The global 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.
The Asia Pacific oil & gas pumps market is expected to grow at the highest CAGR during the forecast period. The region 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. 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.
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The oil & gas pumps market, by pump type, is segmented into centrifugal, positive displacement, and cryogenic pumps. The centrifugal pump segment is projected to grow at the highest CAGR from 2020 to 2025. 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.
This research report categorizes the Oil & gas pumps market-based on type, pump type, application, and region
Based on type, the Oil & gas pumps market has been segmented as follows:
- Submersible Pumps
- Non-submersible Pumps
Based on pump type, the Oil & gas pumps market has been segmented as follows:
- Centrifugal Pump
- Positive Displacement Pump
- Screw Pump
- Reciprocating pump
- Diaphragm pump
- Multi-plunger pump
- Piston pump
- Rotary & Gear pump
- Progressive Cavity pump
- Cryogenic Pump
Based on application, the Oil & gas pumps market has been segmented as follows:
Based on the region, the Oil & gas pumps market has been segmented as follows:
- North America
- Asia Pacific
- South America
- Middle East & Africa
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The report segments the oil & gas 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.
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.