Oil and Gas Pumps Market Leading Player 2022-28

The global oil and gas pumps market size is valued at USD 7,012.3 Million in 2021 and is expected to grow at a significant CAGR of 5.3% during the forecast period 2022 to 2028. Pumps play a crucial role in the oil and gas sector. In a variety of settings, including inside oil drilling rigs and refineries, they are used to remove oil. They are employed for steam stripping, chemical transfers, gasoline transfers, and injection activities. Pumps made expressly for the oil and gas industry are essential to its operation. Oil and gas sector pumps are made for maximum dependability and optimal performance. The fact that the oil and gas business must deal with a wide range of conditions, such as varying temperatures, pressures, and chemicals, must be taken into account. In such cases, the pumps must continue to function, whether on land or at sea.

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Oil and Gas Pumps Market Growth Factors:
The Oil Market Report from the International Energy Agency (IKEA) predicts that in 2023, the world's oil demand would rise by more than 115 million barrels per day. Oil & gas pump makers are anticipated to benefit financially from the rising oil supplies from Russia and Saudi Arabia throughout the assessment years. Furthermore, because of the increased demand brought on by the expanding population, natural gas demand is anticipated to rise in Asian markets. China is a big gas consumer, and the IEA analysis predicts that due to strong policy support, gas demand will rise by 65% in China. The United States is producing more gas, and this gas will likely be exported via pipelines or LNG to domestic and foreign markets. It is predicted that throughout the assessment years, this will increase demand for oil and gas pumps by around 24%.

The Industrial Internet of Things (IIoT) based smart oil & gas pumps, which are capable of collecting information on devices, have sensors and monitors, and analyse software, are expected to increase in demand by 1.2X in the coming years. Manufacturers are focusing on the innovation process and are integrating oil & gas pumps with new technology.

The global oil and gas pumps market segmentation:
1) Product Type: Submersible Pumps, Non-submersible Pumps.
2) Pump Type: Centrifugal Pump, Positive Displacement Pump, Cryogenic Pump.
3) By Application: Upstream, Midstream, Downstream.

Oil and Gas Pumps Market Regional Analysis:
The Middle East & Africa (MEA) region, which presently accounts for 33.7% of the global market share, is the most lucrative in terms of oil & gas pump sales and is anticipated to continue to rule the industry. The demand for oil and gas pumps in the UAE, Qatar, and Saudi Arabia is anticipated to increase at a CAGR of 3.5% during the assessment years due to the concentration of oil and gas firms in the Middle East. Additionally, market growth is anticipated in the upcoming years as a result of investments in the oil and gas sector in high-crude-oil-producing regions.

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Key players in the oil and gas pumps market report are Alfa Laval AB, Flowserve Corporation, Sulzer AG, Weir Group PLC, Baker Hughes Co, Gardner Denver Holdings Inc, Grundfos Holding A/S, ITT Inc, KSB SE & Co. KGaA, Xylem Inc, NOV, Inc.

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