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Oil and Gas Pumps Market 2024-2033: Size, Share, Growth Insights, and Future Trends
Oil And Gas Pumps Global Market Report 2024
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According to The Business Research Company's, The oil and gas pumps market size has grown strongly in recent years. It will grow from $12.55 billion in 2023 to $13.45 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to increased global demand for oil and gas products, growth in upstream exploration and production activities, expansion of refining and petrochemical industries, need for enhanced efficiency and reliability in pumping systems, focus on offshore oil and gas development.
The oil and gas pumps market size is expected to see strong growth in the next few years. It will grow to $18.3 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to integration of iot and automation in pumping systems, demand for environmentally-friendly and low-emission pumping solutions, research and development in high-pressure and high-temperature pumping, expansion of natural gas processing and lng facilities, emphasis on pumping solutions for carbon capture and storage (ccs). Major trends in the forecast period include digital twin and predictive maintenance, high-pressure and high-temperature pumps, subsea pumping solutions, progressing cavity pumps for heavy crude oil, hydraulic fracturing pumping equipment, pumping solutions for enhanced oil recovery (eor).
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Market Drivers and Trends:
The development of oil and gas pipeline infrastructure contributed to the growth of the oil and gas pumps market. 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. According to Invest India, about 12,672 km of gas pipelines are under development. Therefore, the development of oil and gas pipeline infrastructure is expected to drive the market for oil and gas pumps during the forecast period.
Internet of Things (IoT) in oil and gas refineries is an emerging trend in the oil and gas pumps market. 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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Major Key Players of the Market:
KSB SE & Co. KGaA, Flowserve Corporation, Sulzer Ltd., Xylem Inc., Alfa Laval AB, Sigmund Pulsometer Pumps, ITT Inc., Kirloskar Brother Ltd., Hydromashservice, Nikkiso Co Ltd., Trillium Flow Technologies, EBARA Corporation, Gemmecotti Srl, PCM SA, Ruhrpumpen Global, EDUR-Pumpenfabrik Eduard Redlien GmbH & Co. KG, Wastecorp pumps Inc., NETZSCH Pumps & Systems, Framo AS, Svenska Kullagerfabriken, Leonberger Wasseraufbereitung, Digital Experience Platform, National Pump & Energy, Enpro Subsea Ltd., Weir Group Plc, Grundfos Pumps Pty Ltd., Baker Hughes a GE company LLC, Halliburton Company, Schlumberger NV, Weatherford International plc, Dover Corporation
Oil And Gas Pumps Market 2024 Key Insights:
• The oil and gas pumps market size is expected to see strong growth in the next few years. It will grow to $18.3 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%.
• Oil And Gas Pipeline Expansion Driving Growth In The Oil And Gas Pumps Market
• Rising Significance Of IOT In Oil And Gas Refineries Enhances Oil And Gas Pumps Efficiency
• Asia-Pacific was the largest region in the oil and gas pumps market in 2023
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