Potential Opportunity of USD 4,100 Million to Open Up in Oil & Gas Pumps - Exclusive Fact.MR Study

NEW YORK, Jan. 25, 2022 /PRNewswire/ -- The global oil and gas pumps market is expected to reach USD 10,800 million by 2032, increasing at a CAGR of 4.9% between 2022 and 2032. NEW YORK,Jan. 25, 2022/PRNewswire/ -- The global oil and gas pumps market is expected to reachUSD 10,800 millionby 2032, increasing at a CAGR of 4.9% between 2022 and 2032. In 2022, theglobal oil and gas pumps marketwill account for 11% of the global industrial pumps market. During the forecast period of...

NEW YORK, Jan. 25, 2022 /PRNewswire/ -- The global oil and gas pumps market is expected to reach USD 10,800 million by 2032, increasing at a CAGR of 4.9% between 2022 and 2032.

In 2022, the global oil and gas pumps market will account for 11% of the global industrial pumps market. During the forecast period of 2022-2032, the global market is expected to generate an absolute $ opportunity of USD 4,100 million.

According to the International Energy Agency's (IKEA) Oil Market Report, oil demand is expected to rise by more than 110 million b/d by 2022. During the evaluation years of 2022-2032, the increased oil supply from Russia and Saudi Arabia is predicted to generate profitable prospects for oil and gas pump manufacturers.

According to the Organization of Petroleum Exporting Countries (OPEC), demand for OPEC crude oil is predicted to rise by more than 40 million barrels per day by the end of 2040, fueling global energy demand. Furthermore, refinery additions are projected throughout the Middle East and Africa, Asia-Pacific, and Latin America in the next years. Fuel demand for oil and gas pumps will increase by 2.1X as a result of this.

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With increased gas production in the United States, it is expected to be piped or exported as LNG to national and worldwide markets. During the assessment years of 2022-2032, this is expected to increase demand for oil and gas pumps by about 24%.

Centrifugal pumps are widely utilized in a variety of applications and are frequently favored for processes that require low viscosity and high flow rates. Because of their increased use in upstream segment and multi-phase pumping applications, demand is predicted to increase by 1.7X.

Due to its ability to act as a water and oil separator, demand for submersible pumps under centrifugal pumps, reciprocating pumps, and rotary pumps has increased by 1.3X in the oil and gas industry.

Additionally, manufacturers offering advanced monitoring systems are expected to introduce oil and gas pumps with pressure sensors, magnetic sensors, chemical sensors, and other sensors throughout the assessment period, which is expected to support market growth.

Key Takeaways:

Growth Drivers:

Key Restraints:

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Competitive Landscape

Due to the presence of several local and regional companies, the worldwide oil and gas pumps market is extremely fragmented and competitive. Key players use a variety of marketing techniques, including mergers & acquisitions, expansions, collaborations, and partnerships.

Key Companies Profiled by Fact.MR are:

More Valuable Insights on Oil and Gas Pumps Market

Fact.MR provides an unbiased analysis of the oil & gas pumps market, presenting forecast statistics for the period from 2022-2032. The study divulges compelling insights on the global oil & gas pumps market with a detailed segmentation on the basis of:

Key Questions Covered in Oil and Gas Pumps Market Report

Explore Fact.MR's Coverage on the Industrial Goods Domain –

Oil Refining Pumps Market Trends - Rising power demand and a heavy reliance on oil in developing nations has led to the construction of oil refineries, which has boosted sales of oil refining pumps. Oil refining pumps integrated with new technology are expected to gain popularity in oil refineries.

Reciprocating Pumps Market Forecast - The market for reciprocating pumps is expected to rise significantly. The global need for oil and gas, particularly in the petrochemical industry, is influencing the expansion of the reciprocating pumps market.

Canned Motor Pumps Market Scope - Due to interrupted operations in end-use sectors, demand for canned motor pumps has decreased dramatically. In the worldwide canned motor pumps market, reverse circulation canned motor pumps had the majority of the market share. Because of its capacity to treat highly volatile fluids including LPG, LNG, Liquid Ammonia, and refrigerants, these pumps are widely utilized in oil and gas and industrial applications.

Rotary Pumps Market Insights - In most developing countries, increasing access to water and the importance of sanitation is creating various chances for rotary pump market players. Furthermore, rising consumer disposable income is causing an increase in discretionary expenditure, particularly on chemicals and fuel, which is driving up demand for rotary pumps in developing countries.

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