The rising focus on Big Data analytics in the oil and gas industry will be one of the major trends in the global pumps market for the oil and gas industry during 2019-2023. The increasing adoption of Industrial Internet of Things (IIoT) In the oil and gas industry has assisted in enhancing productivity. Pumps used in the oil and gas industry require periodic maintenance and operators face many challenges such as the harsh environment of operations and offshore location inspection on a real-time basis. The use of wireless sensors to monitor the working condition of equipment helps in simplifying the maintenance.
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According to Technavios analysts, one of the key drivers for the global pumps market for the oil and gas industry is the growing need for energy-efficient pumps:
Global pumps market for the oil and gas industry: Growing need for energy-efficient pumps
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The need for energy-efficient pumps has increased owing to the increasing focus on improving production efficiency to reduce operating expenses due to the volatile environment of the oil and gas industry. Thus, the vendors who manufacture pumps for the oil and gas industry have been concentrating on developing energy-efficient pumps that can improve operational efficiency.
According to a senior analyst at Technavio for research on engineering tools, Several technological advancements have been witnessed in PD pumps, which have assisted in enhancing the energy efficiency. For instance, high-pressure plunger pumps can automatically control the drive speed to adapt to the flow requirement. Thus, such pumps can replace many small pumps owing to their variable frequency drive. The use of such pumps improves energy efficiency.
Global pumps market for the oil and gas industry: Segmentation analysis
The report on the global pumps market for the oil and gas industry provides market segmentation by product (centrifugal pumps and PD pumps) and by region (the Americas, APAC, and EMEA). This report provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the two products, the centrifugal pumps market segment held the largest global pumps market share in 2018, contributing to over 80% of the market. This product segment will dominate the global market throughout the forecast period.
The Americas held the largest share of the market in 2018, accounting for over 45% share. It was followed by EMEA and APAC respectively. The Americas is expected to dominate the market throughout the period 2019-2023.
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Five Forces Analysis
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