At a compound annual growth rate of 4.5%, the size of the worldwide Oil and Gas Pumps market is projected to reach usd 2.51 billion in 2030.
Oil & gas pumps are most important part in oil & gas industry as these are used to transfer oil & gas from one location to another. Diaphragm, positive displacement pump, oil transfer, and centrifugal pump plays important role in delivering fluid from ground to vessel and to refinery.
The global oil & gas pumps market revenue was valued at >USD 8.50 Billion in 2019. This can be attributed to the increasing oil & gas exploration activities, rising crude oil demand, development of gas terminals, and rise in unconventional resources in Asia Pacific, Latin America, and North America. Additionally, new discoveries of oil & gas reserves in African countries are expected to open new opportunities for oil & gas pumps over the coming years. However, growing government initiatives towards renewable energy sources followed by increasing environmental concern due to carbon emission is expected to hamper market growth.
The Oil and Gas Pumps Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2030||USD 2.51 billion|
|Growth Rate||CAGR of 4.5 % during 2020-2030|
|Segment Covered||Type,Mounting,Motor,Application,Regional .|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Alfa Laval, Flowserve, Gardner Denver, GE Oil & Gas, Grundfos, HMS, KSB, Sulzer, Weir Group, and Xylem. Moreover, the market comprises several other prominent players in the oil & gas pumps market that are Lewa, Schmitt Kreiselpumpen, PCM SA, SPP Pumps, and ITT Oil & Gas|
Key Segment Of The Oil and Gas Pumps Market
Type (USD Billion)
• AC Fuel Transfer Pump
• DC Fuel Transfer Pump
• Hand Fuel Transfer Pump
Mounting (USD Billion)
Motor (USD Billion)
• 12V DC
• 24V DC
• 115V AC
• 230V AC
Application (USD Billion)
• Food & Beverage
Regional Overview (USD Billion)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
Middle East and South Africa
Frequently Asked Questions (FAQ) :
Increasing carbon emission followed by reducing crude oil prices over the past few years are expected to be the major market challenges over the coming years. Moreover, stringent government regulations towards implementation of renewable energy and clean energy programs are further expected to hamper market growth. Mandatory renewable energy target set by different governments in order to increase specific portion of electricity generation from renewable sources are major threat for the industry in coming years. Additionally, low crude oil prices over the past few years may open new challenges in front of oil & gas industry. For instance, in WTI crude oil price at the end of August 2020 was nearly $40 per barrel; reduced from nearly $85 per barrel in August 2010.
Based on the type, the market is segmented into centrifugal pump and positive displacement pump. Positive displacement pumps are screw pump, reciprocating pump, rotary pump, gear pump, progressive cavity pump, diaphragm pump, multi-plunger pump, and piston pump. The centrifugal pump type segment leads the market growth in 2019 and it is anticipated to hold its position during the forecast years. The market growth of this segment is mainly attributed to the growing adoption of these pumps for crude oil transportation. Additionally, increasing liquified natural gas demand worldwide is expected to open new opportunities for centrifugal pump over the coming years.
In terms of the application, the market is segmented into upstream, midstream, and downstream. Oil & gas pumps upstream applications include safety & firefighting, seawater lift pump, water & CO2 injection, and gathering & separations. Oil & gas pumps midstream applications include pipeline & transportation, terminal, and CO2 pipeline. Oil & gas pumps downstream applications include primary processing, secondary processing, and storage & transfer. In 2019 downstream segment accumulated the major market share and it is expected to do so over the forecast years. On the contrary, the upstream segment accumulated the major growth and it is estimated to be the fastest growing segment over the forecast years. The market growth of the upstream segment is mainly ascribed to the increasing exploration and production activities
The Asia Pacific region dominated the overall market in 2019 and it is projected to keep its position during the forecast years 2018-2028. Additionally, the region is anticipated to gather the highest growth over the forecast years. The market growth in this region is mostly ascribed to the growing oil & gas demand in China, India, Japan, and Southeast Asia by virtue of rapid industrialization. Additionally, increasing exploration and production activities in this region is further expected to add market growth in coming years.
The major players of the global oil & gas pumps market are Alfa Laval, Flowserve, Gardner Denver, GE Oil & Gas, Grundfos, HMS, KSB, Sulzer, Weir Group, and Xylem. Moreover, the market comprises several other prominent players in the oil & gas pumps market that are Lewa, Schmitt Kreiselpumpen, PCM SA, SPP Pumps, and ITT Oil & Gas. The oil & gas pumps market consists of well-established global as well as local players. In addition, the previously recognized market players are coming up with new and advanced strategic solutions and services to stay competitive in the global market.