Pumps Market for Oil and Gas Industry by Product and Geography

Posted by Ruchi Walt on November 9th, 2020

The pumps market size for oil and gas industry has the potential to grow by USD 2.23 billion during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.

This report provides a detailed analysis of the market by product (centrifugal and PD) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Danfoss AS, Enerpac Tool Group Corp., Flowserve Corp., General Electric Co., Grundfos Holding AS, Ingersoll Rand Co., ITT Inc., Robert Bosch GmbH, Sulzer Management Ltd., and The Weir Group Plc.

Market Overview

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Market Competitive Analysis

The pumps market for oil and gas industry is fragmented. Market vendors are increasingly focusing on consolidation activities to expand their geographical presence and product portfolios, improve access to supply and distribution channels, and increase the sales of PD pumps. Ingersoll Rand Co., ITT Inc., Robert Bosch GmbH, Sulzer Management Ltd., and The Weir Group Plc are some of the major market participants. Although the growing need for energy-efficient pumps will offer immense growth opportunities, operations in harsh environments will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

To help clients improve their market position, this pumps market forecast report for the oil and gas industry provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this pumps market analysis report for the oil and gas industry also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

North America was the largest pumps market for oil and gas industry in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The significant investments in upstream oil and gas activities will significantly influence pumps market growth for oil and gas industry in this region.

Over 40% of the market’s growth will originate from North America during the forecast period. The US and Mexico are the key markets for pumps in North America. Market growth in this region will be faster than the growth of the market in Europe and South America.

Centrifugal pumps are preferred for handling large volumes of fluids because of their higher flow rate as compared to PD pumps. Centrifugal pumps can regulate their flow rate with changes in oil and gas piping systems. The resurging investments in shale resources in the US, which is a key oil and gas market, is expected to fuel the growth of the pumps market in this segment.

However, market growth in this segment will be slower than the growth of the market in the PD segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the pumps market size for the oil and gas industry.

Pumps Market for Oil and Gas Industry: Key Drivers and Trends

The considerably increasing need for energy-efficient pumps is one of the key factors driving pumps market growth for oil and gas industry. With the aging infrastructure and increased focus on reducing operating expenditure (OPEX) by improving production efficiency, there has been a significant rise in the requirement of energy-efficient pumps. Additionally, technological advances in PD pumps have made them a viable choice for consumers in the oil and gas industry as they can replace several small pumps due to their variable frequency drive. Such advantages of pumps are encouraging vendors to develop energy-efficient pumps to improve overall operational efficiency. Furthermore, regulatory authorities across the globe are encouraging the adoption of energy-efficient equipment, including pumps. For instance, the US Department of Energy funded USD 25 million for the development of energy-efficient motor technology. Such initiatives by the governments across the globe will further contribute significantly to the growth of pumps market for oil and gas industry during the forecast period.