Tier 1 players will capture nearly 40% of the global oil and gas pumps market by 2031, driven by rising energy demand and efficient pump technologies.
250 Pages Oil & Gas Pumps Market Survey by Fact MR, A Leading Business and Competitive Intelligence Provider
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The report offers actionable and valuable market insights of Oil & Gas Pumps. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Oil & Gas Pumps Market across various industries and regions.
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The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Oil & Gas Pumps market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Oil & Gas Pumps
This newly published and insightful report sheds light on Market Insights of Oil & Gas Pumps, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Oil & Gas Pumps Market.
The oil & gas pumps market is segmented on the basis of capacity, product type, deployment, and pump characteristics.
All the key segments in the report are further divided into sub-segments to provide better understanding of oil & gas pumps market.
Based on the capacity, the oil & gas pumps market is segmented into Small (upto 500 gpm), Medium (500-1000 gpm), and High (more than 1000 gpm).
On the basis of product type, the market is segmented into reciprocating pumps, centrifugal pumps, and rotary pumps.
By deployment, the oil & gas pumps market segment includes onshore and offshore. Based on the pump characteristics, the segment includes Engineered Pumps, Standard Pumps, and Special Purpose Pumps.
The oil & gas pumps market is likely to witness sluggish growth, with global demand surpassing 9 million units by the end of 2018, according to a latest report by Fact.MR. Rising demand for oil and gas is resulting in the growing demand for equipment such as oil & gas pumps. End-users in oil and gas industries are demanding efficient oil & gas pumps to ensure smooth operation and to meet stringent emission standards.
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End-users of oil & gas pumps are using centrifugal pumps on a large scale owing to its low product and maintenance cost, and better load and pressure handling capabilities. The demand for centrifugal pumps is healthy in the upstream oil & gas industry as the part of multiphase pumping application.
As per the report, the demand for submersible pumps is also likely to grow in the near future. Electric submersible pumps are being used on a large scale as water and oil separators. The centrifugal pumps are also expected to witness increasing demand for crude oil transportation. Manufacturers in oil and gas pumps market are focusing on pump modification to save significant amount of energy and improve performance.
The Fact.MR study opines that the onshore oil & gas pumps are likely to witness a rapid growth in the coming years. Demand for onshore oil & gas pumps is expected to exceed 4.8 million units in 2018. With rise in energy demand from various sectors and growth in the transportation industry, many countries, especially in Asia Pacific, are moving towards development of new oil & gas projects.
India, China, and Indonesia are expected to significantly contribute to the growth of oil and gas industry in the region. With the signs of recovery in oil prices, many state-owned oil companies in the Asia Pacific region are spending on onshore oil and gas production to ensure energy security.
Upgradation of existing onshore oil and gas facilities and development of new facilities is also accelerating in Southeast Asia. Moreover, in recent years, regulation in the UK has removed legal hurdles in the development of onshore petroleum resources. Moreover, in terms of gas transportation by the onshore gas producers in the UK, the government has removed requirement to hold a gas transporter license, and a class exemption has been introduced to cover all types of onshore gas production.
Fact.MR study estimates that the Middle East and Africa will be the most lucrative market for oil & gas pumps market, with demand surpassing 3 million units towards 2018 end. UAE, Qatar, and Saudi Arabia have emerged as the major natural gas producing countries.
Major oil and gas companies in Middle East are focusing on increasing oil and gas production to meet the growing demand. Middle East and North Africa are expected to emerge as the global suppliers of oil and gas. Moreover, gas is likely to surpass oil as the largest energy source in the near future.
The leading oil and gas companies in the region are also focusing on using advanced technologies and equipment to ensure faster and cost-effective oil and gas production. In the APAC region, China, India, Malaysia, and Indonesia are expected to witness significant growth in the oil and natural gas projects.
The oil & gas pumps market is expected to witness sluggish growth, with the demand expected to reach 3.2% CAGR in terms of volume during 2018-2028, according to the Fact.MR report.
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Fact.MR, in its new report, offers an unbiased Market Analysis of Oil & Gas Pumps, Sales and Demand of Oil & Gas Pumps, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.
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The article discusses the growth and trends in the global oil and gas pumps market, highlighting the dominance of Tier 1 players.
Centrifugal pumps are favored for their low cost, maintenance efficiency, and capability to handle load and pressure.
The Asia Pacific region is experiencing rapid growth in the demand for onshore oil and gas pumps.
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