Oil & Gas Pumps Market - The demand for OPEC crude is projected to increase to nearly 40 million b/d by 2040, as per the Organization of the Petroleum Exporting Countries (OPEC)

Definition

Oil & gas pumps are used in process of extracting oil and gas resources, in processing or in delivering as per the requirement. The centrifugal pump is the most common type of pump used in the oil & gas industry. Other types of oil & gas pumps including positive displacement pumps, petrochemical pumps, oil transfer pumps, etc., are also finding large application in the oil and gas industry.

About the Report

The report on the oil & gas pumps market provides key insights into the latest developments and opportunities in the oil & gas pumps market globally. The important factors resulting in the oil & gas pumps market growth, along with restraints in the market are also highlighted in the report. The report includes details on key trends, market drivers and growth opportunities for manufacturers in the oil & gas pumps market.

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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.

Market Structure

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.

Key Insights - Oil and Gas Pumps Market

Tier 1 Players Account for Nearly 40% Share in Oil & Gas Pumps Market

With diverse product portfolio, tier 1 players account for nearly 40% share of the oil & gas pumps market. Expansion with new product launches, industry and supply chain partnerships, and strategic acquisitions are among the key strategies of market players.

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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Rise in Global Oil & Gas Demand: A Key Driver

According to International Energy Agency’s (IEA’s) Oil Market Report, oil demand is projected to increase to 99.3 million b/d in 2018. Growing oil supply from Saudi Arabia, Russia, and the US is likely to create sustained opportunities for oil & gas pumps market players.

Oil is projected to remain the fuel with the major share in the energy mix. The demand for OPEC crude is projected to increase to nearly 40 million b/d by 2040, as per the Organization of the Petroleum Exporting Countries (OPEC). Moreover, refinery additions are expected in the Asia Pacific, the Middle East, Africa, and Latin America in the coming years.

The demand for natural gas is likely to increase, especially from Asian markets. With strong policy support, China is likely to account for the major share in gas, with demand likely to grow by 60% during 2017-2023, as per the IEA analysis. Moreover, with increasing gas production in the US, most of the supplies will be geared to export market through pipelines or as LNG. This is likely to result in significant demand for oil & gas pumps worldwide.

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Investment in Innovation Growing

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.

The shift from conventional oil & gas production to multi-phase pumping is also on a rise. The multi-phase pumping eliminates the need to separate oil, gas, or water, thereby directly transporting the production from field to the central processing unit. Multi-phase oil & gas pumps available in both low-pressure and high-pressure designs are witnessing growing demand from onshore, offshore, and subsea installations.

Manufacturers are integrating different types of sensors including temperature sensors, chemical sensors, pressure sensors, magnetic sensors, and gas sensors in the oil & gas pumps to provide advanced monitoring system.

Competitive Landscape

The report on the oil & gas pumps market offers detailed profiles of all the key companies operating in the oil & gas pumps market. The study also includes a dashboard view of the players in the oil & gas pumps market. The report also provides information on the key strategies by the leading players, along with the SWOT analysis of each player in the oil & gas pumps market. Global expansion is one of the main focus areas of the companies in the oil & gas pumps market, this has led to the rise in partnerships and mergers and acquisitions activities.

Grundfos plans to build its third pump production unit by 2020 in India. It is also planning to invest around 25 crores towards preliminary study for new plant and other facilities. Meanwhile, Grundfos has also opened a new facility in Florida, US, to serve the water and wastewater industry.

Gardner Denver Holdings Inc. has acquired Ontario-based DV Systems Inc. The newly acquired company will be the part of Gardner’s industrial segment.

Table of Contents Covered in the report are:

1. Oil & Gas Pumps Market- Executive Summary
1.1. Market Overview
1.2. FMR Analyzed
1.3. Oil & Gas Pumps Market Opportunity Assessment
1.3.1. Winning and Losing Components
1.4. Market White Spaces Analysis and Wheel of Fortune Opportunity Analysis

2. Global Oil & Gas Pumps Market Introduction
2.1. Introduction & Definition
2.2. Market Taxonomy

3. Market Dynamics
3.1. Key Market Trends and Drivers
3.2. Key Challenges

4. Associated Industry Assessment
4.1. Global Pumps Market Overview
4.1.1. Global Pumps Market Analysis (US$ Mn and Units) and Forecast, 2013-2028
4.1.2. Global Pumps Market Analysis and Forecast by Region, 2018 & 2028
4.1.3. Global Pumps Market Analysis and Forecast by Product Type, 2018 & 2028
4.1.3.1. Centrifugal Pumps
4.1.3.2. Reciprocating Pumps
4.1.3.3. Rotary Pumps
4.1.4. Market Attractiveness Analysis by Product Type

5. Key Indicator Assessment
5.1. Supply Chain
5.1.1. Oil & Gas Pumps Manufacturers
5.1.2. Pumps Manufacturers
5.1.3. Distributors/Suppliers
5.1.4. End Users
5.2. Cost Structure
5.3. Macro-Economic Factors Influencing Demand

And Continue...

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This release was published on openPR.