Global oil & gas pumps industry to reach $9 Bn by 2025

December 7, 2020 2:42 pm

The global oil & gas pumps market is projected to reach USD 9 billion by 2025 from an estimated USD 6.6 billion in 2020, growing at a CAGR of 6.4 percent, finds a recent research report published by ResearchAndMarkets.

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.

Submersible pump, by type, to be fastest-growing market
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. According to the ResearchAndMarkets report, the increasing offshore oil & gas activities are expected to boost the demand for submersible pumps in the oil and gas industry

Centrifugal segment, by pump type, to be the largest market
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, finds ResearchAndMarkets report. 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
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 percent of the world’s proven reserves, implying a high rate of redevelopment and rehabilitation of oilfields, the ResearchAndMarkets report said