Oil & Gas Pumps Market Size, Share and Global Trend By Capacity (Low, Medium, High), By Type (Rotary, Reciprocating, Centrifugal), By Application (Onshore, Offshore) and Regional Forecast, 2024-2032

Oil and Gas industry is crucial for the global economy. The oil and gas industry is not only responsible for the majority of primary energy generation but also acts as a significant supplier of raw materials for chemical products which include pharmaceuticals, solvents, fertilizers, pesticides, and plastics. For a reliable and stable operation of the oil and gas industry, pumps play an essential role. Efficient pumping decreases operating cost and increase profitability. Pumps play a crucial role in the oil and gas industry.

Pumps are used in every step of the oil and gas industry; right from oil and gas exploration to refinery — a different type of pumps in each stage of the oil and gas industry. Use of smart pumping has increased due to the failure of conventional pumping systems. Use of sensors, for monitoring and controlling performance of pumps, has enhanced the performance of pumps. Emerging IOT technology is integrated into modern pumping systems. New pumping technology, like multi-phase pumping and separation, has reduced capital as well as operational costs.

Based on Type, oil and gas pumps are segmented into rotary, reciprocating and centrifugal. In the upstream sector, oil and gas pumps are primarily used for potential underground or underwater crude oil and natural gas fields, drilling exploratory wells, and subsequently drilling and operating the wells that recover and bring the crude oil or raw natural gas to the surface. Pumps can be differentiated into low, medium, and high on the basis of pumping capacity. Based on connectivity, oil and gas Pumps is divided into wired connections and wireless. Based on Application, the oil & gas pump market can be segmented as onshore and offshore.

The primary market driver for global oil and gas pumps market is the need for modernization, refurbishment, and up-gradation of the pumping infrastructure in the oil and gas industry. Automation and IoT based pumping system boosts efficacy and is beneficial to investors. Increase in demand for oil and gas in countries, growth in downstream activities, and economical extraction of shale gas are expected to influence the pumps market positively. Emerging long-distance surface pipeline and subsea pipelines for transport for crude and natural oil is a new avenue for pumping infrastructure. As a result of low crude oil prices, investment in oil and gas has reduced significantly. This acts as a significant restraint for oil and gas pumps market.

Key Players Covered

Some of the notable companies in the global Oil & Gas pumps market are PCM SA, SPP Pumps, Ruhrpumpen Global, Grundfos, Sulzer, KSB, ITT Oil & Gas, Flowserve Corporation, EDUR-Pumpenfabrik Eduard Redlien GmbH & Co. KG, Verder (UK) Ltd, Wastecorp Pumps, Designed and Engineered Pumps, NETZSCH Pumps & Systems, Framo, SKF, Lewa, Kirloskar Pumps, Xylem, DXP, Gardner Denver, National Pump & Energy, Enpro Subsea, and Sam Turbo Industry.

SEGMENTATION

Regional Analysis

The global oil and gas pumps market are segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to positively influence oil and gas pumps market due to development of affordable shale gas exploration and extraction technology. Upgradation and refurbishment of aging oil and gas pipelines and new proposed pipelines in Europe and North America are expected to grow the oil and gas pumps market. New proposed pipelines in Asia-Pacific and Middle-East & Africa is expected to boost the use of pumps in mid-stream sector. Increase in petroleum refining activities in India, China, USA is expected to increase the use of pumps in the downstream market. Upgradation and modernization of infrastructure in OPEC countries can spur the oil and gas pump market. 

Key Industry Developments

• In 2019, Enpro Subsea and DASS Can-K Pumps have signed a memorandum of understanding (MoU) to leverage their knowledge for the delivery of multiphase pumping solutions for topside and subsea well boosting


• In 2019, Weir Oil & Gas has introduced SPM EXL Frac pump, a quintuplex pump designed for harsh fracking conditions.


• A Toronto-based start-up named Validere Technologies Inc. is bringing artificial intelligence and Internet of Things (IoT) to the gas and oil industry recently closed a seed funding round of $7 million in 2018 and is expanding its reach in U.S. and Canada.