Global Oil and Gas Pumps Market

MARKET SCOPE:

The global Oil and Gas Pumps market is projected to grow significantly, registering a CAGR of 5.1% during the forecast period (2024 – 2032).

Oil and gas pumps are specialized mechanical devices designed to transfer, move, and control the flow of fluids within the oil and gas industry. These pumps are critical components in various stages of the oil and gas value chain, playing a crucial role in exploration, production, transportation, refining, and distribution processes. Oil and gas pumps are engineered to handle the specific challenges posed by different fluids, including crude oil, natural gas, refined products, and various chemicals. Fluctuations in global energy demand influence the level of oil and gas production, impacting the demand for pumps in exploration, extraction, and transportation. Increasing or decreasing upstream activities, such as drilling and well development, drive the demand for pumps used in wellhead boosting, water injection, and fluid transportation. The demand for refined products and petrochemicals influences the need for pumps in refining and chemical processing, where pumps are crucial for fluid transfer and circulation. Investments in oil and gas infrastructure projects, including pipelines, refineries, and processing facilities, drive the demand for pumps across various applications. Advances in pump technologies, including efficiency improvements and digital integration, drive the adoption of newer and more advanced pump systems. Growing emphasis on environmental sustainability and energy efficiency encourages the adoption of pumps that minimize energy consumption and environmental impact.

MARKET OVERVIEW:

Driver: Increasing demand for petrochemicals is driving the market growth.

The petrochemical industry relies on raw materials derived from oil and gas, such as crude oil and natural gas liquids (NGLs), to produce a wide range of chemical products. These products include plastics, solvents, fertilizers, synthetic materials, and various industrial chemicals. Petrochemical plants engage in diverse chemical processing operations to transform hydrocarbons from oil and gas into valuable end products. These operations involve multiple stages, each requiring pumps for the transfer, handling, and processing of various chemical substances. Pumps play a pivotal role in fluid transfer and circulation within petrochemical plants. They are essential for moving liquids, gases, and chemical compounds between different processing units, reactors, and storage vessels throughout the refining and chemical production processes. Various types of pumps are employed in petrochemical facilities based on the specific requirements of different chemical processes. Centrifugal pumps, diaphragm pumps, reciprocating pumps, and others are utilized for tasks such as metering, dosing, and transporting chemical substances. Petrochemical processes involve multiple steps, including distillation, cracking, polymerization, and synthesis. Each step often requires precise control and efficient pumping systems to handle different chemicals and maintain optimal conditions. The demand for petrochemical products drives the need for efficient and reliable pump systems. Optimizing production efficiency in petrochemical plants is crucial for meeting market demands and ensuring the cost-effective manufacturing of a wide array of chemical products.

Opportunities: Growing need for energy production is anticipated for the market growth in the upcoming years.

Fluctuations in global energy demand, influenced by economic growth, industrial activities, and geopolitical factors, have a direct impact on the oil and gas industry. Rising energy demand typically leads to increased exploration, production, and transportation activities. When global energy demand is on the rise, the oil and gas industry respond by expanding exploration efforts to discover new reserves and increasing production rates in existing fields. This heightened activity requires additional pumping systems for various applications. Growing energy demand necessitates the transportation of oil and gas from production sites to processing facilities and distribution centers. Pumps play a critical role in maintaining the flow of hydrocarbons through pipelines, ensuring efficient and reliable transportation. The need for pumps is influenced not only by increased production but also by the entire supply chain's response to changing energy demand. This includes the construction of new facilities, expansion of existing infrastructure, and the installation of pumping systems at various stages. The price of oil and gas is closely tied to global energy demand and production levels. Higher prices can incentivize increased exploration and production activities, leading to a heightened demand for pumps to support these operations.

COVID IMPACT:

The pandemic led to disruptions in global supply chains, affecting the availability of raw materials, components, and finished products. Centrifugal pump manufacturers may have faced challenges in sourcing critical components, which could have impacted production schedules. Lockdowns, travel restrictions, and a decline in global economic activity led to a reduction in oil and gas exploration and production activities. This slowdown in the industry could have resulted in decreased demand for centrifugal pumps used in upstream operations. Many capital projects, including those in the oil and gas sector that involve the installation of new pumps or upgrades to existing systems, may have been delayed or put on hold. Uncertainty about future market conditions could have influenced decision-making regarding new pump installations. Travel restrictions and social distancing measures may have affected the ability of maintenance and service teams to access facilities for routine inspections, repairs, and maintenance of centrifugal pumps. This could impact the reliability and performance of pump systems. Changes in energy demand patterns during the pandemic, such as reduced transportation activities and shifts in industrial production, could have influenced the demand for pumps in the oil and gas sector. Adjustments in pump usage may have been necessary to align with altered production and consumption patterns. The pandemic accelerated the adoption of remote monitoring and automation technologies. In response to social distancing measures, industries, including oil and gas, may have increased their reliance on digital solutions for monitoring and managing centrifugal pump systems.

