-- The Oil & Gas Pumps Market by Type (Centrifugal, Positive Displacement (Screw Pumps, Reciprocating Pumps, Rotary & Gear Pumps, Progressive Cavity Pumps), Cryogenic), Application (Upstream, Midstream, Downstream), Region - Global Forecast to 2023 report presents an in-depth assessment of the Oil and Gas Pumps including enabling technologies, key trends, market drivers, challenges, deployment case studies, standardization, opportunities, future roadmap, value chain, Top key player profiles and strategies. The report also presents market size forecasts from 2018 till 2023.
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Browse and In-depth Table of Content on Oil and Gas Pumps Market
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The Global Pumps Market in Oil and Gas Industry is projected to reach US$ 10.36 Billion by 2023 from an estimated US$ 8.47 Billion in 2018, at a CAGR of 4.12%. This growth can be attributed to the increasing unconventional resources in the North American, South American, and Asia Pacific regions and development of gas terminals.
The midstream segment is estimated to be the fastest growing during the forecast period. North America is estimated to hold the largest market in the midstream segment, followed by Asia Pacific. Growth of unconventional resources in these regions is creating the need for an expanded midstream network of pipelines, rail, tankers, and terminals, thus, driving the pumps market in oil & gas industry during the forecast period.
Middle East & Africa: The fastest growing market for oil & gas pumps
The Middle East & Africa region is expected to be the third largest pumps market by 2023 and is projected to grow at the highest CAGR during the forecast period. The pumps market in the oil & gas industry in this region is mainly driven by the investments in the oil & gas sectors. The government of Saudi Arabia is taking initiatives to control the oil & gas sector of the country by identifying new oil fields, expanding existing fields, and enhancing production. According to Reuters, Kuwait is expected to witness an investment worth USD 1.1 billion by the Kuwait Foreign Petroleum Corporation in the oil & gas sector to boost its production.
The distribution of primary interviews is as follows:
By Company Type: Tier 1 60%, Tier 2 27%, and Tier 3 13%
By Designation: C-Level 35%, Director Level 25%, and Others 40%
By Region: Asia Pacific 30%, North America 27%, Middle East & Africa 25%, and Europe 10%, and South America 8%
The Study Objectives of this report are:
To forecast the growth of the pumps market in oil & gas industry with respect to the 5 regions (Asia Pacific, Europe, North America, South America, and Middle East & Africa)
To provide detailed information on the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
To analyze market opportunities for stakeholders and details of a competitive landscape for market leaders
To track and analyze developments such as contracts & agreements, investments & expansions, new product developments, and mergers & acquisitions in the pumps market in oil & gas industry
To profile and rank key players and comprehensively analyze their market shares
Top Key Players in the Oil and Gas Pumps Market include are Flowserve (US), Sulzer (Switzerland), KSB (Germany), Weir Group (UK), and Grundfos (Denmark).
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Target Audience for Oil and Gas Pumps Market: Government and research organizations,Investment banks,Pump manufacturers,Raw material suppliers,Exploration and production companies,National and international drilling associations,Rig manufacturers and suppliers.
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Release ID: 490987
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