Oil & Gas Pumps Market Foraying into Emerging Economies 2018 to 2028 By Industry players- Flowserve Corporation, Weir Group, Sulzer Ltd., TechnipFMC plc, GRUNDFOS, SPX Flow Inc.
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Onshore Oil & Gas Pumps to Find Large Application in Projects across Countries
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.
Centrifugal Pumps Witness Extensive Demand in Oil & Gas Industry
Centrifugal pumps are widely used across oil and gas industry worldwide. The demand for electric submersible pumps is growing especially as the water and oil separator. With the increasing demand for crude oil across various countries, centrifugal pumps are finding wide application in the crude oil transportation.
Oil & gas pump manufacturers are focusing on modifying the centrifugal pumps to improve performance and save significant amount of energy. Centrifugal pumps are also finding large application in Australia’s oil and gas industry. Gas is generally dehydrated before transporting it via high-pressure gas pipelines. Hence, this process involves the use of centrifugal pumps to recycle and separate glycol.
On account of increasing use of oil in fuels and other consumer goods, the demand for oil is likely to grow in the foreseeable future and this is expected to result in a dramatic increase in oil prices. This, in turn, is likely to increase demand for centrifugal pumps used widely in upstream activities.
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Stringent Emission Regulations on Oil & Gas to Remain Longstanding Challenge
With the rise in global emission levels, governments across various countries are introducing strict emission regulations in the oil & gas industry. The oil and natural gas industry is the largest source of methane and other volatile organic compounds (VOCs). The worldwide dependency on oil & gas is higher, especially for transportation and energy, this is resulting in the increase in emission levels due to oil and gas production. Hence, to meet the emission standards, companies are focusing on using renewable sources of energy including solar and wind energy.
With the reduction in gas flaring, the World Bank Group has also introduced the Global Gas Flaring Reduction Partnership, including majority of the companies trying to set flaring targets to eliminate emission of harmful chemicals.
Meanwhile, Canada has also introduced first-ever carbon emission regulation for the oil & gas companies. The regulation forces oil and gas companies in Canada to monitor methane leaks and also require high-emitting equipment such as compressor and oil & gas pumps to be replaced with zero or low-emitting alternatives.
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.
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