the Saudi petrochemicals sector and increase its competitiveness in the international market. Based on another article, the Middle East and Africa would be the key focus for the petrochemical development as there is an emphasis on exploiting upstream gas production and diverting oil production from the dual sector to chemicals. This factor is eventually driving the oil and gas pump market. It has been observed that centrifugal pumps are the most common and broadly used pumps in the oil and gas sector. These pumps utilize centrifugal force by rotating the pump impeller to draw fluid into the pump intake and push it through the discharge section using centrifugal force. There is a continuous increase in demand for oil because of the population surge and industrialization, eventually driving the demand for the oil and gas pump market. Considering one of the studies, it was the first time in 2008 that the number of people living in cities globally became more than in rural areas. There is an estimation that by 2050, around 70% of people will be living in the cities. These rapid urbanizations demand oil and gas to fulfil the energy requirements. All these factors would, in turn, drive the oil and gas pump market in the forecasting period.
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Key Findings
• In 2022, the centrifugal pump segment dominated the market with the largest market share of 74.45% and market revenue of USD 6.19 Billion.
The type segment is divided into centrifugal pump, positive displacement pump and cryogenic pump. In 2022, the centrifugal pump segment dominated the market with the largest market share of 74.45% and market revenue of USD 6.19 Billion. This significant share is because it is broadly used in the oil and gas sector.
• In 2022, the midstream segment dominated the market with the largest market share of 43.32% and market revenue of USD 3.60 Billion.
The application segment is divided into upstream, midstream and downstream. In 2022, the midstream segment dominated the market with the largest market share of 43.32% and market revenue of USD 3.60 Billion. The new proposed pipelines in the Middle East & Africa and Asia Pacific region will increase the use of pumps in the mid-stream sector.
Regional Segment Analysis of the Oil and Gas Pumps Market:
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
The North America region occurred as the largest market for the global Oil and Gas Pumps industry, with a market share of 43.11% and a market value of around USD 3.59 Billion in 2022. This significant market share is attributed to countries such as the US and Canada, which have experienced significant expansion in unconventional resources. The Asia Pacific region has shown the highest growth in the oil and gas pump market. In emerging economies like India and China, there is a growing use of pumps for the downstream market, which increases the petroleum refining activities in the region.
Key players operating in the global Oil and Gas Pumps market are:
• ITT Oil & Gas
• KSB
• Sulzer
• Grundfos
• Ruhrpumpen
• Flowserve Corporation
• PCM SA
• NETZSCH Pumps & Systems
• Verder (UK) Ltd
• SPP Pumps
• Wastecorp Pumps
• EDUR-Pumpenfabrik Eduard Redlien GmbH & Co. KG
• Designed and Engineered Pumps
• Framo
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global Oil and Gas Pumps market based on below mentioned segments:
Global Oil and Gas Pumps Market by Type:
• Centrifugal pump
• Positive Displacement Pump
• Cryogenic Pump
Global Oil and Gas Pumps Market by Application:
• Upstream
• Midstream
• Downstream
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About the report:
The global Oil and Gas Pumps market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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