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Luton, Bedfordshire, United Kingdom, Aug. 22, 2022 (GLOBE NEWSWIRE) — Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Oil & Gas Pumps Market.
The market for oil and gas pumps is anticipated to grow from an estimated USD 6.6 billion in 2020 to USD 10.80 billion in 2028, at a CAGR of 6.4%.
The global economy depends heavily on the oil and gas sector. In addition to producing the bulk of the world’s main energy, the oil and gas sector also contributes significantly as a provider of raw materials for chemical products such as medicines, cleaners, fertilisers, insecticides, and plastics. Pumps are crucial for the oil and gas sector’s dependable and stable functioning. Pumping that is efficient lowers operating expenses and boosts revenue. Pumps play a crucial role in the oil and gas sector. In a variety of settings, including inside oil drilling rigs and refineries, they are used to remove oil. They are employed for steam stripping, chemical transfers, gasoline transfers, and injection activities. Pumps made expressly for the oil and gas industry are essential to its operation.
From oil and gas exploration to refining, pumps are needed at every stage of the oil and gas business. Each stage uses a different type of pump. The failure of traditional pumping systems has led to a rise in the use of smart pumping. The use of sensors to monitor and manage pump performance has improved pump performance. Modern pumping systems integrate burgeoning IOT technology. Both the capital and operating expenses of pumping have decreased thanks to new pumping technologies including multi-phase pumping and separation.
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Our Report Scope
| Attributes | Details |
| Forecast Period | 2019 To 2028 |
| Growth Rate | 6.4% |
| Estimated Market Value | USD 6.6 billion in 2020 |
| Forecasted Market Value | USD 10.80 billion by 2028 |
| Analysis Duration | 9 Years |
| No. of Pages | 150 |
| No. of Figures & Tables | 116 & 25 |
| Regions Covered | 5 |
| Company Analysis | More than 10 |
|
Regions Covered |
North America Europe Asia Pacific South America Middle East and Africa |
|
Countries Covered |
US, Canada, Mexico, Japan, South Korea, India, Australia, ASEAN and Rest of APAC, UK, Germany, France, Italy, Spain, Russia, and Rest of Europe, Brazil, Argentina and Rest of South America, Turkey, UAE, Saudi Arabia, South Africa, and the Rest of MEA |
Growth Factors
The need for pumps has increased for numerous uses in the oil and gas industry as a result of the ongoing rise in oil demand brought on by the growing population and industrialisation. Centrifugal pumps predominate on the market, while dynamic pumps are frequently utilised in the oil and gas industry. The need for centrifugal pumps is expected to rise in the coming years as refining capacity rises. These pumps are widely utilised in hydrocarbon processing, refineries, water injection, and pipeline services. Furthermore, it is anticipated that oil production would rise over the projection period as a result of technology advancements that have made deep-water and ultra-deep water drilling practical and cost-effective. In consequence, it’s anticipated that this will soon present a chance for Oil & Gas Pumps market expansion.
Business Opportunities
GAIL India announced investments totaling USD 4.4 billion in pipeline construction and USD 1.6 billion in city gas distribution (CGD) networks in August 2019. In 2019, Eni intended to increase output from the southern Iraqi Zubair field from 195,000 barrels per day to a plateau of 700,000 barrels per day in 7 years. Two phases of the project are being completed: the Rehabilitation Phase (RP) and the Enhanced Re-Development Phase (EP). The EP phase is anticipated to last 6 years, whereas the initial RP phase is anticipated to last 2 years. The project’s scope includes designing, supplying, and commissioning a new water injection project as well as five degassing stations and the renovation of existing degassing stations and wells. It will also transport up to 100 million cubic feet of gas per day from a depot at the Zubair field to the FAO depot via an 18-inch carbon steel gas pipeline. This project will probably cost around USD 18 billion. The companies in the market for oil & gas pumps are set to benefit greatly from such advances in midstream infrastructure.
Regional Scope Oil & Gas Pumps Market
North America is anticipated to dominate the oil & gas pumps market in terms of geography during the forecast period since nations like the US and Canada are expected to experience significant expansion in unconventional resources. Due to development of affordable shale gas exploration and extraction technology and the spike in demand from the onshore and offshore segments, notably in the Gulf of Mexico, the impact on the market for oil and gas pumps throughout the time appears to be relatively positive.
The market for oil and gas pumps is anticipated to increase as a result of proposed new pipelines in Europe and North America as well as the renovation and upgrade of ageing oil and gas pipelines. The use of pumps in the mid-stream sector is anticipated to increase as a result of new proposed pipelines in the Asia-Pacific, Middle East, and Africa. Pump usage in the downstream market is anticipated to rise as petroleum refining activities develop in India, China, and the United States. The market for oil and gasoline pumps may be stimulated by the modernization and improvement of infrastructure in OPEC nations.
Developments in the Market
In September 2020 – Alfa Laval was awarded a contract to provide two FPSO (Floating Production, Storage, and Offloading) boats that would operate off the coast of Brazil with Framo pumping systems. The orders are slated for delivery in 2021, with a total estimated value of USD 16.5 million (SEK 155 million). Marine pumping systems for seawater lift service and firewater are included in the two orders.
In August 2020 – A national oil corporation in the UAE awarded Weir Oil & Gas Dubai a three-year contract for the maintenance and repair of pumps and motors. The agreement guarantees the delivery of site works, emergency manufacturing, Weir Oil & Gas Rotating Equipment services, and machine shop services.
Browse Detailed Research Insights with TOC:
https://exactitudeconsultancy.com/reports/2374/oil-gas-pumps-market/
Top Leading Companies
- alfa laval
- flowserve
- ksb
- sulzer
- weir group
- grundfos
- hms
- gardner Denver
- xylem
- nikkiso
The Global Oil & Gas Pumps Market Segmentations
Oil & Gas Pumps Market by Type, 2019-2028, (In USD Million)
- Submersible
- Non- Submersible
Oil & Gas Pumps Market by Application, 2019-2028, (In USD Million)
- Upstream
- Midstream
- Downstream
This Report is useful for
- Oil and gas pumping companies
- Consulting firms for oil and gas pumps
- Organizations for Research
- Manufacturers of pumps
- Manufacturing firms
- Regulatory Authorities
- Others
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