Oil & Gas Pumps Market worth US$ 10.36 Billion by 2023 | Global Forecast, Trends, Opportunity and Industry Analysis

The Global report titled “Oil & Gas Pumps Market” delivering key insights and providing a competitive advantage to clients through a detailed report. The report also details the information about the global market status, growth rate, future trends, market drivers, challenges, opportunities and porter’s forces analysis with respect to these elements. An exclusive data offered in this report is collected by research and industry experts team.

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The Global Pumps Market in oil and gas industry is projected to reach US$ 10.36 Billion by 2023 from an estimated US$ 8.47 Billion in 2018, at a CAGR of 4.12%. This growth can be attributed to the increasing unconventional resources in the North American, South American, and Asia Pacific regions and development of gas terminals.

Top Companies profiled in the Oil & Gas Pumps Market:
• Flowserve (US)
• Sulzer (Switzerland)
• KSB (Germany)
• Weir Group (UK)
• Grundfos (Denmark)

“The midstream application segment is expected to be the fastest growing market from 2018 to 2023.”
The midstream segment is estimated to be the fastest growing during the forecast period. North America is estimated to hold the largest market in the midstream segment, followed by Asia Pacific. Growth of unconventional resources in these regions is creating the need for an expanded midstream network of pipelines, rail, tankers, and terminals, thus, driving the pumps market in oil & gas industry during the forecast period.

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“Middle East & Africa: The fastest growing market for oil & gas pumps”
The Middle East & Africa region is expected to be the third largest pumps market by 2023 and is projected to grow at the highest CAGR during the forecast period. The pumps market in the oil & gas industry in this region is mainly driven by the investments in the oil & gas sectors. The government of Saudi Arabia is taking initiatives to control the oil & gas sector of the country by identifying new oil fields, expanding existing fields, and enhancing production.

Study Objectives:
• To analyze market opportunities for stakeholders and details of a competitive landscape for market leaders

• To forecast the growth of the pumps market in oil & gas industry with respect to the 5 regions (Asia Pacific, Europe, North America, South America, and Middle East & Africa)

• To provide detailed information on the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)

• To track and analyze developments such as contracts & agreements, investments & expansions, new product developments, and mergers & acquisitions in the pumps market in oil & gas industry

• To profile and rank key players and comprehensively analyze their market shares

Target Audience for Oil & Gas Pumps Market:
• Government and research organizations
• Investment banks
• Pump manufacturers
• Raw material suppliers
• Exploration and production companies
• National and international drilling associations
• Rig manufacturers and suppliers

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This release was published on openPR.