Global Oil & Gas Pumps Market Size by Type and Application – Segment-Level Market Assessment, Growth Opportunity Analysis, Competitive Landscape & Forecast to 2030
Overview
Oil & Gas Pumps Market is expected to reach USD 17.28 Bn. by 2030, at a CAGR of 6.34% during the forecast period.
Oil & Gas Pumps Market Introduction
Pumps are an essential part of an oil drilling rig's oil displacement system. Pumps of various forms are used in upstream, downstream, and midstream applications, including centrifugal, positive displacement, and cryogenic pumps. With rising unconventional resources in these areas, the current scenario sees massive growth in the Americas and the Asia Pacific. They are used to displace oil in a variety of places, including oil drilling rigs and refineries. Pumps that have been specifically developed for the oil and gas industry are important and irreplaceable.
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Oil & Gas Pumps Market Dynamics
Because of the increased use of unconventional resources such as shale gas and liquids, tight gas and oil, and coal bed methane, which require pumps of various designs and specifications, the oil and gas pumps market is expected to grow rapidly. Increased demand for gas pumps in the industry, owes to increasing natural gas use and favorable government policies on the subject. According to the IEA, the global oil demand rose by 1.1 million barrels per day, year on year (y-o-y) in the third quarter of 2023, more than double the 435 kb/d seen in the second quarter. During the forecast period, global oil demand is projected to rise at a CAGR of xx%, which will fuel demand for pumps for use in refineries and exploration activities.
Over the forecast period, technological advancements that have made deep water and ultra-deep water exploration feasible and cost-effective are expected to boost oil production. This, in turn, is expected to open up a chance for business expansion in the near future. Oil and gas pumps that have been incorporated with modern technologies are driving the process of innovation in the industry. Manufacturers of oil and gas pumps are concentrating on developing Industrial Internet of Things (IIoT) integrated smart oil and gas pumps, which include data collection devices, sensors, and analysis/monitoring applications.
North America has seen a massive increase in the production of unconventional resources like shale and tight oil over the last decade. The expansion was made possible by advancements in horizontal drilling and hydraulic fracturing technology. With a number of discoveries and technical advancements, shale is one of the fastest-growing energy markets. In the United States, shale gas and tight oil production have grown exponentially, from about 300 billion cubic feet in 2010 to over 23 trillion cubic feet in 2022.
Shale gas production is concentrated mainly in the Northeast and Gulf Coast areas, with the Appalachian shale play becoming the most active natural gas field in the United States. Chevron is the largest shale oil producer in the United States in terms of daily crude oil production. Furthermore, as gas production in the United States peaks, majority of supplies will be headed for export through pipelines or LNG. This would certainly result in a surge in demand for oil and gas pumps around the world.
Oil & Gas Pumps Market Segment Analysis
The midstream segment of the oil and gas industry comprises a vital infrastructure for the transportation and storage of hydrocarbons. The expansion of the US market's shale oil and gas output is necessitating an extended midstream network of pipelines, rail, tankers, and terminals. Gathering, transporting, and refining natural gas from the wellhead, removal of impurities, and output of natural gas liquids, storage, pipeline transport, and shipping, and liquefaction or regasification of Liquefied Natural Gas are all examples of midstream natural gas operations (LNG).
Pumps are used in pipelines and storage, ports, CO2 pipelines, and other midstream applications. The midstream segment is expected to be dominated by North America, followed by the Asia Pacific. North American countries plan to spend approximately USD 30 billion per year on oil and gas infrastructure. During the forecast period, this is expected to drive the midstream segment's growth.
Centrifugal pumps (Dynamic Pumps) are used to transport petroleum and its derivatives in refineries and have a wide range of applications. The global refining capacity increased by 2.8% in 2018, and the trend is expected to continue over the forecast period. The demand for centrifugal pumps in refineries has increased as global refining capacity has increased, and this trend is expected to continue over the forecast period.
Global Oil & Gas Pumps Market Regional Insights
China's market is expected to expand as it is one of the world's largest oil importers. Between 2023 and 2025, China is projected to account for the majority of the increase in crude oil refining capacity in the Asia-Pacific region. By 2025, the country is projected to account for 26.8% of APAC's total refining expansion potential.
Automation enhances resource efficiency while reducing imports. It also aids in the reduction of labor costs and human intervention, which is currently a major problem in the Asia Pacific due to labor laws that are extremely strict. As the Asia Pacific region experiences strong economic growth, demand for oil products is increasingly growing. With less than 9% of the world's confirmed reserves, the area has a high rate of oilfield redevelopment and reconstruction.
Economic growth and increased demand for oil and gas have resulted in an increase in offshore oil and gas exploration and production in the region. Philippines and Myanmar are expected to meet rising energy demand by expanding their operations into deeper and more remote waters. Asia Pacific accounted for 44.1% of global primary energy demand, according to the BP Statistical Analysis of World Energy 2023.
Global Oil & Gas Pumps Market Report Scope: Inquire before buying
| Global Oil & Gas Pumps Market | |||
|---|---|---|---|
| Report Coverage | Details | ||
| Base Year: | 2023 | Forecast Period: | 2024-2030 |
| Historical Data: | 2018 to 2023 | Market Size in 2023: | USD11.23 Bn. |
| Forecast Period 2024 to 2030 CAGR: | 6.34% | Market Size in 2030: | USD 17.28 Bn. |
| Segments Covered: | by Type | Dynamic Pumps Positive Displacement Pump |
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| by Application | Upstream Downstream Midstream |
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Oil & Gas Pumps Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Oil & Gas Pumps Market, Key Players are:
1. Flowserve
2. Sulzer
3. Weir Group
4. KSB
5. Xylem
6. Alfa Laval
7. Gardner Denver
8. Grundfos
9. HMS Group
10.Nikkiso
11.Schmitt Kreiselpumpen
12.Trillium Flow Technologies
13.Atlas Copco
14.Wilo SE
15.Corporacion E.G.
16.Halliburton
17.Baker Hughes Company
18.Groman-Rupp
19.EBARA Corporation
20.Tsurumi Manufacturing Co., Ltd.
21.Gemmecotti
Frequently Asked questions
1. What is the market size of the Global Oil & Gas Pumps Market in 2023?
Ans. The market size Global Oil & Gas Pumps Market in 2023 was US$ 11.23 Billion.
2. What are the different segments of the Global Oil & Gas Pumps Market?
Ans. The Global Oil & Gas Pumps Market is divided into Application, Type and Region.
3. What is the study period of this market?
Ans. The Global Oil & Gas Pumps Market will be studied from 2023 to 2030.
4. Which region is expected to hold the highest Global Oil & Gas Pumps Market share?
Ans. The Asia Pacific dominates the market share in the market.
5. What is the Forecast Period of Global Oil & Gas Pumps Market?
Ans. The Forecast Period of the market is 2024-2030 in the market.