According to Fact.MR’s Report Oil & Gas Pumps Market research report categorizes the global market by Product Type (Centrifugal Pumps, Reciprocating Pumps, Rotary Pumps), by Capacity (Small, Medium, High), By Deployment (Onshore, Offshore), By Region (North America, Latin America, Western Europe, Easter Europe, APAC, MEA).
The oil & gas pumps market is likely to witness sluggish growth, with global demand surpassing 9 million units by the end of 2018, according to a latest report by Fact.MR. Rising demand for oil and gas is resulting in the growing demand for equipment such as oil & gas pumps. End-users in oil and gas industries are demanding efficient oil & gas pumps to ensure smooth operation and to meet stringent emission standards.
End-users of oil & gas pumps are using centrifugal pumps on a large scale owing to its low product and maintenance cost, and better load and pressure handling capabilities. The demand for centrifugal pumps is healthy in the upstream oil & gas industry as the part of multiphase pumping application.
As per the report, the demand for submersible pumps is also likely to grow in the near future. Electric submersible pumps are being used on a large scale as water and oil separators. The centrifugal pumps are also expected to witness increasing demand for crude oil transportation. Manufacturers in oil and gas pumps market are focusing on pump modification to save significant amount of energy and improve performance.
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Onshore Oil & Gas Pumps to Find Large Application in Projects across Countries
The Fact.MR study opines that the onshore oil & gas pumps are likely to witness a rapid growth in the coming years. Demand for onshore oil & gas pumps is expected to exceed 4.8 million units in 2018. With rise in energy demand from various sectors and growth in the transportation industry, many countries, especially in Asia Pacific, are moving towards development of new oil & gas projects.
India, China, and Indonesia are expected to significantly contribute to the growth of oil and gas industry in the region. With the signs of recovery in oil prices, many state-owned oil companies in the Asia Pacific region are spending on onshore oil and gas production to ensure energy security.
Upgradation of existing onshore oil and gas facilities and development of new facilities is also accelerating in Southeast Asia. Moreover, in recent years, regulation in the UK has removed legal hurdles in the development of onshore petroleum resources. Moreover, in terms of gas transportation by the onshore gas producers in the UK, the government has removed requirement to hold a gas transporter license, and a class exemption has been introduced to cover all types of onshore gas production.
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MEA to Continue its Dominance in Oil & Gas Pumps Market, Followed by APAC
Fact.MR study estimates that the Middle East and Africa will be the most lucrative market for oil & gas pumps market, with demand surpassing 3 million units towards 2018 end. UAE, Qatar, and Saudi Arabia have emerged as the major natural gas producing countries.
Major oil and gas companies in Middle East are focusing on increasing oil and gas production to meet the growing demand. Middle East and North Africa are expected to emerge as the global suppliers of oil and gas. Moreover, gas is likely to surpass oil as the largest energy source in the near future.
The leading oil and gas companies in the region are also focusing on using advanced technologies and equipment to ensure faster and cost-effective oil and gas production. In the APAC region, China, India, Malaysia, and Indonesia are expected to witness significant growth in the oil and natural gas projects.
The demand for smart pumping technology is on a rise due to failure of conventional pumps, compressors and other devices that aren’t successful in ensuring safety standards. In addition, the transformation from conventional oil & gas production to multi-phase pumping has become the latest trend in the oil & gas industry. With the implementation of a multi-phase pump the requirement to separate oil, water or gas is eliminated. Hence, manufacturers can directly transport the output from arena to the central processing unit. This demand for multi-phase oil & gas pumps focused at both high-pressure and low-pressure designs is climbing concerned with offshore, onshore and subsea installations.
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Soaring Demand for Centrifugal Pumps Steering Market Growth
The large scale utility of centrifugal pumps by end-users is one of the primary market drivers for the oil & gas pumps market during the forecast period, 2018-2028. This popularity is driven due to the low product and maintenance cost associated to centrifugal pumps. Further, they are known for their load and pressure handling abilities.
This assessment also highlights that demand for submersible pumps is also estimated to grow in the coming years. Furthermore, benefits of electric submersible pumps are actively been utilized for water and oil separators; all of which is strongly going to escalate the revenue share in the global oil & gas pumps market.
Dominance by MEA in the Oil & Gas Pumps Market Reaches a Higher Milestone
This Fact.MR study indicates that Middle East and Africa would act as the most lucrative market for oil & gas pumps sector, since the demand surpassed 3 million units by the end of 2018. The primary nations contributing to this mounting share are UAE, Saudi Arabia and Qatar, which have appeared as the foremost natural gas producing countries.
It has been analyzed that major oil and gas companies across the Middle East are concentrating on increasing oil and gas production so as to fulfill the growing demand. At the global level, Middle East and North Africa are projected to emerge as the primer suppliers of oil and gas. These projections are indeed impacting the market growth for oil & gas pumps and will continue to stay throughout the forecast period.
Some of the major players from the oil & gas pumps market include names like
- Weir Group
- Flowserve Corporation
- KSB SE & Co. KGaA
- Sulzer Ltd
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