Oil & Gas Pumps Market-Size, Insights of Scope, Compound Annual Growth, Forecast to-2025(Trending Report)

Japan, Japan, Fri, 07 Jan 2022 01:10:04 / Comserve Inc. / -- The oil & gas pumps market is projected to reach USD 9.0 billion by 2025 from an estimated USD 6.6 billion in 2020, at a CAGR of 6.4% during the forecast period.

With COVID-19 resulting in the economic fallout, numerous economies are working on game-changing improvements to protect their employees and clients. While focusing on the ongoing challenges, the leaders are embracing new plans in order to manage and stay afloat in this competitive environment.

The oil & gas pumps market is projected to reach USD 9.0 billion by 2025 from an estimated USD 6.6 billion in 2020, at a CAGR of 6.4% during the forecast period. Continuous shale development activities and the development of gas terminals are the key factors driving the growth of the oil & gas pumps market. Likewise, the development of pipeline infrastructure in Asia Pacific and the Middle East and the discovery of new reservoirs in the African region are expected to offer lucrative opportunities for the oil & gas pumps market during the forecast period. However, the growing usage of renewable energy and managing lead time of product are expected to hinder the growth of the market.

"The submersible pump, by type, is expected to be the fastest-growing market from 2020 to 2025."
Submersible pumps, as the name implies, can be submersed within a tank, well, or other containers. These pumps are designed to be suitable for immersion. Submersible pumps find applications in oil production and in supplying water for agriculture and industry. The type most widely used in the Soviet Union is the submersible centrifugal pump with electric drive for oil production and vertical pumping of water. In other countries, submersible pumps of the piston type with hydraulic drive are also used. The increasing offshore oil & gas activities are expected to boost the demand for submersible pumps in the oil & gas industry

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"The centrifugal segment, by pump type, is expected to be the largest market from 2020 to 2025."
Centrifugal pumps are used in the upstream segment as part of tri-phase or multi-phase pumping applications. Various types of centrifugal pumps are used in a wide variety of applications, for example, electrical submersible pumps are used as a water and oil separator, in which water can be reinjected into a reservoir without lifting it to the ground surface. Despite the slowdown in the oil & gas sector and the fall in oil prices, the oil & gas industry continues to be one of the largest end users of centrifugal pumps. Also, the oil & gas sector is expected to witness high investments in the coming years. Investments in the oil & gas sector from emerging economies and continuing developments in high crude oil-producing regions such as the Middle East, North America, and Russia are projected to drive the growth of the market for centrifugal pumps globally

"Asia Pacific: The largest and the fastest-growing region in the oil & gas pumps market."
The regional market is further segmented into China, Japan, India, South Korea, Australia, and Rest of Asia Pacific. The market in China is expected to grow as it is one of the major importers of oil and its domestic demand surpasses its production. Automation ensures optimum utilization of resources and curbs imports. It also helps in the reduction of labor costs and human interference, which is currently a major concern in Asia Pacific owing to stringent labor laws. The demand for oil products in the Asia Pacific region is rapidly increasing as the region experiences strong economic growth. The region has less than 9.0% of the world's proven reserves, implying a high rate of redevelopment and rehabilitation of oilfields.

Substantial economic growth and the demand for oil & gas have led to an increase in offshore oil & gas E&P in the region. The increasing activities in deeper and more remote waters in the Philippines and Myanmar are expected to meet the growing energy demand. According to the BP Statistical Review of World Energy 2020, Asia Pacific accounted for 44.1% share of global primary energy consumption

Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:

By Company Type: Tier 1- 60%, Tier 2- 25%, and Tier 3- 15%
By Designation: C-Level- 35%, Director Level- 25%, and Others- 40%
By Region: Asia Pacific- 30%, North America- 20%, Europe- 25%, Middle East & Africa – 15%, and South America-10%

Note: Tier 1 Company—Revenue > USD 5 billion, Tier 2 Company—Revenue between USD 50 million and USD 5 billion, and Tier 3 Company—Revenue < USD 50 million

The oil & gas pumps market is dominated by a few major players that have an extensive regional presence. The leading players in the oil & gas pumps market are Flowserve (US), Sulzer (Switzerland), Weir Group (UK), KSB (Germany), and Xylem(US).

Study Coverage:
The report defines, describes, and forecasts the oil & gas pumps market, by type, pump type, application, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market, which include the analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the oil & gas pumps market.

Key Benefits of Buying the Report
1. The report identifies and addresses the key markets for oil & gas pumps application, which would help equipment manufacturers and raw material providers review the growth in demand.
2. The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
3. The report will help key players understand the strategies of their competitors better and help them in making better strategic decisions.

TABLE OF CONTENT

1 INTRODUCTION 32
1.1 OBJECTIVES OF THE STUDY 32
1.2 DEFINITION 32
1.2.1 OIL & GAS PUMPS MARKET, BY PUMP TYPE: INCLUSIONS VS. EXCLUSIONS 32
1.3 MARKET SCOPE 33
1.3.1 MARKET SEGMENTATION 33
1.3.2 REGIONAL SCOPE 33
1.4 YEARS CONSIDERED FOR STUDY 34
1.5 CURRENCY 34
1.6 LIMITATION 34
1.7 STAKEHOLDERS 34
1.8 SUMMARY OF CHANGES 35
2 RESEARCH METHODOLOGY 36
2.1 RESEARCH DATA 36
FIGURE 1 RESEARCH DESIGN 36
2.1.1 MARKET BREAKDOWN & DATA TRIANGULATION 37
FIGURE 2 DATA TRIANGULATION METHODOLOGY 37
2.1.2 SECONDARY DATA 38
2.1.2.1 Secondary sources 38
2.1.3 PRIMARY DATA 38
2.1.3.1 Breakdown of primaries 38
FIGURE 3 BREAKDOWN OF PRIMARIES: BY COMPANY TYPE, DESIGNATION, & REGION 39
TABLE 1 OIL & GAS PUMPS MARKET: PLAYERS/COMPANIES CONNECTED 39
2.2 SCOPE 40

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