North America Centrifugal Pump Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

North America Centrifugal Pump Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The North America Centrifugal Pump market is expected to register a CAGR of more than 4.26% during the forecast period of 2022-2027. Due to the outbreak of COVID-19 and mutations, crude oil and gas price volatility has led to a delay in refining and petrochemical projects, which are expected to hinder the market studied. However, post-pandemic, the cost of crude oil increased, increasing the demand for associated centrifugal pumps used in refinery and petrochemical sectors. In addition, increased demand for natural gas in the power industry in North America would aid the market. However, the rapid growth of renewable energy would restrain the market.

Key Highlights

• The oil and gas end-user segment is likely to dominate the centrifugal pumps market, owing to the increased use of different types of pumps in the upstream, midstream, and downstream sectors for several distinctly different applications.
• Moreover, technological developments that have rendered deep-water and ultra-deep-water explorations are expected to increase oil production and provide opportunities for market growth during the forecast period.
• The United States is the largest market in the region due to many petrochemical refineries, oil and gas activities, and natural gas power production facility.

Key Market TrendsOil and Gas Segment to dominate the market

• The oil and gas industry offers widespread applications for centrifugal pump across the upstream, midstream, and downstream sectors. The centrifugal compressor serves various purposes across the oil and gas industry, such as gas transportation, compression for gas injection, gas gathering, gas lift, etc.
• In oil and gas upstream operations gas lifts are used, in which low-pressure gas (3 to 7 bar) is compressed to a higher pressure and recycled down the well casing-tubing annulus, through a gas lift valve into the tubing at a predetermined depth that enables to lighten the liquid column in the tubing.
• Centrifugal pumps are used in later phases to maintain or increase gas flow into the pipeline systems in gas fields, as the reservoir pressure tends to decrease over time. The gas reinjection is used for enhanced oil recovery (EOR) to compensate for the natural decline in production from the oil fields.
• The abundance of low-priced natural gas in North America, like that from the Permian and Marcellus Basins, is enabling the change in the United States and global energy market. Natural gas demand is increasing as a source of lower-carbon power generation. The implementation of technologies, such as hydraulic fracturing (fracking) and horizontal directional drilling, has resulted in a considerable rise in the production of natural gas. Owing to cost-competitiveness and environmental benefits offered, the natural gas consumption has also increased, and it is expected to witness similar trends in the near future. This is likely to result in an increased uptake of natural gas-based infrastructure projects, which, in turn, may increase the demand for centrifugal pumps during the forecast period.

United States to dominate the geographical segment

• The United States is one of the major markets for centrifugal pumps due to its very large oil and gas, power, and chemical and petrochemical industries.
• As of 2021, the United States was the largest producer, importer, exporter, and refiner of oil and gas, globally. The refining capacity of the United States accounted for 17,941 thousand bpd in 2021. Furthermore, the refining capacity of the United States is projected to increase significantly in the future, owing to the upcoming projects.
• The shale revolution in the United States resulted in an unprecedented petrochemical capacity creation and expansion, primarily along the Gulf Coast. As a result, steady growth in projects and investments has been witnessed in the petrochemical sector. Petrochemicals are used to manufacture solar modules and wind turbines. Due to the increasing uptake in solar and wind energy in the country, the demand for petrochemicals is expected to grow in the future. As a result, growth in the upstream sector and its ripple effect in the downstream sector are expected to drive the demand for pumps in the coming years.
• In the United States, some power plants store natural gas onsite as LNG to generate electricity when electricity demand is high, such as during cold and hot weather, or when pipeline delivery capacity is constrained or insufficient to meet the increased demand for natural gas by other consumers. The power plants take natural gas from natural gas pipelines, liquefy it in small-scale liquefaction facilities, and store it in cryogenic tanks.

Competitive Landscape

The North America Centrifugal Pump market is moderately consolidated. The major companies include Atlas Copco AB, Ingersoll Rand Inc., Baker Hughes Company, Sundyne, and Elliott Group.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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