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According to the market report published by MarketsandMarkets ™, the worldwide oil and gas pump market is expected to reach $ 10.36 billion by 2023, compared to $ 8.47 billion in 2018, with a CAGR of 4.12%. . This growth can be attributed to the growing growth of unconventional resources in the North America, South America and Asia Pacific regions and the development of gas terminals.
The global oil and gas pump market is dominated by a few major players with a broad regional presence. The major players in the pump market are Flowserve (USA), Sulzer (Switzerland), KSB (Germany), Weir Group (United Kingdom) and Grundfos (Denmark).
Key strategies adopted by players include contracts and agreements, new product development, investments and expansions, mergers and acquisitions, and partnerships. Contracts and Agreements was the most commonly adopted strategy from January 2015 to August 2018. Industry participants also adopted new product developments and investments and expansions, which were the second and third most widely followed strategies during the same period.
The Middle East and Africa region is estimated to be the fastest growing bomb market in the forecast period. The region was segmented by country in Saudi Arabia, the United Arab Emirates, Kuwait, Qatar, Angola, Nigeria, and the rest of the Middle East and Africa. The region has abundant hydrocarbon reserves and is one of the worlds leading oil producing regions. The pump market in this region is mainly driven by investments in the oil and gas sectors.
The pump market by type is segmented into centrifugal, positive displacement and cryogenic pumps. The centrifugal pump segment is designed to grow at the highest CAGR from 2018 to 2023. As centrifugal pumps are widely used for various applications and are preferred for processes dealing with low viscosity liquids and high flow rates, it is expected that These pumps have the highest growth rate during the forecast period.
The report segments the pump market by application in upstream, midstream and downstream. The midstream segment is expected to grow at the highest CAGR during the forecast period due to unconventional resource growth, which is creating the need for an expanded network of pipelines, trains, tanks and terminals.
New reserves discoveries in the African region offer lucrative opportunities for energy and energy companies. These companies are venturing into the region to capitalize on resources. Pumps are required in upstream, midstream and downstream activities. These investments should boost demand for bombs in the region. Pump manufacturers are strengthening their sales and distribution network in the region to increase their sales. |
