Oil & Gas Pumps Market Is Expected To Witness Exhibiting Growth At 4.9% CAGR During 2022 And 2032

Global Oil and Gas Pumps Industry Current and Future Outlook

The global COVID-19 pandemic has turned several industries upside down by causing disruptions in their daily operations and limiting the supply of raw materials, hampering production and growth.

However, with the relaxations in the government regulations and an expedited vaccination drive in countries like China, the U.S., the UK, and India, the Oil and Gas Pumps Market industry is slowly picking up its pace. The manufacturers are preparing to reopen their production sites, abiding by the government regulations.

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Global Oil & gas pumps Market by Category

By Product Type :

Centrifugal Pumps
Single Stage
Multi-Stage
Axial and Mixed
Submersible
Seal less and Circular
Reciprocating Pumps
Piston
Plunger
Diaphragm
Rotary Pumps
Gear
Vane
Screw
Lobe
Progressive Cavity Pumps
Piston
Peristaltic

By Capacity :

Small (Up to 500 gpm)
Medium (500-1,000 gpm)
High (More than 1,000 gpm)
By Pump Characteristics :
Engineered Pumps
Standard Pumps
Special Purpose Pumps

By Deployment Type :

Onshore
Offshore

By Region :

North America
Latin America
Europe
East Asia
South Asia
Oceania
MEA

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Energy Consumption in the US is Leading to High Adoption of Oil and Gas Pumps Market Systems

The US accounts for the largest share in the construction industry. The pandemic has halted many construction-related activities, which in turn has impacted the growth of the Oil and Gas Pumps Market industry negatively.

However, the development in the Oil and Gas Pumps Market industry is rising at a steady pace with the resumption of the construction industry. The ever-growing energy consumption in the country is also generating demand for more energy-efficient Oil and Gas Pumps Market systems in the region.

Prominent players in the Oil and Gas Pumps Market industry such as Honeywell Int., and new entrants such as Apple and Google NEST are also focusing on residential construction projects to bring more innovation and comfort to the residents. Such new strategies are helping the Oil and Gas Pumps Market industry gradually recover from the blow of the pandemic.

Competitive Landscape: Top Companies in Oil & Gas Pumps Market

The global oil & gas pumps market is highly fragmented and competitive owing to the existence of many domestic and regional players. Various marketing strategies are adopted by key players such as mergers and acquisitions, expansions, collaborations and partnerships.

Also, new product development as a strategic approach is adopted by the leading companies to upscale their market presence among consumers. These strategies have resulted in the incorporation of advanced oil & gas pumps.

Fact.MR has provided detailed information about price points of top manufacturers of oil & gas pumps market positioned across regions, sales growth, production capacity, and speculative technological expansion in the recently published report.

For instance:

Alfa Laval in 2020, won a supply contract to supply Framo pumping systems for two Floating Production Storage and Offloading (FPSO) vessels which comprises marine pumping systems for seawater and firewater lift service, operating outside the coast of Brazil
Weir Oil & Gas Dubai won a 3-year contract in 2020, from a national oil company in the UAE to repair and service motor and pumps.
Technological Advancements are Leading
Innovations in the Oil and Gas Pumps Market in China

China is gradually recovering from the adverse effect of the pandemic due to its successful efforts in curbing the spread of the virus within the region. With almost negligible restrictions, the construction, heavy machinery, and automotive industry have started resuming operations.

Rising expenditure in technology and increasing emphasis on environmental safety are propelling the demand in the Oil and Gas Pumps Market industry in China. The growing interest in billboard automation and industrial displays in allowing manufacturers to gradually attain their pre-pandemic status.

India is Experiencing High Adoption of Oil and Gas Pumps Market Systems

The Indian Oil and Gas Pumps Market industry witnessed a downfall due to the pandemic. In order to follow the safety guideline, many construction sites and manufacturing units were shut until further notice.

With the relaxation of these restrictions, the manufactures operating in the automation, engineering, and construction (AEC) industry managed to gather pace in recovery. However, the second wave of the pandemic hit the Oil and Gas Pumps Market industry negatively, affecting the overall growth of the industry.

Being a fast-growing economy, global leaders are finding lucrative opportunities in the country, both in commercial and residential spaces, as the demand for multi-modal building automation is surging.

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Key Long-Term Trends

The global Oil and Gas Pumps Market industry is showing notable recovery in 2021 and will continue to offer opportunities for expansion to the players operating in the market. With the penetration of building automation in residential areas, the Oil and Gas Pumps Market industry will show an upward trend. Some new trends that are boosting the growth in the market are:

Internet of Things (IoT)

The Internet of Things (IoT) and the Industrial Internet of Things (IIoT) are experiencing broader acceptance in the Oil and Gas Pumps Market industry. The innovative technology which makes everything 'inter-connected is gaining immense popularity in both residential and commercial projects, making them technologically advanced and effective in risk management.

Edge Computing

As the number of residents increases, the data also becomes vaster. Hence, edge computing will act as a key technology in the Oil and Gas Pumps Market industry. Edge computing enables data security, easy accessibility, and enhanced automation in commercial and residential buildings.

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This release was published on openPR.