The global Oil and Gas Pumps market was valued at USD 8.32 Billion in 2022 and growing at a CAGR of 4.70% from 2023 to 2032. The market is expected to reach USD 13.15 Billion by 2032. This market is primarily growing due to conventional sources of oil and gas. The unconventional sources are leading to the faster growth rate of the pump market. Many factors drive the oil and gas pump market, like shale production in the US, the finding of other conventional reserves in Latin America, oil sands in Canada, and deep water discoveries in the Asia Pacific. Pumps are a very crucial part of the oil and gas sector. Pumps are used in many ways in the oil and gas sector, like delivering oil from ground to ship, oil refinery, and other storages to speed up the fluid flow from one place to another.
Many industrial pumps are used for fluid transfer in the oil and gas sector. These pumps are classified based on their design and construction. It has been observed that centrifugal pumps are the most common and broadly used pumps in the oil and gas sector. These pumps utilize centrifugal force by rotating the pump impeller to draw fluid into the pump intake and push it through the discharge section using centrifugal force. There is a continuous increase in demand for oil because of the population surge and industrialization, eventually driving the demand for the oil and gas pump market. Hence, the centrifugal pump dominated the market. These pumps are broadly used for refineries, hydrocarbon processes, water injection and pipeline services. There is more focus on the surge in the refining capacity. All these factors are propelling the growth of the market. Also, advancements in technology have made deep water and ultra-deepwater exploration possible and very cost-efficient, leading to increased oil production. It creates opportunities for the market. Also, there is a growing awareness of the functional and economical advantages of PD pumps, which is leading customers to steadily shift from centrifugal pumps to PD pumps. There is also the requirement for water and wastewater management to extract gas and oil from shale. It is also creating the demand for the pumps. The oil and gas sector is still dominating the energy requirements worldwide, and in the near future, it will remain the same; hence, there is good scope for the market to grow. The market has good opportunity as there is a growing investment in extraction from more inaccessible areas. All these factors are eventually driving the oil and gas pump market.
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Growing petrochemical sector in the Middle East – Based on one of the articles in 2020, Saudi Arabia plans to become a key player in the petrochemical market soon. It is planning to increase domestic and foreign production and expand its exports. The plan's implementation aligns with Saudi Vision 2030, a government plan to decrease Saudi Arabia's dependence on oil, expand its economy and develop its public service sectors. The plan would create the conditions for developing the Saudi petrochemicals sector and increase its competitiveness in the international market. A substantial increase in the export of Saudi petrochemicals to the foreign market achieves the plan. Based on another article, the Middle East and Africa would be the key focus for the petrochemical development as there is an emphasis on exploiting upstream gas production and diverting oil production from the dual sector to chemicals. This factor is eventually driving the oil and gas pump market.
High competition and alternative options – There is very high competition in the oil and gas pump market as there are many players; hence, the profit margin is very thin. A profit margin is required for expansion in the market. This factor is acting as a hindrance to the market. There is also an increase in investment in renewable energy and stringent environmental regulations, which increase operational costs and further decrease the profit margin of oil and gas pump organizations. All these factors act as restraints for the market.
Rapid Urbanization– Urbanization is the most significant demographic trend of the present time. Considering one of the studies, it was the first time in 2008 that the number of people living in cities globally became more than in rural areas. There is an estimation that by 2050, around 70% of people will be living in the cities. Present scenarios suggest that rapid urbanization is very common worldwide. Still, it is most evident in Latin America and the Caribbean, where over 80 per cent of the population lives in urban areas. These rapid urbanizations demand oil and gas to fulfil the energy requirements. All these factors would, in turn, drive the oil and gas pump market in the forecasting period.
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America emerged as the largest market for the global Oil and Gas Pumps market, with a 43.11% share of the market revenue in 2022. This significant market share is attributed to countries such as the US and Canada, which have experienced significant expansion in unconventional resources. Also, reasonable shale gas exploration and extraction technology has been developed, which has eventually driven the region's oil and gas pump market. Also, there is a renovation and upgradation of the ageing oil and gas pipeline in the region, which further fuels the market growth in the region.
North America Region Oil and Gas Pumps Market Share in 2022 - 43.11%
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The type segment is divided into centrifugal pump, positive displacement pump and cryogenic pump. The centrifugal pump segment dominated the market, with a market share of around 74.45% in 2022. This significant share is because it is broadly used in the oil and gas sector. These pumps are used in several types of pumping applications and are very much suited to handle low-viscosity liquids that don’t have fumes, air or large particles. It transfers low-viscosity fluids that need high flow rates.
The application segment is divided into upstream, midstream and downstream. The midstream segment dominated the market, with a market share of around 43.32% in 2022. This significant share is attributed to pumps’ important role in transporting natural gas and crude oil through pipelines and gathering systems in midstream operations. The new proposed pipelines in the Middle East & Africa and Asia Pacific region will increase the use of pumps in the mid-stream sector.
|Revenue (USD Billion)
|Market size value in 2022
|USD 8.32 Billion
|Market size value in 2032
|USD 13.15 Billion
|CAGR (2023 to 2032)
|The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
|Type and Application
North America region emerged as the largest market for the Oil and Gas Pumps.
The market's growth will be influenced by growing petrochemical sector.
High competition and alternative options could hamper the market growth.
Rapid Urbanization will provide huge opportunities to the market.
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global Oil and Gas Pumps market based on below mentioned segments:
Global Oil and Gas Pumps Market by Type:
Global Oil and Gas Pumps Market by Application:
Global Oil and Gas Pumps by Region:
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