Oil and Gas Pumps Market, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share and Forecast, 2020 - 2026
Report ID: GMI3498
Oil & gas pumps market will witness a robust growth owing to increasing utilization of unconventional resources including shale gas & liquids, tight gas & oil and coal bed methane which require pumps of different design and specifications. Enhanced demand for gas pumps in the industry given the rising usage of natural gas coupled with favorable government policies pertaining natural gas. Augmented investment in the supply infrastructure of liquid natural gas in certain major markets will massively increase the sales of pumps in the midstream segment.
Demand for higher quality and efficient pumps will be given a formidable boost owing to rising concerns toward energy efficiency. Increasing necessity to control operational costs in face of volatile crude prices will augment the product adoption. This is further stimulated by government which obliges enhancement of efficiency with its stringent norms.
Capacity expansion in the current oil & gas fields will stimulate the demand for O&G pumps market both upstream and midstream. Furthermore, huge investments in numerous oil and gas exploration projects both offshore and onshore especially in Middle East and African region will further drive the industry growth.
Significant demand is anticipated from the midstream segment where there is substantial requirement for pumps to consistently maintain the pressure necessary to transport oil & gas over long distances. For instance, in 2019, Russian gas producer Gazprom commenced the construction of Nord stream 2 a 1,225 km pipeline which envisages the sub-sea transportation of gas from Russia to Germany, will require the installation numerous pumps. The pipe-based infrastructure in the midstream segment will rise as a consequence of massive investment being channeled into their construction boosting the O&G pump market size.
Increasing adoption of high-quality pumps to replace the aging pump infrastructure in Middle East, Africa and Latin America will oblige to provide a fillip to the oil & gas pump market. Further expansion will be stimulated by fresh investments in upstream segment where oil & gas reserves have been recently discovered in Africa consisting of Mozambique, Angola, Ghana, Sierra Leone & Uganda. Anadarko recently approved a plan to invest USD 20 billion in LNG project in Mozambique.
North American O&G pump markets will witness substantial growth on account of increasing governmental emphasis on natural gas along with greater capital expenditure toward supply infrastructure for both midstream and downstream. In 2016, new regulatory standard titled Clean Water Pump (CIP) Energy Conservation Standard and Test Procedure for Pump was passed which mandated pumps of higher efficiency standards to bring dynamism into the industry.
Eminent players in the oil & gas pump market comprise of Alfa Laval, Gardner Denver, Flowserve, Grundfos, GE Oil & Gas, HMS, Sulzer, Xylem, Weir Group, Lewa, and Schmitt Kreiselpumpen amongst others.
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