Global Oil & Gas Pumps Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (Submersible And Non-submersible), By Pump Type (Centrifugal, Positive Displacement And Others), By Application (Upstream, Midstream And Downstream), And By Geography - Forecasts From 2021 To 2026

The global oil & gas pumps market is evaluated at US$5.839 billion for the year 2020 growing at a CAGR of 6.84% reaching the market size of US$8.684 billion by the year 2026. An Oil & gas pump is an essential part of a refinery. These types of pumps are required for the transfer of oil and other liquids from one location to another. The pump helps the liquid to accelerate while transferring between different locations. The market for oil & gas pumps has witnessed a significant rise with the rapid urbanization of the sector which has led to an increase in the applications for which the pumps can be used on the field. For instance, a type of pump can be used to transfer crude oil to a pipeline from a storage site. Thus different types of pumps are used for various applications in a refinery which can vary from exploration, delivery, and recirculation as well to further transport for loading/unloading of tanks, tanker trucks, and ships in order to make the usual operations more efficient and smooth. The market is also fuelled by the development of refineries and other exploration activities across several countries. The demand for oil has witnessed a significant increase over the years which has led to the development of refineries in many areas.

The market for oil & gas pumps is driven by the increase in the utilization of unconventional sources of energy like shale gas and liquids, tight gas & oil, and coal bed methane. The rise in the demand for these unconventional sources has consequently increased the demand for pumps with specific designs and specifications. Furthermore, with a significant increase in environmental concerns globally, the demand for natural gas has also witnessed a substantial rise over the years which has further led to the development of plants and refineries for the production of natural gas to cope with the demand. According to a report by the International Energy Agency (IEA), the global production of natural gas reached the highest production ever in the year 2019 with 4 088 Bcm produced which is +3.33% as compared to that in the year 2018. According to the report, the production of natural gas has witnessed a steady increase since the financial crisis at a compounded annual growth rate of 2.7%.

Increasing investments in the sector will drive the market during the forecast period.

According to a report on global investments in the sector by the International Energy Agency (IEA), the investments in nominal terms in the sector have witnessed a significant rise over the years from US$ 434 Billion in the year 2016 to US$ 483 Billion in 2019. Even though the COVID-19 pandemic in the year adversely affected the planned investments that were to be done in the sector during the year 2020, the number of planned investments is expected to recover during the year 2020 owing to the upcoming oil & gas projects and other similar projects that were suspended due to the pandemic. The market for oil & gas pumps is also driven by the significant amount of investments done in the Indian oil & gas sector. The country is the 3^rd largest consumer of energy and oil after China and the United States and has one of the fastest-growing energy markets in the world. According to a report by the Indian Brand and Equity Foundation (IBEF), the oil & gas sector of the country is expected to receive an investment of US$ 206 Billion during the next eight to ten years. It includes an investment of US$ 67 Billion in order to develop the gas infrastructure which will further be used to increase the production of LNG to cope with the demand. A part of this investment will also be used to improve the pipelines and the CGD networks. The companies like Reliance-BP, ONGC, and Oil India are expected to receive a total investment of about US$ 59 Billion.

Rising demand for IoT-enabled pumps will be a tailwind to the market in the coming years.

The global market for Oil & gas pumps is expected to be driven by the increasing demand for IoT-enabled pumps in the sector. The increasing penetration of IoT in various industrial sectors has led to technological developments in the oil & gas sector as well. With the rapid pace of urbanization and digitalization in the sector, the demand for IoT enables pumps has increased consequently. Pumps are one of the most important components of any oil & gas application and use up to 10% of the world’s electricity across various applications. The involvement of IoT will further help the operators to cut down operational costs and save wasted amount of energy.

Competitive Insights

The players in the global Oil & gas pumps market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the market.

Global Oil & gas Pumps Market Scope:

Segmentation

• By Type
  • Submersible
  • Non-submersible

• By Pump Type
  • Centrifugal
  • Positive Displacement
  • Others

• By Application
  • Upstream
  • Midstream
  • Downstream

• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • UK
    • Others
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Others