The rapid industrialization in developing economies followed by increasing oil & gas demand is expected to provide potential opportunities for the oil & gas pumps industry.
The global oil & gas pumps market size was valued at >USD 8.50 billion in 2019. In addition, it is projected to gather a CAGR of above 4% over the forecast years 2020-2028. Increasing oil & gas demand in developed as well developing economies is expected to drive global oil & gas pumps market over the forecast period. According to International Energy Agency, the global crude oil demand in 2019 was 100.1 million barrels increased from 86.4 million barrels in 2010. The demand is expected to decrease in 2020 due to COVID pandemic.
The report also outlines the various characteristics of the global oil & gas pumps industry by assessing the market from porter’s five forces analysis, PESTEL analysis, and value chain analysis. Moreover, the oil & gas pumps market report comprises various qualitative parts such as market restraints, important market drivers, and opportunities. Furthermore, the report provides a complete assessment of the market through company profiling and the competitiveness of the local as well as global companies.
The oil & gas pumps market has solid competition amongst the already well-known and new market players. Also, the oil & gas pumps industry players are pursuing possible markets to seize a competitive advantage among the other manufacturers operating in this industry by forming mergers & acquisitions, agreements, acquiring other companies, establishing collaboration & partnerships, and growing their business existence.
Asia Pacific dominated oil & gas pumps market in 2019 and is expected to continue its dominance over the forecasted period. Base of prominent oil & gas companies in this region such as Sinopec Group, China National Offshore Oil Corporation (CNOOC), China National Petroleum Corporation (CNPC), SK Holdings, Petronas, JX Holdings, PTT Public Company, Indian Oil, Pertamina, and Reliance Industries followed by increasing refining capacities of these companies are expected to open new avenues for oil & gas pumps in this region over the 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.
Key Segments of the Global Oil & Gas Pumps Market
Type Overview, 2018-2028 (USD Million)
- Centrifugal pump
- Positive Displacement Pump
Application Overview, 2018-2028 (USD Million)
Regional Overview, 2018-2028 (USD Million)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South Americ