Oil & Gas Pumps Market Is Forecast to Surpass USD 10,800 Million by 2032

The oil and gas pumps market is a cornerstone of the energy industry, providing the essential machinery that facilitates the extraction, transportation, and processing of hydrocarbons. These pumps are the unsung heroes behind the seamless flow of oil and gas, ensuring a continuous supply of energy that powers economies and fuels global development. In this comprehensive overview, we will explore the current state of the oil and gas pumps market, investigate the key drivers that propel its growth, and examine recent industry news that underscores the critical role these pumps play in the world's energy landscape.

The global oil & gas pumps market is estimated at USD 6,900 Million in 2022 and is forecast to surpass USD 10,800 Million by 2032, growing at a CAGR of 4.9% during 2022-2032. The global oil & gas pumps market accounts for ~11% of the global industrial pumps market in 2022. The global oil & gas pumps market is estimated to have an absolute $ opportunity of USD 4,100 Million during the assessment period of 2022-2032.

𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗮 𝗦𝗮𝗺𝗽𝗹𝗲 𝗖𝗼𝗽𝘆 𝗼𝗳 𝗧𝗵𝗶𝘀 𝗥𝗲𝗽𝗼𝗿𝘁:
https://www.factmr.com/connectus/sample?flag=S&rep_id=2435

𝗠𝗮𝗿𝗸𝗲𝘁 𝗟𝗮𝗻𝗱𝘀𝗰𝗮𝗽𝗲

The global oil and gas pumps market has witnessed steady growth, closely aligned with the energy sector's dynamics. As of my last knowledge update in September 2021, the market was valued at around $7.5 billion. Nevertheless, it's imperative to recognize that this market's size and structure may have undergone significant changes since then, influenced by various factors, including fluctuations in oil prices, technological advancements, and evolving energy policies.

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.

𝗞𝗲𝘆 𝗖𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀 𝗣𝗿𝗼𝗳𝗶𝗹𝗲𝗱

oil sandsXylem
GRUNDFOS
Weir Group
Flowserve Corporation
KSB SE & Co. KGaA
Sulzer Ltd.
Nikkiso
Trillium Flow Technologies
Halliburton
Baker Hughes Company
Groman-Rupp EBARA Corporation
Tsurumi Manufacturing Co. Ltd.
Gemmecotti

𝗞𝗲𝘆 𝗙𝗮𝗰𝘁𝗼𝗿𝘀 𝗗𝗿𝗶𝘃𝗶𝗻𝗴 𝗚𝗿𝗼𝘄𝘁𝗵

Global Energy Demand: The insatiable global appetite for energy, driven by population growth, urbanization, and industrialization, continues to underpin the oil and gas industry. As a result, the demand for pumps that enable the movement of hydrocarbons remains robust.

Upstream Exploration and Production: Pumps are vital in the upstream sector, facilitating the extraction of crude oil and natural gas from reservoirs. Advancements in drilling technology and exploration of unconventional reserves have led to increased pump requirements.

Midstream Transportation: The midstream sector relies on pumps to transport crude oil and natural gas through pipelines, tankers, and other means. Expanding pipeline networks and global energy trade have driven demand for these pumps.

Refining and Petrochemicals: The refining and petrochemical industries rely on pumps to process raw materials into valuable end products. The development of new refining processes and petrochemical products has prompted investment in specialized pumps.

Technological Advancements: Continuous innovation in pump design and materials has led to more efficient and reliable pumps. Smart technologies, predictive maintenance, and automation are increasingly integrated into the oil and gas sector.

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

𝗚𝗲𝘁 𝗖𝘂𝘀𝘁𝗼𝗺𝗶𝘇𝗮𝘁𝗶𝗼𝗻 𝗼𝗻 𝘁𝗵𝗶𝘀 𝗥𝗲𝗽𝗼𝗿𝘁 𝗳𝗼𝗿 𝗦𝗽𝗲𝗰𝗶𝗳𝗶𝗰 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝗦𝗼𝗹𝘂𝘁𝗶𝗼𝗻𝘀:
https://www.factmr.com/connectus/sample?flag=RC&rep_id=2435

𝗥𝗲𝗰𝗲𝗻𝘁 𝗜𝗻𝗱𝘂𝘀𝘁𝗿𝘆 𝗡𝗲𝘄𝘀

As of my last update, here are some significant developments in the oil and gas pumps market:

Renewable Energy Transition: The global transition toward renewable energy sources, such as wind and solar power, has prompted discussions about the future role of oil and gas. Pumps in the sector are adapting to handle a broader range of fluids, including those used in renewable energy operations.

Digitalization and Predictive Maintenance: The adoption of digital technologies, including the Industrial Internet of Things (IIoT) and predictive maintenance solutions, is improving the reliability and efficiency of pumps. Real-time monitoring and data analysis help prevent downtime and reduce operational costs.

Subsea Pumping: Subsea pumping systems are being developed and deployed to enhance oil recovery from offshore fields. These systems enable the extraction of hydrocarbons from deep-sea reservoirs and are crucial for maintaining production levels.

Environmental Regulations: Increasing environmental regulations and sustainability goals are driving investment in pumps that reduce emissions, improve energy efficiency, and minimize the environmental impact of oil and gas operations.

Global Energy Policies: The policies and priorities of governments worldwide significantly affect the oil and gas industry. Changes in regulations, energy subsidies, and investment incentives influence pump-related projects and operations.

𝗙𝘂𝗲𝗹𝗶𝗻𝗴 𝘁𝗵𝗲 𝗘𝗻𝗲𝗿𝗴𝘆 𝗧𝗿𝗮𝗻𝘀𝗶𝘁𝗶𝗼𝗻

The oil and gas pumps market continues to be a linchpin in the global energy landscape, even as the world navigates a transition to more sustainable energy sources. While the renewable energy sector grows, hydrocarbons still power economies and societies, necessitating the efficient movement of oil and gas. Pumps are the unsung heroes that enable this movement.

Digitalization and predictive maintenance have improved the reliability of pumps, ensuring uninterrupted oil and gas operations. Subsea pumping systems, capable of extracting resources from challenging deep-sea environments, are expanding the industry's reach. Environmental regulations and sustainability goals have driven innovation in pumps to reduce the carbon footprint of energy production.

𝗖𝗼𝗻𝗰𝗹𝘂𝘀𝗶𝗼𝗻

The oil and gas pumps market remains central to meeting global energy demand. Despite the growth of renewable energy sources, the oil and gas industry remains vital, and pumps are indispensable for maintaining the flow of hydrocarbons. Innovations in materials, digitalization, and sustainability are shaping the future of the sector, making it more efficient, reliable, and environmentally responsible. These pumps continue to be the backbone of the global energy landscape, ensuring that the world's energy needs are met today and in the future.

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This release was published on openPR.