Oil and Gas Pumps Market - Global Industry Analysis, Size, Share, Growth, Trends,

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Oil and Gas Pumps Market: Overview

Pumps are very important in the oil and gas industry. They are used to displace oil in several instances such as inside oil drilling rigs and refineries. They are used for injection tasks, chemical transfers, gasoline transfers, or steam stripping. The oil and gas industry cannot operate without pumps that have been specifically designed for them.

Pumps in the oil and gas industry are designed for maximum reliability and optimum functioning. It is important to consider that the oil and gas industry faces a wide range of circumstances including temperatures, pressure, and chemicals. The pumps need to remain operational in such circumstances, whether onshore or offshore.

Oil and gas pump manufacturers need to meet many criteria to deliver quality pumps. This includes selecting right materials, their high-quality processing, and complying with various industry standards such as ISO/TS 29001 Certification.

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Oil and Gas Pumps Market: Key Segmentations

The global oil and gas pumps market can be segmented into type, application, and region. In terms of type, the oil and gas pumps market can be segregated into centrifugal pumps, positive displacement pumps, and cryogenic pumps. The positive displacement pumps segment can be further categorized into screw pumps, reciprocating pumps, and progressive cavity pumps. The differences between the pumps has a direct effect on their applications. For example, centrifugal pumps are contain one or more impellers to move fluid through rotation, draw it into the pump’s suction end, and force it through the discharge end using the centrifugal force. This technique allows centrifugal pumps to be used for a wide range of applications such as handling dirty liquids or those with low viscosity or high flow rates as long as they do not contain vapors, air, or large quantities of solids. They are preferred in the upstream phase of the oil and gas industry, as a part of tri-phase or multi-phase pumping applications.

Positive displacement pumps use rotating or reciprocating parts to transport the liquid into an enclosed space. The technique is designed to create pressure that drives the liquid to its destination. This type of pump is ideal for higher viscosity liquids, and are preferred in the upstream phase of an oil refinery. Some of the key advantages of the positive displacement pumps include its compact size, high-pressure ratio, and low-cost solution. However, they are noisy and require extensive maintenance.

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In terms of application, the oil and gas pumps market can be divided into upstream, downstream, and midstream. Pump applications that take place close to the source of oil, gas, or hydrocarbons, say offshore, are considered upstream applications. Downstream applications refer to the use of pumps during the processing of materials. However, the pumps are primarily used during transportation of oil and gas in midstream applications.

Oil and Gas Pumps Market: Regional Outlook

Based on region, the global oil and gas pumps market can be segregated into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Demand for oil and gas pumps is related to the presence of oil and gas industry in a region. Therefore, the Middle East is a key consumer of oil and gas pumps. Similarly, increase in fracking activities in North America is projected to create lucrative opportunities in the oil and gas pumps market in the region.

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Oil and Gas Pumps Market: Key Players

The global oil and gas pumps market consists of many small and big players with varying geographical reach. Key players operating in the oil and gas pumps market include SPP Pumps, PCM Group, KSB SE & Co. KGaA, Verder International B.V., and Kirloskar Brothers Limited (India).

Companies in the Oil and Gas Pumps market have increasingly shifted gears with wide application of digital technology across the continuum, from raw material sourcing to manufacturing to generation of final output, to warehousing to final distribution operations. Among the various affects, the market is witnessing new growth economics due to thinning of line between specialty and commodity businesses that are associated with the larger ecosystem. At the same time, new growth parameters are being vigorously being debated as industry stakeholders put greater emphasis on the circular economy processes.

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