The global oil and gas pumps market is projected to reach USD 10.9 billion by 2028 from an estimated USD 8.7 billion in 2023, at a CAGR of 4.7% during the forecast period. Pumps have a critical role in the oil & gas industry. They are used in upstream drilling sites, crude oil pipelines, and LNG export terminals to transport fluids from one process or location to another. In the past, pumps were operated with fixed-speed electric motors. However, variable-speed electric motors have replaced them nowadays. Pumps that are driven by variable-speed drive systems reduce the likelihood of equipment failure by minimizing electrical and mechanical stresses, thereby reducing downtime. Oil and gas pumps are used in upstream, midstream, and downstream applications. The market for oil and gas pumps includes revenues generated by global companies from pump sales. The current study focuses on major pump types such as centrifugal pumps, positive displacement pumps, and cryogenic pumps. The increasing global demand for oil is likely to propel the demand for oil and gas pumps. Moreover, discoveries of new oilfield, will boost the demand for oil and gas pumps.
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The centrifugal pumps, by pump type, is expected to grow at the highest CAGR during the forecast period.
Based on pump type, the oil and gas pumps market has been split into into Centrifugal Pumps, Positive Displacement Pumps and Cryogenic Pumps. Centrifugal pumps are expected to grow at the highest CAGR during the forecasted period. Centrifugal pumps are preferred for managing fluids with low viscosity and high flow rates, especially in environments free from air, vapor, or excessive solids. They hold significant importance in upstream operations, particularly in scenarios involving multiple phases. Different variants of these pumps are tailored to meet diverse application needs. Take, for instance, electrical submersible pumps that excel in efficiently separating water and oil. This functionality permits the reintroduction of water into reservoirs without necessitating surface lifting. The adaptability of centrifugal pumps underscores their continual expansion and acceptance across various industrial applications.
The submersible pumps segment, by type, is expected to grow at the highest CAGR during the forecast period.
This report segments the oil and gas pumps market based on type into two segments: submersible pumps and non-submersible pumps. The submersible pumps segment is expected to grow at the highest CAGR during the forecasted period. Submersible pumps, as their name suggests, are designed to operate while fully immersed in tanks, wells, or other fluid-containing containers. Tailored for complete submersion, these pumps are particularly suitable for pumping fluids like crude oil or water. Their efficiency shines in applications such as oil wells or storage tanks, where they prove adept at seamlessly lifting substantial volumes of fluids to the surface.
North America is expected to be the largest region in the oil and gas pumps market.
North America is expected to be the largest oil and gas pumps market during the forecast period. The North America region comprises major economies such as US, Canada and Mexico. As per the report from the US Energy Information Administration, the United States claimed the title of the largest global crude oil producer in 2022, representing 14% of the world's total crude oil production. Similarly, Canada contributed to approximately 5.6% of the world's crude oil production in the same period. The expansion of the oil and gas pumps market is propelled by the increasing exploitation of unconventional resources in both the US and Canada. Additionally, the demand emanating from onshore and offshore fields in the Gulf of Mexico is anticipated to be a significant factor fostering market growth throughout the forecast period. Projections indicate that North America is poised to experience the initiation of 594 operational projects between 2023 and 2027.
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Key Players
Some of the major players in the oil and gas pumps market are including Atlas Copco AB (Sweden); Flowserve Corporation (US); Sulzer Ltd (Switzerland); KSB SE & Co. KGaA (Germany); Nikkiso Co., Ltd. (Japan). The major strategies adopted by these players include contracts, agreements, partnership, collaborations, and expansions.
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