SEGMENTATION ANALYSIS:

Centrifugal Pump segment is anticipated to grow significantly during the forecast period

A centrifugal pump is a type of dynamic pump that uses the kinetic energy of a rotating impeller to transfer fluids from one place to another. In the oil and gas industry, centrifugal pumps are widely used for various applications due to their efficiency, simplicity, and versatility. Centrifugal pumps are commonly used for the transfer of crude oil, refined products, and natural gas liquids (NGLs) within oil and gas facilities. They are employed in pipelines and transfer stations to move fluids between storage tanks, processing units, and transportation vessels. In upstream operations, centrifugal pumps are utilized for wellhead boosting to increase the pressure of produced fluids. This helps in overcoming flow resistance and facilitating the transportation of crude oil or gas from the wellhead to processing facilities or pipelines.

The Upstream segment is anticipated to grow significantly during the forecast period

In the upstream sector of the oil and gas industry, pumps play a crucial role in various processes related to the exploration and production of hydrocarbons. Pumps are used to lift crude oil from the reservoir to the surface during the extraction process. This is especially relevant in fields where natural pressure is not sufficient for oil to flow to the surface. Submersible pumps and beam pumps (also known as nodding donkey or pumpjack) are commonly used for crude oil extraction. In mature oilfields or those with declining reservoir pressure, water injection is often employed as an enhanced oil recovery (EOR) technique. Pumps are used to inject water into the reservoir to maintain pressure and improve oil recovery. In natural gas fields, pumps are used for compressing natural gas to increase its pressure, making it easier to transport through pipelines.

REGIONAL ANALYSIS:

The Asia Pacific region is set to witness significant growth during the forecast period.

The oil and gas industry is a significant part of the energy sector, and pumps play a crucial role in various processes within the oil and gas value chain. Pumps are used for tasks such as extracting crude oil, transporting it through pipelines, and refining it into various products. Pumps are used in the upstream sector for tasks such as lifting crude oil from wells, enhancing oil recovery, and managing produced water. Countries in the Asia Pacific region, particularly those with significant oil and gas reserves, may have extensive upstream operations that rely on pumps for extraction. Pumps are essential in the midstream sector for transporting crude oil through pipelines. They help maintain the flow and pressure required for efficient transportation. Pipeline infrastructure for transporting oil and gas exists in various countries in the Asia Pacific region, connecting production sites to refineries and distribution points. Refineries use pumps for processes such as crude oil transfer, fluid catalytic cracking, and various refining operations. The Asia Pacific region is home to several major refineries, meeting the demand for refined petroleum products. Pumps are crucial in LNG facilities for processes like liquefaction, regasification, and transportation of liquefied natural gas. Countries in the Asia Pacific region are significant players in the global LNG market, with multiple LNG facilities for both export and import. Offshore oil and gas platforms utilize pumps for various purposes, including seawater lift, injection for reservoir pressure maintenance, and transfer of produced fluids.

COMPETITIVE ANALYSIS

The global Oil and Gas Pumps market is reasonably competitive with mergers, acquisitions, and product launches. See some of the major key players in the market.

KSB

In March 2023: KSB, a leading supplier of valves, pumps and systems, acquired the Bharat Pumps and Compressors’ (BP&CL) technology and hence has the right to the technology of the products by BP&CL. BP&CL is a leading manufacturer of centrifugal pumps, reciprocating pumps, etc. It is eventually helping the organization gain market share in the Oil and Gas Pumps market.

Sulzer

The largest hydrogen project in the world will use 50 pumps from Sulzer, which will help with green ammonia production. The contract was awarded in June 2024. In the long run, this element is assisting the company in increasing its market share in the market for gas and oil pumps.

ITT Oil and Gas

Grundfos

Ruhrpumpen

Flowserve Corporation

PCM SA

NETZSCH Pumps & Systems

Verder (UK) Ltd

SPP Pumps

Wastecorp Pumps

EDUR-Pumpenfabrik Eduard Redlien GmbH & Co. KG

Designed and Engineered Pumps

Framo

SCOPE OF THE REPORT

By Type

Centrifugal Pump

Positive Displacement Pump

Cryogenic Pump

By Application

Upstream

Midstream

Downstream

By Region

North America (the United States & Canada)

Europe (Germany, UK, France, Spain, Italy, and the Rest of Europe)

Asia Pacific (China, Japan, India, and Rest of Asia Pacific)

Rest of the World (the Middle East & Africa, and Latin America)

KEY REASONS TO PURCHASE THIS REPORT

It provides a technological development map over time to understand the industry’s growth rate and indicates how the Oil and Gas Pumps market is evolving.

The report offers a dynamic method to various factors that drive or restrain the growth of the market and specifies which Oil and Gas Pumps submarket will be the main driver of the overall market from 2024 to 2032.

It renders a definite analysis of changing competitive dynamics and stipulates the leading players and what are their prospects over the forecast period.

It builds a nine-year estimate based on how the market is predicted to grow and shows what will market shares of the global region change by 2032 and which country will lead the market in 2032. Show more