Market Size of Oil & Gas Pump Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | > 1.38 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Oil & Gas Pump Market Analysis
The continued increase in the demand for oil owing to the increasing population and industrialization has fostered the growth in demand for the pumps for various applications in the oil & gas industry. According to IEA, the global oil demand in the 3rd quarter of 2019 increased by 1.1 mb/d year-on-year (y-o-y), more than double of 435 kb/d seen in the 2nd quarter 2019. China's demand increased by 640 kb/d y-o-y in 3Q19. The global oil demand is expected to grow at a CAGR of 1.38% during the forecast period which is expected to drive the demand for pumps for application in refineries and exploration activities. However, the stringent government regulations and policies to reduce the carbon emission are likely to restrain the growth in oil & gas demand and thereby restrain the growth of the market studied during the forecast period.
- The dynamic pumps are widely used in the oil & gas sector and centrifugal pumps dominates the market. These pumps are widely used for hydrocarbon processing, refineries, water injection, and pipeline services, and with the increase in the refining capacity in the coming years, the demand for the centrifugal pumps is likely to increase.
- Moreover, the technological development which has rendered the deepwater and ultra-deepwater exploration feasible and cost-effective is expected to increase oil production over the forecast period. This, in turn, is expected to create an an opportunity for market growth in the near future.
- Asia-Pacific has dominated the market in 2018, with the majority of demand coming from China, and India.
