Oil & gas pumps market is anticipated to grow at a CAGR of 6.2% during the forecast period. The global oil & gas pumps market growth is driven by the major factors which include the rising demand for oil & gas pumps from oil and gas industry and increasing government investments in oil pipeline construction for the development of city gas distribution (CGD) networks. Moreover, unconventional resources such as shale gas & liquids are being utilized due to high energy demand, which has boosted the requirement of pumps of different design and specifications. Natural gas is a core component of many countries’ power generation systems and, although there is a determination to reduce fossil fuel dependency and transition to a low-carbon power mix, demand for LNG is set to grow over the short term. Significant investment in the supply infrastructure of liquid natural gas in certain economies will led to the overall market expansion. As per the Rystad Energy research, investments in new liquefied natural gas (LNG) infrastructure are expected to grow to $42 billion annually by 2024. Furthermore, huge investments in numerous oil and gas exploration projects both offshore and onshore will further drive the industry growth.
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Geographically, the global market is classified into four major regions including North America (the US and Canada), Europe (UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and Rest of the World (Latin America and the Middle East and Africa (MEA)). North America is anticipated to dominate the market during the forecast period. The US and Canada are the major economies of the region that are contributing to the market growth. Increasing oil and gas contracts in these economies propelling the demand for oil & gas pumps is the major factor driving the market growth. Oil and gas contracts in North America registered an increase of 20% in June 2022 with 137 contracts, when compared with 114 contracts in the previous month, according to Global Data’s oil and gas contracts database. Such factors boosted the adoption of pumps in oil and gas industry across the region.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
Global Oil & Gas Pumps Market by Product Type
- Dynamic Pumps
- Positive Displacement Pumps
Global Oil & Gas Pumps Market by Application
- Upstream
- Midstream
- Downstream
Regional Analysis
- North America
- US
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
Company Profiles
- Alfa Laval AB
- Baker Hughes Co.
- DXP Enterprises, Inc.
- Enpro Subsea
- Flowserve Corp
- Gardner Denver Holdings Inc.
- Grundfos Holding A/S
- Grundfos Pumps Ltd.
- ITT Inc.
- KSB SE & Co. KGaA
- PCM SA
- Ruhrpumpen Global
- SPP Pumps
- Sulzer AG
- Weir Group PLC
- Xylem Inc.
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global Oil & Gas Pumps market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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