Oil and Gas Pump Market

Oil and Gas Pump Market

Growth Factors of Oil and Gas Pump Market

The oil and gas pump market size was valued at USD 8.59 billion in 2023, and the market is now projected to grow from USD 8.89 billion in 2024 to USD 12.57 billion by 2032, exhibiting a CAGR of 4.43% during the forecast period of 2024-2032.

The demand for oil and gas pump market growth reduced considerably during the COVID-19 pandemic due to restricted mobility and the closure of major markets under the lockdown measures. This affected the number of exploration and production which was low during the period of the COVID-19 pandemic affecting the demand for oilfield equipment such as pumps.

The global oil and gas pump market share is quite relevant to the drilling functions as it pumps fluids and controls pressure, besides, it also carries the cuttings. In essence, there has been the discovery that the more exploration activities, the higher the need for pumps and related accessories. With conventional resources progressively more elusive, global attention shifts to such resources as shale oil, tight oil and deep water resources the exploitation of which is more intensive and involves high–pressure pumping systems in hydraulic fracturing.

Also, in the pumps, the implementation of IoT sensors makes it easy to monitor parameters such as temperature, pressure and vibration to allow for predictive maintenance and further cut down on downtime. It offers flexibility for remote pump performance and energy efficiency maintenance and control. Through the integration of digital technologies, one can gather large volumes of information mainly through analytics and artificial intelligence about the performance of the pump and subsequently make improvements to the manufacturing procedure. Such structural organization of data enables informed decision-makers and thus enhances efficiency in an organization’s operations thereby reducing its operational costs.

Comprehensive Analysis of Oil and Gas Pump Market

The global oil and gas pump market in the power and energy industry is rising tremendously because of its classification. This expansion enables thorough regional assessments by taking into account the key supply and demand factors influencing the power industry. These segmentations are methodically segregated by pump type, and by application. The pump type include, centrifugal pumps, positive displacement pumps, and others. At last, the application include, upstream, midstream and downstream.

The Middle East and Africa are considered the global hub of the oil and gas industry, hence a boost in demand within the oil and gas pump market. This leading position largely emanates from the fact that it contains some of the largest proven crude oil and natural gas reserves in the world. Countries such as Saudi Arabia, the United Arab Emirates, Qatar and Iran that belong the biggest in the world for oil production have enormous deposits which are proven this constitute a high percentage of the oil and gas reserves of the world.

The top players in the market assure the growth of the industrial prospectus in the healthcare industry. They set market standards accordingly. These players include, SPP Pumps (U.S.), Kirloskar Brothers Limited (India), PCM (U.S.), Ruhrpumpen Group (U.S.), Grundfos (Denmark), Sulzer Ltd (Switzerland), Xylem (U.S.), Flowserve Corporation (U.S.), Netzsch (Germany), Wastecorp Pumps (U.S.), National Pump and Energy (Australia), Atlas Copco (Sweden), Halliburton (U.S.), and Baker Hughes (U.S.). These market players provide a level-playing competitive landscape.

In April 2024, Cedar LNG Canada was awarded a contract with Baker Hughes which commanded it to provide them with electric-driven liquefaction equipment. The order scope includes turbomachinery units made up of four electric-driven main refrigeration compressors, six centrifugal pumps, and two electric-driven boil-off gas compressors.

Segmentation Table

Global Oil and Gas Pump Market Scope

Study Period 2019-2032

Base Year 2023

Forecast Period 2024-2032

Growth Rate CAGR of 4.43% from 2024 to 2032

Historical Period 2019-2022

Unit Value (USD Billion)

Segmentation By Pump Type, Application, and Region

By Pump Type - Centrifugal Pumps

- Positive Displacement Pumps

- Others

By Application - Upstream

- Midstream

- Downstream

By Region - North America (By Pump Type, By Application, and By Country)

• U.S. (By Pump Type)
• Canada (By Pump Type)

- Europe (By Pump Type, By Application, and By Country)

• Germany (By Pump Type)
• France (By Pump Type)
• U.K. (By Pump Type)
• Spain (By Pump Type)
• Italy (By Pump Type)
• Russia (By Pump Type)
• Rest of Europe (By Pump Type)

- Asia Pacific (By Pump Type, By Application, and By Country)

• China (By Pump Type)
• India (By Pump Type)
• Japan (By Pump Type)
• Australia (By Pump Type)
• Southeast Asia (By Pump Type)
• Rest of the Asia Pacific (By Pump Type)

- Latin America (By Pump Type, By Application, and By Country)

• Brazil (By Pump Type)
• Mexico (By Pump Type)
• Rest of Latin America (By Pump Type)

- Middle East & Africa (By Pump Type, By Application, and By Country)

• GCC (By Pump Type)
• Algeria (By Pump Type)
• Rest of the Middle East & Africa (By Pump Type)


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