Positive Displacement Pumps Market Set to Witness an Uptick during 2016 to 2026
The oil & gas industry uses positive displacement pumps for the transfer of crude oil and gas as well as intermediates. Operations such as hydraulic fracturing, drilling, oil and gas well cementing and matrix treatments serve as end-use applications of positive displacement pumps.
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Both reciprocating as well as rotary pumps are used in this industry where the operating load ranges from moderate to high capacities. The oil & gas segment is estimated to be the major application sector in the global positive displacement pumps market with a revenue share of more than 20% over the forecast period.
The segment is anticipated to gain 30 BPS during the forecast period and expand at a CAGR of 4.3% to reach a market valuation in excess of US$ 800 Mn by the end of 2026. The segment is projected to show increasing growth and account for around 25% of the overall incremental opportunity generated from the global positive displacement pumps market.
Long-term tie-ups between key players in the positive displacement pumps market is the popular trend in the oil & gas industry
We have observed two trends associated with the oil & gas industry. Firstly, it has been noted that end users, particularly oil & gas companies are indulging in long-term tie-ups with positive displacement pump companies across the globe. For instance, U.S based Weir Group PLC has entered into a long-term tie-up with Canada based oil & gas company Canyon Services Group after the latter recognised its operating milestone of 1000 hours of pumping time.
The second trend that we have noted is the association of positive displacement pumps companies with EPC and project management consulting firms for large scale oil & gas projects. EPC and project management consulting firms play a vital role in implementing turnkey projects related to energy (oil & gas) and utilities.
In this scenario, positive displacement pumps manufacturers form associations with EPC and project management consulting firms to enlist themselves as preferred product vendors for such turnkey projects.
Oil & gas segment is anticipated to witness moderate growth in the North America positive displacement pumps market
The oil & gas application segment is projected to be valued at more than US$ 160 Mn in North America in 2017. In the Western Europe positive displacement pumps market, energy (oil & gas) is likely to remain one of the leading segments by application.
Mergers and acquisitions by major companies and development of energy efficient pumps are two important factors that are creating a positive impact on the oil & gas application segment in Western Europe.
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In Latin America, the oil & gas segment is anticipated to register a CAGR of 4.6% in terms of value between 2016 and 2026. The oil & gas segment is likely to witness a healthy growth in the global positive displacement pumps market during the period of assessment.
With increasing projects in the field of oil & gas in countries such as Colombia, Venezuela etc., pump manufacturers are focussing on meeting customer requirements by offering product variants with technical assistance and value-added services to achieve maximum market presence in the Latin America market.
In a similar manner, the oil & gas segment is also showing a positive impact on the positive displacement pumps market in Eastern Europe. The oil & gas sector has been a major driver of revenue in the Eastern European economy, particularly in Russia.
The increasing scope of shale and natural gas exploration activities in the country has attracted several international manufacturers to explore business opportunities.
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