Global Pumps Market for Oil and Gas Industry 2016-2020
About Pumps for the Oil and Gas Industry
The global oil and gas industry remains volatile with high fluctuations in crude oil prices. This is directly impacting the demand for pumps from the industry, especially through depressed upstream investments in the current scenario of low crude oil prices. The current state of the pumps market in the oil and gas industry can be considered as significantly dormant. The sluggish nature of the market can be attributed to the global crude oil price scenario.
Technavio’s analysts forecast the global pumps market for the oil and gas industry to grow at a CAGR of 3.79% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global t pumps market for the oil and gas industry market for 2016-2020. To calculate the market size, the report considers the demand for different pumps from the oil and gas industry.The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Pumps Market for the Oil and Gas Industry 2016-2020
Technavio recognizes the following companies as the key players in the global pumps market for the oil and gas industry: Flowserve, Grundfos, ITT, KSB, and Sulzer
Other Prominent Vendors in the market are: HMS Group, Schmitt-Kreiselpumpen GmbH & Co.KG, GE Oil and Gas, Alfa Laval, Gardner Denver, Weir Group, LEWA, and Xylem
Commenting on the report, an analyst from Technavio’s team said: “The advent of the digital revolution, which has transformed one industry after another, also affected the industrial automation industry wherein the transformation led to mainframe computers displacing analog controls. These mainframes were soon replaced by microprocessor controllers, which resulted in the first distributed control systems (DCS) and programmable logic controllers (PLC) coming into existence.”
According to the report, oil and gas refineries represent one of the extensive applications of pumps in the oil and gas industry. In the current scenario of low oil prices, the refinery capacity addition is expected to be slow, however, the projected refining product demand especially from the developing countries will drive of investments in the sector.
Further, the report states that the oil industry is plagued by high volatility. The market dynamics is highly dependent on the prevailing crude oil prices. The industry in its current stage is going through a period of turmoil wherein the prices have fallen sharply and reached an all-time low. This is expected to pose a threat to the pumps market, also because companies have stalled their projects in order to bring down the CAPEX.
Flowserve, Grundfos, ITT, KSB, Sulzer, HMS Group, Schmitt-Kreiselpumpen GmbH & Co.KG, GE Oil and Gas, Alfa Laval, Gardner Denver, Weir Group, LEWA, and Xylem
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