Oil & Gas Pumps Market Outlook, Industry Share, Market Potential, Segment Analysis till 2025

According to the new market research report, "The oil & gas pumps market size will grow to USD 9.0 billion by 2025 (forecast year) from USD 6.6 billion in 2020 (estimated year), at a CAGR of 6.4% during the forecast period."

https://www.marketsandmarkets.com/Market-Reports/oil-gas-pump-market-72491540.html

Continuous shale development activities and the development of gas terminals are the key factors driving the growth of the oil & gas pumps market. Likewise, the development of pipeline infrastructure in Asia Pacific and the Middle East and the discovery of new reservoirs in the African region are expected to offer lucrative opportunities for the oil & gas pumps market during the forecast period.

COVID-19 Impact on the Global Oil & gas pumps Market

The COVID-19 outbreak has entire power industry negatively. According to IEA, the COVID-19 crisis has significantly impacted the oil & gas exploration & production activities. The decline is caused mainly due to delay in project construction activity and supply chain disruptions, as major countries imposed lockdown, social distancing measures for workers, and financial challenges.

China, which is largest consumer of oil, gas, and refined petroleum products, was under lockdown for about 2 months. Due to this, the oil prices started to decline in February 2020. Besides, in March 2020, Saudi Arabia and Russia witnessed an oil price war, when Saudi Arabia responded to Russia’s denial on cutting production so that prices could remain moderate. This lasted for days, resulting in a declining trend in oil prices in spring. Although it was just for a day, it had severely impacted economies of oil-producing countries. Since July 2020, the oil prices gained momentum, and are still lying in price ranges of USD 35–40.

Download PDF Brochure - https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=72491540

Asia Pacific: is the largest oil & gas pumps market

Asia Pacific is expected to be the largest oil & gas pumps market during the forecast period. Asia Pacific comprises China, India, Japan, Australia, and Rest of Asia Pacific. The market in China is expected to grow as it is one of the major importers of oil and its domestic demand surpasses its production. The demand for oil products in the Asia Pacific region is rapidly increasing as the region experiences strong economic growth. The region has less than 9.0% of the world’s proven reserves, implying a high rate of redevelopment and rehabilitation of oilfields. Substantial economic growth and the demand for oil & gas have led to an increase in offshore oil & gas E&P in the region. The increasing activities in deeper and more remote waters in the Philippines and Myanmar are expected to meet the growing energy demand. According to the BP Statistical Review of World Energy 2020, Asia Pacific accounted for 44.1% share of global primary energy consumption.

This research report categorizes the Oil & gas pumps market-based on type, pump type, application, and region
Based on type, the Oil & gas pumps market has been segmented as follows:

Submersible Pumps
Non-submersible Pumps

Based on pump type, the Oil & gas pumps market has been segmented as follows:

Centrifugal Pump
Positive Displacement Pump
Screw Pump
Reciprocating pump
Diaphragm pump
Multi-plunger pump
Piston pump
Rotary & Gear pump
Progressive Cavity pump
Cryogenic Pump

Based on application, the Oil & gas pumps market has been segmented as follows:

Upstream
Midstream
Downstream

Based on the region, the Oil & gas pumps market has been segmented as follows:

North America
Asia Pacific
South America
Europe
Middle East & Africa

Speak to Analyst - https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=72491540

The centrifugal segment is expected to dominate the oil & gas pumps market, by pump type, during the forecast period.

The centrifugal pump segment is estimated to dominate the pumps market in oil & gas industry in 2018 and is projected to have the largest market share during the forecast period. Centrifugal pumps are preferred for processes that handle low viscosity liquids and high flow rates. Various types of centrifugal pumps are used in a wide variety of applications. The ability of these pumps to be used across various applications has resulted in their higher market share.

The midstream segment is expected to be the fastest-growing oil & gas pumps market, by application, during the forecast period.

The midstream segment is estimated to dominate the pumps market in oil & gas industry in 2018 and is projected to have the largest market share during the forecast period. The midstream oil activities mainly include transportation of crude oil and refined products over land, using a network of pipes and pumping stations as well as trucks and rail cars. The growth of unconventional resources is creating the need for an expanded midstream network of pipelines, rail, tankers, and terminals. This is expected to drive the pumps market in the midstream segment.

Ask for FREE Sample Pages - https://www.marketsandmarkets.com/requestsampleNew.asp?id=72491540

Key Market Players -

Some of the key players are Flowserve (US), Sulzer (Switzerland), Weir Group (UK), KSB (Germany), and Xylem(US). The leading players are adopting various strategies to increase their share in the oil & gas pumps market.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
newsletter@marketsandmarkets.com

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

This release was published on openPR.