Tier 1 Players Account for Nearly 40% Share in Oil & Gas Pumps Market || Key Players:
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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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.
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The process of innovation in the oil & gas industry is being driven by the oil & gas pumps integrated with new technology. Manufacturers in the oil & gas pumps market are focusing on developing Industrial Internet of Things (IIoT) integrated smart oil & gas pumps including data collection device, sensors, and analysis/monitoring software.
Failure of pumps, compressors, and other equipment is significantly impacting safety, field operations, and revenues in the oil & gas industry worldwide. Hence, the demand for smart pumping technology is growing in the oil & gas industry to ensure pumps are operating effectively and efficiently.
Major players in the oil & gas pumps market are also integrating sensors and monitoring software to provide advance monitoring system. Xylem, GRUNDFOS, Weir Group, Flowserve Corporation, KSB SE & Co. KGaA, and Sulzer Ltd. are some of the leading companies in the oil & gas pumps market.
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