Oil and Gas Pumps Market
Oil and Gas Pumps Market Analysis Report By Product Type (Rotary, Reciprocating, Centrifugal Pumps), By Capacity (Small, Medium, High), By Pump Characteristics (Engineered, Standard Pumps), By Deployment Type (Onshore, Offshore), By Region - Global Insights 2022-2032
Analysis of Oil and Gas Pumps market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Global Oil & gas pumps Market Snapshot
The global oil & gas pumps market is estimated at USD 6,900 Million in 2022 and is forecast to surpass USD 10,800 Million by 2032, growing at a CAGR of 4.9% during 2022-2032.
Base Year Value (2021A)
USD 6,400 Million
Estimated Year Value (2022E)
USD 6,700 Million
Projected Year Value (2032F)
USD 10,800 Million
Global Growth Rate (2022-2032)
Middle East & Africa Market Share in 2021
Middle East & Africa Growth Rate (2022-2032)
Collective Value Share (Saudi Arabia, UAE, Iraq) 2022: Top 3 Countries
Top 5 Companies Market Share in 2021
Key Companies Profiled
The global oil & gas pumps market accounts for ~11% of the global industrial pumps market in 2022. The global oil & gas pumps market is estimated to have an absolute $ opportunity of USD 4,100 Million during the assessment period of 2022-2032.
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2017-2021 Global Oil & Gas Pumps Market Outlook in Comparison to 2022-2032 Growth Forecast
The demand for submersible pumps under centrifugal pumps, reciprocating pumps and rotary pumps are witnessing 1.3X demand in the oil & gas industry owing to their functionality of acting as water and oil separator.
Additionally, introduction of oil & gas pumps with pressure sensors, magnetic sensors, chemical sensors etc. by the manufacturers offering advanced monitoring systems is estimated to boost market growth during the assessment period.
Fact.MR projects the oil & gas pumps market is expected to witness exhibiting growth at 4.9% CAGR during 2022 and 2032 in comparison to a CAGR of 3.3% with which it grew from 2017 and 2021.
Rising Oil & Gas Demand Driving Market Growth
Oil demand is projected to increase by more than 110 million b/d in 2022, according to the International Energy Agency’s (IKEA’s) Oil Market Report. The growing oil supply from Russia, Saudi Arabia is expected to create lucrative opportunities for oil & gas pumps manufacturers during the assessment years of 2022-2032.
According to the Organization of the Petroleum Exporting Countries (OPEC), the demand for OPEC crude oil is estimated to increase by more than 40 million b/d by the end of 2040, which is expected to fuel the energy demand. Moreover, Middle East & Africa, Asia-Pacific and Latin America are expected to witness refinery additions in coming years. This will lead to fuel demand for oil & gas pumps by 2.1X.
Additionally, the demand for natural gas is expected to witness an increase in Asian markets owing to rising demand placed on table by the rising population. According to the IEA analysis, China accounts for a major share in gas, and is projected that the demand for gas will increase by 60%, owing to strong policy support.
With the increasing gas production in the United States, it is likely to be exported to national and international markets via pipelines or as LNG. This is estimated to enhance demand for oil & gas pumps by nearly 24% during the assessment years of 2022-2032.
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Investing in Innovation
Manufacturers are focusing on the process of innovation and are integrating oil & gas pumps with new technology leading to development of Industrial Internet of Things (IIoT) based smart oil & gas pumps which are able to collect data on devices, have sensors and monitors and analyses software’s, which is expected to raise the demand by 1.2X in coming years.
Additionally, failure of compressors and pumps is impacting safety and field operations. This is, in turn is impacting the profits and revenues of oil & gas pumps manufactures. Therefore, the pumps integrated with smart pumping technology is being demanded more by the oil and gas industry to have operational efficiency and lead to efficient running of machines, enhancing market growth by 1/4th i.e. ~25% of current demand levels.
Moreover, the shift from conventional pumps to multi-phase pumping is also witnessing escalated demand. These multi-phase oil & gas pumps eliminates the need to separate gas, oil or water, this in turn, transports the production directly from the field to the central processing units.
As these pumps are available in both high-pressure and low-pressure designs, they are being increasingly incorporated for onshore, offshore and subsea installations and is estimated to provide a gain of 230 BPS during the forecast years of 2022-2032 to the oil & gas pumps market.
Moreover, introduction of different types of sensors like magnetic sensors, pressure sensors, temperature sensors, chemical sensors by the manufacturers that offers advanced monitoring system is estimated to trigger market growth by 1.5X over the assessment years.
Centrifugal Pumps Witnessing Extensive Demand
The demand for submersible pumps under centrifugal pumps is growing rapidly in the oil & gas industry owing to their functionality as water and oil separator. Centrifugal pumps are finding enhanced application in crude oil transportation across various countries with escalating demand for crude oil.
Oil & gas pumps manufacturers are focusing on the modification of centrifugal pumps which is able to improve performance and save massive amount of energy. Additionally, dehydration of gas before transporting it via high-pressure gas pipelines involves the application of centrifugal pumps which helps in recycling and separating glycol.
Therefore, the use of specialized and high-speed centrifugal pumps is expected to provide a gain of 310 BPS during the forecast years of 2022-2032.
Know thy Competitors
Competitive landscape highlights only certain players
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Stringent Regulations Poses Challenges
Governments across countries are imposing strict emission regulations in the oil & gas industry owing to the rise in global emission levels. For instance, the oil and natural gas industry is the largest source of volatile organic compounds (VOCs) and methane. And with the increasing dependence of the world on oil & gas for energy and transportation, is leading to increase in emission levels due to higher oil and gas production and consumption.
Therefore, the Global Gas Flaring Reduction Partnership was introduced by the World Bank Group which set flaring targets to eliminate the emission of harmful chemicals. Additionally, manufacturers are focusing on renewable sources of energy to meet the emission standards, and are using solar and wind energy.
Additionally, regulation forces in Canada provides for monitoring of methane leaks and requires the deployment of oil & gas pumps and compressors having zero or low-emitting functionality. This is expected to boost market demand of smart pumps by 2.1X in coming years.
Which region accounts for more concentrated demand for Oil & Gas Pumps Market?
Middle East & Africa (MEA) is the most lucrative market for oil & gas pumps and is expected to maintain dominance in the region, which currently holds 32.7% of the overall market share. As many oil and gas companies are located in Middle East, the demand for oil & gas pumps in UAE, Qatar, and Saudi Arabia is projected to grow at a CAGR of 3.9% over the assessment years of 2022-2032. Additionally, investments in oil & gas sector in high crude oil producing regions is expected to trigger market growth in coming years.
Which type of pump is expected to be the largest contributor during the forecast period?
Centrifugal pumps are used widely for multiple application and often preferred for processes that are able to handle low viscosity, and high flow rates. The segment holds 35.1% market share of the oil & gas pumps market. The demand is expected to boost by 1.7X owing to their enhanced usage in upstream segment and multi-phase pumping applications. Moreover, investment in oil & gas sector by emerging economies is projected to drive the market demand by 23% in coming years.
Which deployment type is expected to show more demand in Oil & Gas Pumps Market in coming years?
The onshore use of oil & gas pumps are expected to witness rapid growth in coming years owing to the rise in demand for from multiple sectors. The segment which currently holds 56.1% of the overall market share is likely to witness growing attributed to the development of new oil & gas projects in transportation industry in many countries especially in the Asia-Pacific region.
Competitive Landscape: Top Companies in Oil & Gas Pumps Market
The global oil & gas pumps market is highly fragmented and competitive owing to the existence of many domestic and regional players. Various marketing strategies are adopted by key players such as mergers and acquisitions, expansions, collaborations and partnerships.
Also, new product development as a strategic approach is adopted by the leading companies to upscale their market presence among consumers. These strategies have resulted in the incorporation of advanced oil & gas pumps.
Fact.MR has provided detailed information about price points of top manufacturers of oil & gas pumps market positioned across regions, sales growth, production capacity, and speculative technological expansion in the recently published report.
- Alfa Laval in 2020, won a supply contract to supply Framo pumping systems for two Floating Production Storage and Offloading (FPSO) vessels which comprises marine pumping systems for seawater and firewater lift service, operating outside the coast of Brazil
- Weir Oil & Gas Dubai won a 3-year contract in 2020, from a national oil company in the UAE to repair and service motor and pumps.
Global Oil & gas pumps Market by Category
By Product Type :
- Centrifugal Pumps
- Single Stage
- Axial and Mixed
- Seal less and Circular
- Reciprocating Pumps
- Rotary Pumps
- Progressive Cavity Pumps
- Centrifugal Pumps
By Capacity :
- Small (Up to 500 gpm)
- Medium (500-1,000 gpm)
- High (More than 1,000 gpm)
By Pump Characteristics :
- Engineered Pumps
- Standard Pumps
- Special Purpose Pumps
By Deployment Type :
By Region :
- North America
- Latin America
- East Asia
- South Asia
- FAQs -
The global value of oil & gas pumps market is estimated to be worth over USD 6,700 Million in 2022.
The demand is anticipated to surpass USD 10,800 Million by 2032 end.
During 2017-2021, global oil & gas pumps market grew at 3.3% CAGR.
Some of the prominent players in oil & gas pumps market are Xylem, GRUNDFOS, Weir Group, Flowserve Corporation, KSB SE & Co. KGaA, Sulzer Ltd. etc.
Middle East & Africa (MEA) tops the global oil & gas pumps market accounting for 32.7% of global market share in 2022.
Onshore deployment contributes 56.1% of market share in global sales of oil & gas pumps.