Oil & Gas Pumps Market Is Forecast to Surpass USD 10,800 Million by 2032

oil-and-gas-pumps-market-forecast-2022-2032

The oil and gas pumps market is a cornerstone of the energy industry, providing the essential machinery that facilitates the extraction, transportation, and processing of hydrocarbons. These pumps are the unsung heroes behind the seamless flow of oil and gas, ensuring a continuous supply of energy that powers economies and fuels global development. In this comprehensive overview, we will explore the current state of the oil and gas pumps market, investigate the key drivers that propel its growth, and examine recent industry news that underscores the critical role these pumps play in the world’s energy landscape.

The global oil & gas pumps market is estimated at USD 6,900 Million in 2022 and is forecast to surpass USD 10,800 Million by 2032, growing at a CAGR of 4.9% during 2022-2032. The global oil & gas pumps market accounts for ~11% of the global industrial pumps market in 2022. The global oil & gas pumps market is estimated to have an absolute $ opportunity of USD 4,100 Million during the assessment period of 2022-2032.

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Market Landscape

The global oil and gas pumps market has witnessed steady growth, closely aligned with the energy sector’s dynamics. As of my last knowledge update in September 2021, the market was valued at around $7.5 billion. Nevertheless, it’s imperative to recognize that this market’s size and structure may have undergone significant changes since then, influenced by various factors, including fluctuations in oil prices, technological advancements, and evolving energy policies.

Competitive Landscape: Top Companies in Oil & Gas Pumps Market

The global oil & gas pumps market is highly fragmented and competitive owing to the existence of many domestic and regional players. Various marketing strategies are adopted by key players such as mergers and acquisitions, expansions, collaborations and partnerships.

Also, new product development as a strategic approach is adopted by the leading companies to upscale their market presence among consumers. These strategies have resulted in the incorporation of advanced oil & gas pumps.

Fact.MR has provided detailed information about price points of top manufacturers of oil & gas pumps market positioned across regions, sales growth, production capacity, and speculative technological expansion in the recently published report.

For instance:

  • Alfa Laval in 2020, 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
  • Weir Oil & Gas Dubai won a 3-year contract in 2020, from a national oil company in the UAE to repair and service motor and pumps.

Key Companies Profiled

  • oil sandsXylem
  • GRUNDFOS
  • Weir Group
  • Flowserve Corporation
  • KSB SE & Co. KGaA
  • Sulzer Ltd.
  • Nikkiso
  • Trillium Flow Technologies
  • Halliburton
  • Baker Hughes Company
  • Groman-Rupp EBARA Corporation
  • Tsurumi Manufacturing Co. Ltd.
  • Gemmecotti

Key Factors Driving Growth

  • Global Energy Demand: The insatiable global appetite for energy, driven by population growth, urbanization, and industrialization, continues to underpin the oil and gas industry. As a result, the demand for pumps that enable the movement of hydrocarbons remains robust.
  • Upstream Exploration and Production: Pumps are vital in the upstream sector, facilitating the extraction of crude oil and natural gas from reservoirs. Advancements in drilling technology and exploration of unconventional reserves have led to increased pump requirements.
  • Midstream Transportation: The midstream sector relies on pumps to transport crude oil and natural gas through pipelines, tankers, and other means. Expanding pipeline networks and global energy trade have driven demand for these pumps.
  • Refining and Petrochemicals: The refining and petrochemical industries rely on pumps to process raw materials into valuable end products. The development of new refining processes and petrochemical products has prompted investment in specialized pumps.
  • Technological Advancements: Continuous innovation in pump design and materials has led to more efficient and reliable pumps. Smart technologies, predictive maintenance, and automation are increasingly integrated into the oil and gas sector.

Global Oil & gas pumps Market by Category

  • By Product Type :
    • Centrifugal Pumps
      • Single Stage
      • Multi-Stage
      • Axial and Mixed
      • Submersible
      • Seal less and Circular
    • Reciprocating Pumps
      • Piston
      • Plunger
      • Diaphragm
    • Rotary Pumps
      • Gear
      • Vane
      • Screw
      • Lobe
      • Progressive Cavity Pumps
      • Piston
      • Peristaltic
  • By Capacity :
    • Small (Up to 500 gpm)
    • Medium (500-1,000 gpm)
    • High (More than 1,000 gpm)
  • By Pump Characteristics :
    • Engineered Pumps
    • Standard Pumps
    • Special Purpose Pumps
  • By Deployment Type :
    • Onshore
    • Offshore
  • By Region :
    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia
    • Oceania
    • MEA

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Recent Industry News

As of my last update, here are some significant developments in the oil and gas pumps market:

  • Renewable Energy Transition: The global transition toward renewable energy sources, such as wind and solar power, has prompted discussions about the future role of oil and gas. Pumps in the sector are adapting to handle a broader range of fluids, including those used in renewable energy operations.
  • Digitalization and Predictive Maintenance: The adoption of digital technologies, including the Industrial Internet of Things (IIoT) and predictive maintenance solutions, is improving the reliability and efficiency of pumps. Real-time monitoring and data analysis help prevent downtime and reduce operational costs.
  • Subsea Pumping: Subsea pumping systems are being developed and deployed to enhance oil recovery from offshore fields. These systems enable the extraction of hydrocarbons from deep-sea reservoirs and are crucial for maintaining production levels.
  • Environmental Regulations: Increasing environmental regulations and sustainability goals are driving investment in pumps that reduce emissions, improve energy efficiency, and minimize the environmental impact of oil and gas operations.
  • Global Energy Policies: The policies and priorities of governments worldwide significantly affect the oil and gas industry. Changes in regulations, energy subsidies, and investment incentives influence pump-related projects and operations.

Fueling the Energy Transition

The oil and gas pumps market continues to be a linchpin in the global energy landscape, even as the world navigates a transition to more sustainable energy sources. While the renewable energy sector grows, hydrocarbons still power economies and societies, necessitating the efficient movement of oil and gas. Pumps are the unsung heroes that enable this movement.

Digitalization and predictive maintenance have improved the reliability of pumps, ensuring uninterrupted oil and gas operations. Subsea pumping systems, capable of extracting resources from challenging deep-sea environments, are expanding the industry’s reach. Environmental regulations and sustainability goals have driven innovation in pumps to reduce the carbon footprint of energy production.

Conclusion

The oil and gas pumps market remains central to meeting global energy demand. Despite the growth of renewable energy sources, the oil and gas industry remains vital, and pumps are indispensable for maintaining the flow of hydrocarbons. Innovations in materials, digitalization, and sustainability are shaping the future of the sector, making it more efficient, reliable, and environmentally responsible. These pumps continue to be the backbone of the global energy landscape, ensuring that the world’s energy needs are met today and in the future.

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