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Sep 24, 2020 (The Expresswire) —
The global oil and gas pumps market is poised to experience a robust growth period on account of the continuous increase in demand for oil and gas across the world. This trend is mainly attributable to the rapid economic development, especially in developing nations, which is resulting in increased demand and consumption of energy and power. According to British Petroleum’s Energy Outlook Report 2020, by 2040, world GDP is expected to double as a result of the growing prosperity of developing economies. The Bank of America estimates that global oil demand will hit a peak in 2030, which augurs well for the global oil and gas pumps market. Furthermore, a report by the International Energy Agency (IEA), global oil demand rose by 1.3% in 2018, primarily led by the US, China, and India. With the trend expected to continue in the approaching decade, the demand for oil and gas pumps is also anticipated to rise during the forecast period.
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Fortune Business Insights, in its report, titled “Oil and Gas Pumps Market Size, Share and Global Trend By Capacity (Low, Medium, High), By Type (Rotary, Reciprocating, Centrifugal), By Application (Onshore, Offshore) and Geography Forecast till 2026,” shares a detailed assessment of the trends that are likely to emerge and shape the market. The report incorporates a comprehensive analysis of the factors and dynamics that will be an important influence on the market during the forecast period.
Fortune Business Insights covers some of the key players in the global oil and gas pumps market:
- Flowserve Corporation
- PCM SA
- Sam Turbo Industry
- NETZSCH Pumps and Systems
- National Pump and Energy
- SPP Pumps
- Gardner Denver
- Wastecorp Pumps
- Verder Ltd
- Enpro Subsea
Key Market Driver Modernization of oil and gas industry
Key Market Restraint Low crude oil prices
Industrial pumps are the core component in transferring process fluids from one point to another. In oil and gas industry, different types of pumps are used, depending on the complexity of the process fluids. Reciprocating plunger pumps, Metering pumps, Centrifugal pumps, Gear pumps, Progressive cavity pumps, and Diaphragm pumps are some of the commonly used pumps by the oil and gas industry.
Shale Gas Exploration to Drive the Market in North America
North America is projected to hold a significant section of the global oil and gas pumps market share on account of increasing advancements in exploration and extraction of shale gas in the US. Laying of new pipelines will fuel the market in Europe in the coming decade. Moreover, modernization of energy infrastructure in OPEC countries will further accelerate the global oil and gas pumps market revenue till 2026. Lastly, progress in petroleum refining technologies in India and China will positively influence the market in Asia-Pacific.
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Integration of Internet of Things (IoT) with Pumping Systems to Foster Higher Growth Figures
Around 90% of traditional pumping systems have been found to be highly inefficient, according to Forbes. Moreover, these systems consume 10% of the world’s electricity and their power consumption is heightened when employed in transfer of oil and gas. IoT has emerged as an effective solution, with industry experts claiming that the integration of IoT technologies with pumping systems can drastically bring down costs. For example, sensor-based tank monitoring enables monitoring of inventory levels and monitoring of aboveground pumps, notifying authorities in times of performance distress. Simultaneous pumping and optimization of inventory management is also enabled by real-time oil tank monitoring. Furthermore, application of IoT in oil and gas pumping can contribute in the fight against climate change and global warming. This will result in the expansion of the global oil and gas pumps market size during the forecast period.
Strategic Collaborations to Intensify Market Competition
One of the most preferred strategies adopted by market players is to enter into partnerships with other competitors and strengthen their presence in the global oil and gas pumps market. For instance, DASS Can-K Pumps and Enpro Subsea joined hands in 2020 to deliver multiphase pumping solutions for subsea well boosting. Another prominent measure undertaken by players is technological innovation. For example, in 2018, Validere Technologies, a start-up in Toronto, recently secured seed funding of D7 million to introduce AI and IoT in the oil and gas industry.
Key Segmental Overview:
1. By Sector
2. By Capacity
3. By Construction
- Positive Displacement Pump
- Centrifugal Pump
- Cryogenic Pump
4. By Site
5. By Geography
- North America (the USA and Canada)
- Europe (UK, Germany, France, Italy, Spain and Rest of Europe)
- Asia Pacific (China, India, Japan, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East and Africa (GCC, South Africa, and Rest of the Middle East and Africa)
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The information used is derived from various primary and secondary sources. It also throws light on some of the major players operating in the market. The report studies profiles of these leading companies and their share in the market. It provides insights on some of the strategies adopted by these companies to survive the competition and maintain their stronghold.
Major Table of Content For Oil and Gas Pumps Market:
- Executive Summary
- Market Dynamics
- Key Insights
- Global Oil and Gas Pumps Market Analysis, Insights and Forecast, 2026
- North America Oil and Gas Pumps Market Analysis, Insights and Forecast, 2026
- Europe Oil and Gas Pumps Market Analysis, Insights and Forecast, 2026
- Asia Pacific Oil and Gas Pumps Market Analysis, Insights and Forecast, 2026
- The Middle East and Africa Oil and Gas Pumps Market Analysis, Insights and Forecast, 2026
- Latin America Oil and Gas Pumps Market Analysis, Insights and Forecast, 2026
- Competitive Landscape
- Company Profile
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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Press Release Distributed by The Express Wire
To view the original version on The Express Wire visit What are the Oil & Gas Pumps Market opportunities, risk and overview? Fortune Business Insights
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