The recently published market study by Fact.MR highlights the current trends that are expected to influence the dynamics of the Oil & Gas Pumps Market in the upcoming years. The report introspects the supply chain, cost structure, and recent developments pertaining to the Oil & Gas Pumps Market in the report and the impact of the COVID-19 on these facets of the market. Further, the micro and macro-economic factors that are likely to impact the growth of the Oil & Gas Pumps Market are thoroughly studied in the presented market study.
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The oil & gas pumps market is likely to witness sluggish growth, with global demand surpassing 9 million units by the end of 2018, according to a latest report by Fact.MR. Rising demand for oil and gas is resulting in the growing demand for equipment such as oil & gas pumps. End-users in oil and gas industries are demanding efficient oil & gas pumps to ensure smooth operation and to meet stringent emission standards.
End-users of oil & gas pumps are using centrifugal pumps on a large scale owing to its low product and maintenance cost, and better load and pressure handling capabilities. The demand for centrifugal pumps is healthy in the upstream oil & gas industry as the part of multiphase pumping application.
As per the report, the demand for submersible pumps is also likely to grow in the near future. Electric submersible pumps are being used on a large scale as water and oil separators. The centrifugal pumps are also expected to witness increasing demand for crude oil transportation. Manufacturers in oil and gas pumps market are focusing on pump modification to save significant amount of energy and improve performance.
Onshore Oil & Gas Pumps to Find Large Application in Projects across Countries
The Fact.MR study opines that the onshore oil & gas pumps are likely to witness a rapid growth in the coming years. Demand for onshore oil & gas pumps is expected to exceed 4.8 million units in 2018. With rise in energy demand from various sectors and growth in the transportation industry, many countries, especially in Asia Pacific, are moving towards development of new oil & gas projects.
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India, China, and Indonesia are expected to significantly contribute to the growth of oil and gas industry in the region. With the signs of recovery in oil prices, many state-owned oil companies in the Asia Pacific region are spending on onshore oil and gas production to ensure energy security.
Upgradation of existing onshore oil and gas facilities and development of new facilities is also accelerating in Southeast Asia. Moreover, in recent years, regulation in the UK has removed legal hurdles in the development of onshore petroleum resources. Moreover, in terms of gas transportation by the onshore gas producers in the UK, the government has removed requirement to hold a gas transporter license, and a class exemption has been introduced to cover all types of onshore gas production.
MEA to Continue its Dominance in Oil & Gas Pumps Market, Followed by APAC
Fact.MR study estimates that the Middle East and Africa will be the most lucrative market for oil & gas pumps market, with demand surpassing 3 million units towards 2018 end. UAE, Qatar, and Saudi Arabia have emerged as the major natural gas producing countries.
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Major oil and gas companies in Middle East are focusing on increasing oil and gas production to meet the growing demand. Middle East and North Africa are expected to emerge as the global suppliers of oil and gas. Moreover, gas is likely to surpass oil as the largest energy source in the near future.
The leading oil and gas companies in the region are also focusing on using advanced technologies and equipment to ensure faster and cost-effective oil and gas production. In the APAC region, China, India, Malaysia, and Indonesia are expected to witness significant growth in the oil and natural gas projects.
The oil & gas pumps market is expected to witness sluggish growth, with the demand expected to reach 3.2% CAGR in terms of volume during 2018-2028, according to the Fact.MR report.
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