Oil & Gas Pumps Market Forecasts to 2028 – Global Analysis By Type (Submersible and Non-Submersible), By Pump Type (Centrifugal pump, Positive Displacement Pump, Cryogenic Pump and Other pump types), By Capacity (Small Up to 500 gpm, Medium 500-1,000 gpm

Oil & Gas Pumps Market Forecasts to 2028 – Global Analysis By Type (Submersible and Non-Submersible), By Pump Type (Centrifugal pump, Positive Displacement Pump, Cryogenic Pump and Other pump types), By Capacity (Small Up to 500 gpm, Medium 500-1,000 gpm and High More than 1,000 gpm), By Application (Upstream, Midstream and Downstream) and Geography

According to Stratistics MRC, the Global Oil and Gas Pumps Market is accounted for $7.75 billion in 2022 and is expected to reach $12.58 billion by 2028 growing at a CAGR of 8.4% during the forecast period. Oil and gas pumps refer to the range of pumps required for extracting, processing, and delivering oil and gas to associated equipment. These pumps are useful for extracting oil and gas from various reservoirs or fields and delivering it to various markets or even exporting it. The oil and gas industry is critical to the global economy. The oil and gas industry not only generates the majority of primary energy, but it also serves as a major supplier of raw materials for chemical products such as pharmaceuticals, solvents, fertilisers, pesticides, and plastics.

According to the Organization of Petroleum Exporting Countries (OPEC), demand for OPEC crude oil is expected to rise by more than 40 million barrels per day by the end of 2040, fueling energy demand.

Market Dynamics:

Driver:

Continuous shale development activities

Shale and oil sands are significant sources of energy in North America, Latin America, and Asia Pacific. With a series of discoveries and technological advances, shale is one of the fastest growing energy sectors. Despite the fact that drilling can extract a significant amount of oil and natural gas from reservoir rock, much of it remains trapped within the reservoir itself. As a result, shale reservoirs necessitate more intervention processes in order to maximise oil production. Shale developments in China, the United States, and Argentina boost well production in these countries. As a result, rising shale oil and gas production is likely to increase demand for oil and gas pumps.

Restraint:

Increasing focus on use of renewable energy

Increasing emphasis on the use of renewable energy over the last decade, the use of renewable energy has increased significantly in regions. This has been bolstered further by lower power generation costs and growing concerns about carbon emissions. According to the Energy Information Administration (EIA), the use of renewable energy is expected to increase by 40% between 2012 and 2018. The decrease in solar and wind farm construction costs as new technologies emerge, as well as the increased adoption of electric vehicles, are supporting this dramatic shift from conventional energy to renewable energy, which is hindering the market.

Opportunity:

Development of pipeline infrastructure

Infrastructure development and the midstream oil and gas sector necessitates a widely distributed network because distances can range from many acres for an intermediate or end terminal tank farm to entire continents for a pipeline system. SCADA systems, control systems, and safety systems in storage facilities, control centres, and corporate offices, as well as a fast and reliable communication infrastructure, are required to perform intranet integration. This demand has a high growth potential for midstream communication solutions.

Threat:

Stringent Regulations

As global emissions levels rise, governments around the world are imposing strict emission regulations on the oil and gas industry. The oil and gas industry, for instance, is the largest source of volatile organic compounds (VOCs) and methane. And, as the world's reliance on oil and gas for energy and transportation grows, emissions levels rise as a result of increased oil and gas production and consumption, restricting market growth.

Covid-19 Impact

The negative global effects of the coronavirus are already visible, and they will have a significant impact on the Oil & Gas pumps market. Exports and imports, global manufacturing, tourism, and the financial sectors have all suffered significantly. For about two months, China, the world's largest consumer of oil, gas, and refined petroleum products, was shut down. As a result, oil prices began to fall in February 2020. Furthermore, in March 2020, Saudi Arabia and Russia engaged in an oil price war in response to Russia's denial of cutting production in order to keep prices moderate. This lasted for days, causing oil prices to fall in the spring. Furthermore, the lockdown has hampered the import and export of various goods.

The Midstream segment is expected to be the largest during the forecast period

The midstream segment has the largest market share and is expected to have the largest share during the forecast period. And, it primarily includes refined products transported over land, crude oil transportation via a network of pipes and pumping stations, as well as trucks and rail cars, all of which contribute to the segment's growth.

The Centrifugal pump segment is expected to have the highest CAGR during the forecast period

Because of their functionality as a water and oil separator, centrifugal pump segment is expected to register highest CAGR during the forecast period. Centrifugal pumps are in high demand in the oil and gas industry. With rising crude oil demand, centrifugal pumps are finding increased use in crude oil transportation in a variety of countries. Oil and gas pump manufacturers are concentrating on the modification of centrifugal pumps, which can improve performance and save a significant amount of energy.

Region with largest share:

The Middle East and Africa are the most profitable markets for oil and gas pumps and are expected to be the largest region during the forecast period. Because the Middle East is home to many oil and gas companies, the demand for oil and gas pumps in the UAE, Qatar, and Saudi Arabia is expected to rise rapidly. Furthermore, investments in the oil and gas sector in high-crude oil producing regions are expected to drive market growth over the next few years.

Region with highest CAGR:

North America is expected to have the highest CAGR growth during the forecast period due to significant expansion in unconventional resources in countries such as the United States and Canada. Furthermore, the development of affordable shale gas exploration and extraction technology as well as a surge in demand from the onshore and offshore segments, particularly in the Gulf of Mexico, appear to have had a relatively positive impact on the market for oil and gas pumps over time.

Key players in the market

Some of the key players profiled in the Oil and Gas Pumps Market include Alfa Laval AB, Gardner Denver Holdings Inc, Xylem Inc., Flowserve Corporation, Sulzer, Weir Group, KSB, HMS Group, Nikkiso, Schmitt Kreiselpumpen, Trillium Flow Technologies, Corporacion E.G., Baker Hughes Company, Groman-Rupp, EBARA Corporation and Tsurumi Manufacturing Co., Ltd.

Key Developments:

In Sep 2020, Alfa Laval won a supply contract to supply Framo pumping systems for two Floating Production Storage and Offloading (FPSO) vessels which comprises marine pumping systems for seawater and firewater lift service, operating outside the coast of Brazil

In August 2019, GAIL India announced an investment of USD 4.4 billion in pipeline laying and another USD 1.6 billion in city gas distribution (CGD) networks

In May 2019, Weir Oil & Gas has introduced SPM EXL Frac pump, a quintuplex pump designed for harsh fracking conditions

Types Covered:
• Submersible
• Non-Submersible

Pump Types Covered:
• Centrifugal pump
• Positive Displacement Pump
• Cryogenic Pump
• Other Pump Types

Capacities Covered:
• Small (Up to 500 gpm)
• Medium (500-1,000 gpm)
• High (More than 1,000 gpm)

Applications Covered:
• Upstream
• Midstream
• Downstream

Regions Covered:

• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements