Key Insights - Oil and Gas Pumps Market
Tier 1 Players Account for Nearly 40% Share in Oil & Gas Pumps Market
With diverse product portfolio, tier 1 players account for nearly 40% share of the oil & gas pumps market. Expansion with new product launches, industry and supply chain partnerships, and strategic acquisitions are among the key strategies of market players.
Major players in the oil & gas pumps market are also integrating sensors and monitoring software to provide advance monitoring system. Xylem, GRUNDFOS, Weir Group, Flowserve Corporation, KSB SE & Co. KGaA, and Sulzer Ltd. are some of the leading companies in the oil & gas pumps market.
Rise in Global Oil & Gas Demand: A Key Driver
According to International Energy Agency’s (IEA’s) Oil Market Report, oil demand is projected to increase to 99.3 million b/d in 2018. Growing oil supply from Saudi Arabia, Russia, and the US is likely to create sustained opportunities for oil & gas pumps market players.
Oil is projected to remain the fuel with the major share in the energy mix. The demand for OPEC crude is projected to increase to nearly 40 million b/d by 2040, as per the Organization of the Petroleum Exporting Countries (OPEC). Moreover, refinery additions are expected in the Asia Pacific, the Middle East, Africa, and Latin America in the coming years.
The demand for natural gas is likely to increase, especially from Asian markets. With strong policy support, China is likely to account for the major share in gas, with demand likely to grow by 60% during 2017-2023, as per the IEA analysis. Moreover, with increasing gas production in the US, most of the supplies will be geared to export market through pipelines or as LNG. This is likely to result in significant demand for oil & gas pumps worldwide.
Investment in Innovation Growing
The process of innovation in the oil & gas industry is being driven by the oil & gas pumps integrated with new technology. Manufacturers in the oil & gas pumps market are focusing on developing Industrial Internet of Things (IIoT) integrated smart oil & gas pumps including data collection device, sensors, and analysis/monitoring software.
Failure of pumps, compressors, and other equipment is significantly impacting safety, field operations, and revenues in the oil & gas industry worldwide. Hence, the demand for smart pumping technology is growing in the oil & gas industry to ensure pumps are operating effectively and efficiently.
The shift from conventional oil & gas production to multi-phase pumping is also on a rise. The multi-phase pumping eliminates the need to separate oil, gas, or water, thereby directly transporting the production from field to the central processing unit. Multi-phase oil & gas pumps available in both low-pressure and high-pressure designs are witnessing growing demand from onshore, offshore, and subsea installations.
Manufacturers are integrating different types of sensors including temperature sensors, chemical sensors, pressure sensors, magnetic sensors, and gas sensors in the oil & gas pumps to provide advanced monitoring system.
Stringent Emission Regulations on Oil & Gas to Remain Longstanding Challenge
With the rise in global emission levels, governments across various countries are introducing strict emission regulations in the oil & gas industry. The oil and natural gas industry is the largest source of methane and other volatile organic compounds (VOCs). The worldwide dependency on oil & gas is higher, especially for transportation and energy, this is resulting in the increase in emission levels due to oil and gas production. Hence, to meet the emission standards, companies are focusing on using renewable sources of energy including solar and wind energy.
With the reduction in gas flaring, the World Bank Group has also introduced the Global Gas Flaring Reduction Partnership, including majority of the companies trying to set flaring targets to eliminate emission of harmful chemicals.
Meanwhile, Canada has also introduced first-ever carbon emission regulation for the oil & gas companies. The regulation forces oil and gas companies in Canada to monitor methane leaks and also require high-emitting equipment such as compressor and oil & gas pumps to be replaced with zero or low-emitting alternatives.
In Europe, the oil and gas companies are under constant pressure by the government to reduce downstream and upstream CO2 emissions in the coming years. Moreover, the gas industry in the EU is promoting and implementing measures and good practices to reduce methane emissions.
Centrifugal Pumps Witness Extensive Demand in Oil & Gas Industry
Centrifugal pumps are widely used across oil and gas industry worldwide. The demand for electric submersible pumps is growing especially as the water and oil separator. With the increasing demand for crude oil across various countries, centrifugal pumps are finding wide application in the crude oil transportation.
Oil & gas pump manufacturers are focusing on modifying the centrifugal pumps to improve performance and save significant amount of energy. Centrifugal pumps are also finding large application in Australia’s oil and gas industry. Gas is generally dehydrated before transporting it via high-pressure gas pipelines. Hence, this process involves the use of centrifugal pumps to recycle and separate glycol.
On account of increasing use of oil in fuels and other consumer goods, the demand for oil is likely to grow in the foreseeable future and this is expected to result in a dramatic increase in oil prices. This, in turn, is likely to increase demand for centrifugal pumps used widely in upstream activities.
The range of specialized centrifugal and high-speed centrifugal pumps are gaining popularity in LNG plants. The centrifugal pump design optimization with advanced technology to improve head and efficiency is also one of the key focus areas of manufacturers in the oil & gas pumps market.
The report on the oil & gas pumps market offers detailed profiles of all the key companies operating in the oil & gas pumps market. The study also includes a dashboard view of the players in the oil & gas pumps market. The report also provides information on the key strategies by the leading players, along with the SWOT analysis of each player in the oil & gas pumps market. Global expansion is one of the main focus areas of the companies in the oil & gas pumps market, this has led to the rise in partnerships and mergers and acquisitions activities.
Grundfos plans to build its third pump production unit by 2020 in India. It is also planning to invest around 25 crores towards preliminary study for new plant and other facilities. Meanwhile, Grundfos has also opened a new facility in Florida, US, to serve the water and wastewater industry.
Gardner Denver Holdings Inc. has acquired Ontario-based DV Systems Inc. The newly acquired company will be the part of Gardner’s industrial segment.
Oil & gas pumps are used in process of extracting oil and gas resources, in processing or in delivering as per the requirement. The centrifugal pump is the most common type of pump used in the oil & gas industry. Other types of oil & gas pumps including positive displacement pumps, petrochemical pumps, oil transfer pumps, etc., are also finding large application in the oil and gas industry.
About the Report
The report on the oil & gas pumps market provides key insights into the latest developments and opportunities in the oil & gas pumps market globally. The important factors resulting in the oil & gas pumps market growth, along with restraints in the market are also highlighted in the report. The report includes details on key trends, market drivers and growth opportunities for manufacturers in the oil & gas pumps market.
The oil & gas pumps market is segmented on the basis of capacity, product type, deployment, and pump characteristics. All the key segments in the report are further divided into sub-segments to provide better understanding of oil & gas pumps market.
Based on the capacity, the oil & gas pumps market is segmented into Small (upto 500 gpm), Medium (500-1000 gpm), and High (more than 1000 gpm). On the basis of product type, the market is segmented into reciprocating pumps, centrifugal pumps, and rotary pumps. By deployment, the oil & gas pumps market segment includes onshore and offshore. Based on the pump characteristics, the segment includes Engineered Pumps, Standard Pumps, and Special Purpose Pumps.
Additional Questions Answered
The report on the oil & gas pumps market also provides answers to some important questions.
- Which product will account for the largest revenue share in oil & gas pumps market?
- What are the factors influencing growth in the oil & gas pumps market?
- Which is the most dominating region in the oil & gas market with ample opportunities?
- What will be the revenues generated by the oil & gas market by the end of 2028?
A unique research methodology has been followed to provide key and actionable insights and forecast on the oil & gas pumps market. The primary, as well as secondary research was conducted including interviews with the oil & gas pumps market experts. The latest information and data on the oil & gas pumps market is obtained with the help of through research approach.
The information collected through interviews with the experts have been used to validate the data that was produced from secondary research on the oil & gas pumps market.
The report by Fact.MR on the oil & gas pumps market offers valuable insights on the oil & gas pumps market in the near future. The latest report also provides historical data along with the forecast on the oil & gas pumps market. The study also includes comprehensive analysis of the important factors in the oil & gas pumps market including latest trends, driving factors, key opportunities, and restraints. The report on the oil & gas pumps market also provide information on the factors likely to impact the development, and growth in the oil & gas pumps market in the near future.
Chapter 1- Executive Summary
This chapter in the report offers the market overview along with the details on the growth opportunities in the oil & gas pumps market.
Chapter 2- Market Introduction
This chapter provides a brief introduction to the oil & gas pumps market. The product specific definition of oil & gas pumps is also offered in the report. The chapter also includes market taxonomy.
Chapter 3- Market Dynamics
This section in the report focuses on the key trends and drivers in the oil & gas pumps market. It also provides details on the challenges in the oil & gas pumps market.
Chapter 4- Associated Industry Assessment
This chapter in the report provides overview of the global pumps market along with the market analysis and forecast based on the key regions and products. Market attractiveness analysis is also offered in the chapter
Chapter 5- Key Indicator Assessment
The chapter focuses on the supply chain including oil and gas pump manufacturers, distributors, suppliers, and end-users. The report also includes cost structure and macro-economic factors influencing the growth in the oil & gas pumps market.
Chapter 6- Oil & Gas Pumps Market Analysis and Forecast
This chapter in the report provides market outlook along with the segment-wise analysis of the oil & gas pumps market. The key segments included in the report are capacity type, product type, pump characteristics, and deployment type. The report provides data in form of value and volume on each segments. Pricing analysis and absolute opportunity is also included in this chapter. The key segments are further bifurcated into sub-segments.
Chapter 7- Oil & Gas Pumps Market in North America
This chapter in the report provides oil & gas pumps market outlook in North America. The report also offers market share and BPS analysis based on the key countries in the North America region. Important numbers in form of value, volume, and year-on-year growth are also included in the chapter.
Chapter 8- Latin America Oil & Gas Pumps Market Analysis
This section focuses on the essential numbers in form of volume and value share in the oil & gas pumps market in Latin America. The report also includes country-wise analysis. The factors influencing growth of the oil & gas pumps market in Latin America are also included in this chapter.
Chapter 9- Oil & Gas Pumps Market in Western Europe
This chapter includes year-on-year projections on the oil & gas pumps market in Western Europe. The report also provides BPS and market share analysis based on all the key countries in the market in Western Europe.
Chapter 10- Oil & Gas Pumps Market in Eastern Europe
This chapter provides information on the key trends and challenges in the oil & gas pumps market in Eastern Europe. Details on the leading companies in the oil & gas pumps market in the Eastern Europe is also included in the report.
Chapter 11- APAC Oil & Gas Pumps Market Analysis
This chapter in the report provides analysis of the oil & gas pumps market in APAC. It also includes information on the growth opportunities for the manufacturers in the oil & gas pumps market in the APAC region.
Chapter 12- Oil & Gas Pumps Market in MEA
This chapter offers brief introduction on the current scenario of the oil & gas pumps market in the MEA region. Country-wise analysis of the oil & gas pumps market is also included in this chapter.
Chapter 13- Competitive Assessment
This section of the report focuses on the market structure along with the dashboard view of the key players in the oil & gas pumps market. Company share analysis is also provided in the chapter.
Chapter 14- Company Profiles
This chapter in the report provides detailed profiles of leading companies in the oil & gas pumps market. The chapter also includes business strategies, latest developments, and product launches by major layers in the oil & gas pumps market.
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