Oil & gas pumps market is anticipated to grow at a CAGR of 6.2% during the forecast period. The global oil & gas pumps market growth is driven by the major factors which include the rising demand for oil & gas pumps from oil and gas industry and increasing government investments in oil pipeline construction for the development of city gas distribution (CGD) networks. Moreover, unconventional resources such as shale gas & liquids are being utilized due to high energy demand, which has boosted the requirement of pumps of different design and specifications. Natural gas is a core component of many countries’ power generation systems and, although there is a determination to reduce fossil fuel dependency and transition to a low-carbon power mix, demand for LNG is set to grow over the short term. Significant investment in the supply infrastructure of liquid natural gas in certain economies will led to the overall market expansion. As per the Rystad Energy research, investments in new liquefied natural gas (LNG) infrastructure are expected to grow to $42 billion annually by 2024. Furthermore, huge investments in numerous oil and gas exploration projects both offshore and onshore will further drive the industry growth.

Segmental Outlook  

The global oil & gas pumps market is segmented based on product type and application. Based on the type, the market is sub-segmented into dynamic pumps and positive displacement pumps. based on the application, the market is sub-segmented into upstream, midstream, and downstream. Among these, the upstream sub-segment is expected to contribute considerably in terms of revenue generation in 2021.

Among the product type, the dynamic pumps segment is likely to hold a prominent share of the market. Dynamic pumps are used to transfer fluids in inter-and-intra facilities. Furthermore, the rising demand for dynamic pumps in various applications in the manufacturing sector is another major factor that has boosted segment growth.

Regional Outlook 

Geographically, the global market is classified into four major regions including North America (the US and Canada), Europe (UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and Rest of the World (Latin America and the Middle East and Africa (MEA)). North America is anticipated to dominate the market during the forecast period. The US and Canada are the major economies of the region that are contributing to the market growth. Increasing oil and gas contracts in these economies propelling the demand for oil & gas pumps is the major factor driving the market growth. Oil and gas contracts in North America registered an increase of 20% in June 2022 with 137 contracts, when compared with 114 contracts in the previous month, according to Global Data’s oil and gas contracts database. Such factors boosted the adoption of pumps in oil and gas industry across the region.

Global Oil & Gas Pumps Market Growth, By Region 2022-2028

The Asia-Pacific Region is Expected to Grow at Fastest Rate in Oil & Gas Pumps Market

Among all regions, the Asia-Pacific region is expected to be the fastest growing in oil & gas pumps market during the forecast period. Factors such as an increase in demand for oil & gas in power, transportation, and industrial application due to rapid industrialization and urbanization are anticipated to drive investment in the oil & gas industry along with high demand for oil & gas pumps. The countries such as India, Indonesia, Singapore, and Malaysia are fast-growing economies and are expected to contribute a high share in market development. Thus, the demand for oil & gas products for transportation and power generation is expected to rise during the forecast period. In addition, the increasing natural gas consumption is further expected to generate product demand. 

Market Players Outlook

The major market players in the global oil & gas pumps market include Xylem Inc., Flowserve Corp., KSB SE & Co. KGaA, Alfa Laval AB, and Gardner Denver Holdings Inc, among others. The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance, in May 2021, The Verder Group acquired Jabsco rotary lobe pump product line from Xylem Inc. The acquisition strengthened Verder’s position in hygienic pumps for pharmaceutical and food and beverage applications.

The Report Covers

• Market value data analysis of 2021 and forecast to 2028.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global Oil & Gas Pumps market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.