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Oil And Gas Pumps Market Size, Share Analysis, Trends, And Forecast To 2032
Oil And Gas Pumps Market Analysis
The Business Research Company's Oil And Gas Pumps Global Market Report 2023 identifies development of oil and gas pipeline infrastructure as the major driver for the oil and gas pumps market's growth in the forecast period. Oil and gas pipelines are used for transporting crude oil or natural gas liquids. Pumps or compressors are used for moving the oil or gas through the pipeline at a safe speed. According to the India Brand Equity Foundation, the government of India is planning to invest $9.9 billion in expanding the gas pipeline network across the country.
The global oil and gas pumps market size grew from $11.86 billion in 2022 to $12.54 billion in 2023 at a compound annual growth rate (CAGR) of 5.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The oil and gas pumps market size is expected to grow to $15.81 billion in 2027 at a CAGR of 6.0%.
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Major competitors in the oil and gas pumps market are KSB SE, Flowserve, Sulzer, Xylem, Gardner Denver, Alfa Laval, SPP Pumps, ITT Oil & Gas, Kirloskar Brother Limited, HMS Group, Nikkiso.
A key trend in the oil and gas pumps market includes Internet of Things (IoT) in oil and gas refineries. IoT is used to monitor pipe thickness, flow rate, pipe pressure, and more. IoT enables to have connected machines in the oil and gas industry so that oil and gas companies can predict equipment failure and reduce overall downtime. For example, a single pump failure can cost hundreds of thousands of dollars in lost productivity, so if the condition of pumps is known in real-time, replacements can be ready for those deemed susceptible to failure. Therefore, IoT plays an important role in the oil and gas pumps market.
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The oil and gas pumps market is segmented -
1) By Type: Centrifugal, Positive Displacement, Cryogenic
2) By Capacity: Small (up to 500 gpm), Medium (500-1000 gpm), High (more than 1000 gpm)
3) By Application: Upstream, Midstream, Downstream
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the oil and gas pumps market.
The Business Research Company's "Global Oil And Gas Pumps Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Oil And Gas Pumps Market Include:
1. Executive Summary
2. Oil And Gas Pumps Market Characteristics
3. Oil And Gas Pumps Market Trends And Strategies
4. Oil And Gas Pumps Market - Macro Economic Scenario
5. Oil And Gas Pumps Market Size And Growth
……..
26. Africa Oil And Gas Pumps Market
27. Oil And Gas Pumps Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Oil And Gas Pumps Market
29. Oil And Gas Pumps Market Future Outlook and Potential Analysis
30. Appendix
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