Global Oil & Gas Pumps Market was valued at US$ xx Bn in 2019 and is expected to reach US$ 9.5 Bn by 2026, at a CAGR of 6.5%.
Global Oil & Gas Pumps Market Introduction

Pumps are an essential part of an oil drilling rig's oil displacement system. Pumps of various forms are used in upstream, downstream, and midstream applications, including centrifugal, positive displacement, and cryogenic pumps. With rising unconventional resources in these areas, the current scenario sees massive growth in the Americas and the Asia Pacific. They are used to displace oil in a variety of places, including oil drilling rigs and refineries. Pumps that have been specifically developed for the oil and gas industry are important and irreplaceable.
Global Oil & Gas Pumps Market Dynamics

Because of the increased use of unconventional resources such as shale gas and liquids, tight gas and oil, and coal bed methane, which require pumps of various designs and specifications, the oil and gas pumps market is expected to grow rapidly. Increased demand for gas pumps in the industry, owes to increasing natural gas use and favorable government policies on the subject. According to the IEA, the global oil demand rose by 1.1 million barrels per day, year on year (y-o-y) in the third quarter of 2019, more than double the 435 kb/d seen in the second quarter. During the forecast period, global oil demand is projected to rise at a CAGR of xx%, which will fuel demand for pumps for use in refineries and exploration activities.

Over the forecast period, technological advancements that have made deep water and ultra-deep water exploration feasible and cost-effective are expected to boost oil production. This, in turn, is expected to open up a chance for business expansion in the near future. Oil and gas pumps that have been incorporated with modern technologies are driving the process of innovation in the industry. Manufacturers of oil and gas pumps are concentrating on developing Industrial Internet of Things (IIoT) integrated smart oil and gas pumps, which include data collection devices, sensors, and analysis/monitoring applications.

North America has seen a massive increase in the production of unconventional resources like shale and tight oil over the last decade. The expansion was made possible by advancements in horizontal drilling and hydraulic fracturing technology. With a number of discoveries and technical advancements, shale is one of the fastest-growing energy markets. In the United States, shale gas and tight oil production have grown exponentially, from about 300 billion cubic feet in 2010 to over 23 trillion cubic feet in 2020.

Shale gas production is concentrated mainly in the Northeast and Gulf Coast areas, with the Appalachian shale play becoming the most active natural gas field in the United States. Chevron is the largest shale oil producer in the United States in terms of daily crude oil production. Furthermore, as gas production in the United States peaks, majority of supplies will be headed for export through pipelines or LNG. This would certainly result in a surge in demand for oil and gas pumps around the world.
Global Oil & Gas Pumps Market Segment Analysis

The midstream segment of the oil and gas industry comprises a vital infrastructure for the transportation and storage of hydrocarbons. The expansion of the US market's shale oil and gas output is necessitating an extended midstream network of pipelines, rail, tankers, and terminals. Gathering, transporting, and refining natural gas from the wellhead, removal of impurities, and output of natural gas liquids, storage, pipeline transport, and shipping, and liquefaction or regasification of Liquefied Natural Gas are all examples of midstream natural gas operations (LNG).

Pumps are used in pipelines and storage, ports, CO2 pipelines, and other midstream applications. The midstream segment is expected to be dominated by North America, followed by the Asia Pacific. North American countries plan to spend approximately USD 30 billion per year on oil and gas infrastructure. During the forecast period, this is expected to drive the midstream segment's growth.

Centrifugal pumps (Dynamic Pumps) are used to transport petroleum and its derivatives in refineries and have a wide range of applications. The global refining capacity increased by 2.8% in 2018, and the trend is expected to continue over the forecast period. The demand for centrifugal pumps in refineries has increased as global refining capacity has increased, and this trend is expected to continue over the forecast period.

Global Oil & Gas Pumps Market

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Global Oil & Gas Pumps Market Regional InsightsGlobal Oil & Gas Pumps Market Regional Insights

China's market is expected to expand as it is one of the world's largest oil importers. Between 2019 and 2025, China is projected to account for the majority of the increase in crude oil refining capacity in the Asia-Pacific region. By 2025, the country is projected to account for 26.8% of APAC's total refining expansion potential.

Automation enhances resource efficiency while reducing imports. It also aids in the reduction of labor costs and human intervention, which is currently a major problem in the Asia Pacific due to labor laws that are extremely strict. As the Asia Pacific region experiences strong economic growth, demand for oil products is increasingly growing. With less than 9% of the world's confirmed reserves, the area has a high rate of oilfield redevelopment and reconstruction.

Economic growth and increased demand for oil and gas have resulted in an increase in offshore oil and gas exploration and production in the region. Philippines and Myanmar are expected to meet rising energy demand by expanding their operations into deeper and more remote waters. Asia Pacific accounted for 44.1% of global primary energy demand, according to the BP Statistical Analysis of World Energy 2020.
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Global Oil & Gas Pumps Market

Global Oil & Gas Pumps Market, by Region

• North America
• Europe
• South America
• MEA
• Asia Pacific
Global Oil & Gas Pumps Market Key Players

• Flowserve
• Sulzer
• Weir Group
• KSB
• Xylem
• Alfa Laval
• Gardner Denver
• Grundfos
• HMS Group
• Nikkiso
• Schmitt Kreiselpumpen
• Trillium Flow Technologies
• Atlas Copco
• Wilo SE
• Corporacion E.G.
• Halliburton
• Baker Hughes Company
• Groman-Rupp
• EBARA Corporation
• Tsurumi Manufacturing Co., Ltd.
• Gemmecotti

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