Oil & Gas Pumps Market Worth $9.0 Billion by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, Nov. 6, 2020 -- According to the new market research report "Oil & Gas Pumps Market by Type (Submersible, Non-submersible) Pump Type (Centrifugal, Positive Displacement (Screw, Reciprocating, Rotary and Gear, Progressive Cavity), Cryogenic), Application (Upstream, Midstream, Downstream), Region - Global Forecast to 2025", published by MarketsandMarkets™, the Oil & Gas Pumps Market size will grow to USD 9.0 billion by 2025 (forecast year) from USD 6.6 billion in 2020 (estimated year), at a CAGR of 6.4% during the forecast period. Continuous shale development activities and the development of gas terminals are the key factors driving the growth of the Oil & Gas Pumps Market. Likewise, the development of pipeline infrastructure in Asia Pacific and the Middle East and the discovery of new reservoirs in the African region are expected to offer lucrative opportunities for the Oil & Gas Pumps Market during the forecast period.
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The centrifugal segment is expected to dominate the Oil & Gas Pumps Market, by pump type, during the forecast period.
The centrifugal pump segment is estimated to dominate the pumps market in oil & gas industry in 2018 and is projected to have the largest market share during the forecast period. Centrifugal pumps are preferred for processes that handle low viscosity liquids and high flow rates. Various types of centrifugal pumps are used in a wide variety of applications. The ability of these pumps to be used across various applications has resulted in their higher market share.
Browse in-depth TOC on "Oil & Gas Pumps Market"
191 – Tables
56 – Figures
230 – Pages
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The midstream segment is expected to be the fastest-growing Oil & Gas Pumps Market, by application, during the forecast period.
The midstream segment is estimated to dominate the pumps market in oil & gas industry in 2018 and is projected to have the largest market share during the forecast period. The midstream oil activities mainly include transportation of crude oil and refined products over land, using a network of pipes and pumping stations as well as trucks and rail cars. The growth of unconventional resources is creating the need for an expanded midstream network of pipelines, rail, tankers, and terminals. This is expected to drive the pumps market in the midstream segment.
Asia Pacific likely to emerge as the largest Oil & Gas Pumps Market
In this report, the Oil & Gas Pumps Market has been analyzed for five regions, namely, North America, South America, Europe, Asia Pacific, Middle East & Africa. Asia Pacific is expected to be the largest Oil & Gas Pumps Market during the forecast period. Asia Pacific comprises China, India, Japan, Australia, and Rest of Asia Pacific. The market in China is expected to grow as it is one of the major importers of oil and its domestic demand surpasses its production. The demand for oil products in the Asia Pacific region is rapidly increasing as the region experiences strong economic growth. The region has less than 9.0% of the world's proven reserves, implying a high rate of redevelopment and rehabilitation of oilfields. Substantial economic growth and the demand for oil & gas have led to an increase in offshore oil & gas E&P in the region. The increasing activities in deeper and more remote waters in the Philippines and Myanmar are expected to meet the growing energy demand. According to the BP Statistical Review of World Energy 2020, Asia Pacific accounted for 44.1% share of global primary energy consumption.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Oil & Gas Pumps Market.
Some of the key players are Flowserve (US), Sulzer (Switzerland), Weir Group (UK), KSB (Germany), and Xylem (US). The leading players are adopting various strategies to increase their share in the Oil & Gas Pumps Market.
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