The global oil & gas pumps market in industry is projected to reach USD 10.36 billion by 2023 from an estimated USD 8.47 billion in 2018, at a CAGR of 4.12%. This growth can be attributed to the increasing growth of unconventional resources in the North American, South American, and Asia Pacific regions and development of gas terminals.
The global pumps market in oil & gas industry is dominated by a few major players that have a wide regional presence. The leading players in the pumps market are Flowserve (US), Sulzer (Switzerland), KSB (Germany), Weir Group (UK), and Grundfos (Denmark).
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The Middle East & African region is estimated to be the fastest growing market for pumps during the forecast period. The region has been segmented, by country, into Saudi Arabia, the UAE, Kuwait, Qatar, Angola, Nigeria, and the rest of the Middle East & Africa. The region has abundant reserves of hydrocarbons and is one of the leading petroleum producing regions in the world. The pumps market in this region is mainly driven by the investments in the oil & gas sectors.
The pumps market, by type, is segmented into centrifugal, positive displacement, and cryogenic pumps. The centrifugal pump segment is projected to grow at the highest CAGR from 2018 to 2023. As centrifugal pumps are widely used for various applications and are preferred for processes that handle low viscosity liquids and high flow rates, these pumps are expected to witness the highest growth rate during the forecast period.
The report segments the pumps market, by application, into upstream, midstream, and downstream. The midstream segment is expected to grow at the highest CAGR during the forecast period owing to the growth of unconventional resources, which is creating the need for an expanded midstream network of pipelines, rail, tankers, and terminals.
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New discoveries of reserves in the African region offer lucrative opportunities for energy & power companies. These companies are venturing in the region to capitalize resource. Pumps are required in upstream, midstream, and downstream activities. These investments are expected to boost the demand for pumps in the region. Pump manufactures are strengthening their sales and distribution network in the region to increase its sales.