Oil & Gas Pumps Market Projected to Discern Stable Expansion During 2018 to 2028 | Key Players are GRUNDFOS, Weir Group, Flowserve Corporation, etc.
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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.
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.
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.
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.
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.
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