Oil and Gas Pumps Market by Type (Submersible, Non-submersible), Pump Type (Centrifugal, Positive Displacement (Screw, Reciprocating, Progressive Cavity), Cryogenic), Application (Upstream, Midstream, Downstream) and Region - Global Forecast to 2028

Oil and Gas Pumps Market by Type (Submersible, Non-submersible), Pump Type (Centrifugal, Positive Displacement (Screw, Reciprocating, Progressive Cavity), Cryogenic), Application (Upstream, Midstream, Downstream) and Region - Global Forecast to 2028

The global oil and gas pumps market is estimated to grow from USD 8.7 billion in 2023 to USD 10.9 Billion by 2028; it is expected to record a CAGR of 4.7% during the forecast period. Expansion in exploration activities, especially in unconventional sources, necessitates specialized pumping technologies, fostering growth in the oil and gas pumps market.

“Submersible pumps: The fastest segment of the oil and gas pumps market, by type “

Based on type, the oil and gas pumps market has been segmented into submersible and non-submersible pumps. The submersible pumps segment is expected to be the fastest segment during the forecast period. Submersible pumps are preffered in scenarios where fluid sources are deep underground or space for pump installation is restricted. Their high efficiency, directly linked to electric motors, minimizes energy wastage. These pumps accommodate high flow rates, making them ideal for large-scale oil and gas production.

“Positive displacement pumps segment is expected to be the second largest segment during the forecast period based on pump type.”

By Pump type, the oil and gas pumps market has been split into three types: Centrifugal Pumps, Positive Displacement Pumps, and Cryogenic Pumps. The positive displacement pumps segment is expected to hold the second largest market share during the forecast period. Positive displacement pumps function by capturing and displacing a consistent volume of fluid with each cycle, ensuring a steady flow rate unaffected by system pressure variations. Unlike some pumps, they employ rotating or reciprocating mechanisms to deliver fluid to specific applications. These pumps are favored for conveying high-viscosity liquids at lower flow rates while maintaining high pressure levels.

“By Application , Downstream segment is expected to be the second fastest growing segment during the forecast period.”

Based on the Application, the oil and gas pumps market is segmented into upstream, midstream, and downstream. The downstream segment is expected to be the second fastest growing segment of the oil and gas pumps market during the forecast period. Downstream activities in the oil and gas industry encompass operations that occur post-midstream, after crude oil transportation but before final product sales. This phase involves refining crude oil into various by-products like gasoline, natural gas liquids, and diesel, managed by refining companies. Companies engaged in downstream activities handle the refining, marketing, distribution, and sale of oil's end products.

“Asia Pacific is expected to be the fastest region in the oil and gas pumps market.”

Asia Pacific is expected to be the fastest region in the oil and gas pumps market during the forecast period. In the Asia Pacific region, despite having less than 9.0% of global proven reserves, there's significant focus on redeveloping and rehabilitating existing oilfields. Anticipated growth in oil demand is driven by population growth, industrialization, and advancements in technology enabling deepwater and ultra-deepwater drilling. The region's increasing energy consumption and ongoing infrastructural development further contribute to the expansion of the oil and gas market in Asia Pacific.

Breakdown of Primaries:

In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information and assess future market prospects. The distribution of primary interviews is as follows:

By Company Type: Tier 1- 65%, Tier 2- 24%, and Tier 3- 11%

By Designation: C-Level- 30%, Director Level- 25%, and Others- 45%

By Region: North America- 20%, Europe- 25%, Asia Pacific- 30%, South & Central America- 10% Middle East & Africa- 15%,

Note: Others include sales managers, engineers, and regional managers.

Note: The tiers of the companies are defined on the basis of their total revenues as of 2022. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million

The oil and gas pumps market is dominated by a few major players that have a wide regional presence. The leading players in the oil and gas pumps market are Atlas Copco AB (Sweden); Flowserve Corporation (US); Sulzer Ltd (Switzerland); KSB SE & Co. KGaA (Germany); Nikkiso Co., Ltd. (Japan). The major strategy adopted by the players includes new product launches, partnerships, acquisitions, and investments & expansions.

Research Coverage:

The report defines, describes, and forecasts the global oil and gas pumps market by , storage form, technology, application, and end-user. It also offers a detailed qualitative and quantitative analysis of the market. The report comprehensively reviews the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the oil and gas pumps market.

Key Benefits of Buying the Report

Contionously growing global demand, and Government and private sector investments in oil and gas infrastructure are few of the key factors driving the oil and gas pumps market. Factors such as high initial cost and regulatory and increasing environmental regulations restrain the growth of the market. The growing energy transition towards renewable energy sources and rapid urbanization are expected to present lucrative opportunities for the players operating in the oil and gas pumps market. The high competition from batteries and low energy density as compared to other fuels poses a major challenge for the players, especially for emerging players operating in the oil and gas pumps market.

Product Development/ Innovation: The oil and gas pumps market is witnessing significant product development and innovation, driven by the growing demand for environmentally friendly, safe and sustainable products. Companies are investing in developing advanced oil & gas pumps technologies for various applications.

Market Development: Atlas Copco acquired LEWA GmbH, a German manufacturer of diaphragm metering pumps, process pumps, and complete metering systems, including its subsidiaries, and Geveke B.V, an expert in pump systems, compressors, and associated services, including its subsidiaries, to strengthen its industrial pumps business.

Market Diversification: KSB SE & Co. KGaA expanded its MeeaCKtype series by adding 19 new sizes. The new seal chamber design enables the installation of gland packings, mechanical seals that comply with EN 12756, and a large variety of cartridge type mechanical seals. This expansion ensures a higher degree of reliability and impraves overall system availability.

Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players, like include Atlas Copco AB (Sweden); Flowserve Corporation (US); Sulzer Ltd (Switzerland), KSB SE & Co. KGaA (Germany); Nikkiso Co., Ltd. (Japan)among others in the oil and gas pumps market.