CHICAGO, Dec. 5, 2023 /PRNewswire/ -- Oil and Gas Pumps Market is expected to reach USD 10.9 billion by 2028 from USD 8.7 billion in 2023 at a CAGR of 4.7% during the 2023-2028 period according to a new report by MarketsandMarkets. Pumps have a critical role in the oil & gas industry. They are used in upstream drilling sites, crude oil pipelines, and LNG export terminals to transport fluids from one process or location to another. In the past, pumps were operated with fixed-speed electric motors. However, variable-speed electric motors have replaced them nowadays. Pumps that are driven by variable-speed drive systems reduce the likelihood of equipment failure by minimizing electrical and mechanical stresses, thereby reducing downtime. Oil and gas pumps are used in upstream, midstream, and downstream applications. The market for oil and gas pumps includes revenues generated by global companies from pump sales. The current study focuses on major pump types such as centrifugal pumps, positive displacement pumps, and cryogenic pumps. The increasing global demand for oil is likely to propel the demand for oil and gas pumps. Moreover, discoveries of new oilfield, will boost the demand for oil and gas pumps.
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Oil and Gas Pumps Market Scope:
Report Coverage | Details |
Market Revenue in 2023 | $8.7 billion |
Estimated Value by 2028 | $10.9 billion |
Growth Rate | Poised to Grow at a CAGR of 4.7% |
Largest Market | Asia Pacific |
Market Size Available for | 2021-2028 |
Forecast Period | 2023-2028 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Oil and Gas Pumps Market by Type, Pump Type, Application, and Region. |
Geographies Covered | Asia Pacific, North America, Europe, South America, and Middle East & Africa. |
Key Market Opportunities | Discovery of new oilfields |
Key Market Drivers | Rapid expansion of gas terminals |
The centrifugal pumps, by pump type, is expected to grow at the highest CAGR during the forecast period.
Based on pump type, the Oil and Gas Pumps Market has been split into Centrifugal Pumps, Positive Displacement Pumps and Cryogenic Pumps. Centrifugal pumps are expected to grow at the highest CAGR during the forecasted period. Centrifugal pumps are preferred for managing fluids with low viscosity and high flow rates, especially in environments free from air, vapor, or excessive solids. They hold significant importance in upstream operations, particularly in scenarios involving multiple phases. Different variants of these pumps are tailored to meet diverse application needs. Take, for instance, electrical submersible pumps that excel in efficiently separating water and oil. This functionality permits the reintroduction of water into reservoirs without necessitating surface lifting. The adaptability of centrifugal pumps underscores their continual expansion and acceptance across various industrial applications.
The submersible pumps segment, by type, is expected to grow at the highest CAGR during the forecast period.
This report segments the Oil and Gas Pumps Market based on type into two segments: submersible pumps and non-submersible pumps. The submersible pumps segment is expected to grow at the highest CAGR during the forecasted period. Submersible pumps, as their name suggests, are designed to operate while fully immersed in tanks, wells, or other fluid-containing containers. Tailored for complete submersion, these pumps are particularly suitable for pumping fluids like crude oil or water. Their efficiency shines in applications such as oil wells or storage tanks, where they prove adept at seamlessly lifting substantial volumes of fluids to the surface.
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North America is expected to be the largest region in the Oil and Gas Pumps Industry.
North America is expected to be the largest Oil and Gas Pumps Market during the forecast period. The North America region comprises major economies such as US, Canada and Mexico. As per the report from the US Energy Information Administration, the United States claimed the title of the largest global crude oil producer in 2022, representing 14% of the world's total crude oil production. Similarly, Canada contributed to approximately 5.6% of the world's crude oil production in the same period. The expansion of the Oil and Gas Pumps Market is propelled by the increasing exploitation of unconventional resources in both the US and Canada. Additionally, the demand emanating from onshore and offshore fields in the Gulf of Mexico is anticipated to be a significant factor fostering market growth throughout the forecast period. Projections indicate that North America is poised to experience the initiation of 594 operational projects between 2023 and 2027.
Key Market Players:
Some of the major players in the Oil and Gas Pumps Companies are including Atlas Copco AB (Sweden); Flowserve Corporation (US); Sulzer Ltd (Switzerland); KSB SE & Co. KGaA (Germany); Nikkiso Co., Ltd. (Japan). The major strategies adopted by these players include contracts, agreements, partnership, collaborations, and expansions.
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Recent Developments
- In May 2023, KSB SE & Co. KGaA added 19 sizes to its MegaCPK type series. The new seal chamber design allows the installation of gland packings, all common mechanical seals compliant with EN 12756, as well as a large number of cartridge-type mechanical seals. This expansion will ensure a high degree of reliability and improves the availability of an entire system.
- In August 2022, 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.
- In April 2022, Atlas Copco acquired Pumpenfabrik Wangen GmbHGerman, a manufacturer of progressive cavity pumps, especially for transferring fluids in the biogas and wastewater sectors, and twin-screw pumps for food & beverages and cosmetics industries. This acquisition is likely to help Atlas Copco create a solid foundation for further growth in new industrial pump segments.
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