Oil & Gas Pump Market Size (2024 - 2029)

The oil and gas pump market is experiencing growth driven by increasing demand for oil due to population growth and industrialization, which boosts the need for pumps in various applications within the industry. The market size is influenced by the demand for dynamic and centrifugal pumps, particularly in hydrocarbon processing, refineries, and exploration activities. However, growth is tempered by stringent government regulations aimed at reducing carbon emissions. Technological advancements in deepwater exploration are expected to enhance oil production, contributing to market expansion. The Asia-Pacific region, especially China and India, has been a significant contributor to the market's size.

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Market Size of Oil & Gas Pump Industry

Oil & Gas Pump Market Report
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
CAGR 1.38 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific

Major Players

Oil & Gas Pump Market Major Players

*Disclaimer: Major Players sorted in no particular order

Oil & Gas Pump Market Analysis

The continued increase in the demand for oil owing to the increasing population and industrialization has fostered the growth in demand for the pumps for various applications in the oil & gas industry. According to IEA, the global oil demand in the 3rd quarter of 2019 increased by 1.1 mb/d year-on-year (y-o-y), more than double of 435 kb/d seen in the 2nd quarter 2019. China's demand increased by 640 kb/d y-o-y in 3Q19. The global oil demand is expected to grow at a CAGR of 1.38% during the forecast period which is expected to drive the demand for pumps for application in refineries and exploration activities. However, the stringent government regulations and policies to reduce the carbon emission are likely to restrain the growth in oil & gas demand and thereby restrain the growth of the market studied during the forecast period.

  • The dynamic pumps are widely used in the oil & gas sector and centrifugal pumps dominates the market. These pumps are widely used for hydrocarbon processing, refineries, water injection, and pipeline services, and with the increase in the refining capacity in the coming years, the demand for the centrifugal pumps is likely to increase.
  • Moreover, the technological development which has rendered the deepwater and ultra-deepwater exploration feasible and cost-effective is expected to increase oil production over the forecast period. This, in turn, is expected to create an an opportunity for market growth in the near future.
  • Asia-Pacific has dominated the market in 2018, with the majority of demand coming from China, and India.

Oil & Gas Pump Industry Segmentation

The oil & gas pump market report include:

Type
Dynamic Pumps
Positive Displacement Pumps
Application
Upstream
Midstream
Downstream
Geography
North America
Europe
Asia-Pacific
South America
Middle-East and Africa
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Oil & Gas Pump Market Size Summary

The oil and gas pump market is experiencing growth driven by increasing global oil demand, fueled by population growth and industrialization. This demand is particularly evident in the Asia-Pacific region, with China and India leading the charge. The market is characterized by the widespread use of dynamic pumps, especially centrifugal pumps, which are essential for hydrocarbon processing, refineries, and pipeline services. The expansion of global refining capacity and advancements in deepwater exploration technologies are expected to further boost the demand for these pumps. However, the market faces challenges from stringent government regulations aimed at reducing carbon emissions, which could potentially restrain growth.

The market landscape is fragmented, with key players such as Xylem Inc., Flowserve Corporation, KSB SE & Co. KGaA, Alfa Laval AB, and Gardner Denver Holdings Inc. actively participating. The implementation of the IMO 2020 regulation, which mandates the production of low sulfur fuels, is anticipated to drive refiners to upgrade their infrastructure, thereby increasing the demand for pumps. Additionally, the commissioning of new refinery projects and the expansion of existing ones in South-East Asia are expected to reduce import dependency and meet the rising demand for energy and raw materials. This trend is likely to create significant opportunities for market growth in the coming years.

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Oil & Gas Pump Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast, in USD billion, till 2025

    3. 1.3 Recent Trends and Developments

    4. 1.4 Market Dynamics

      1. 1.4.1 Drivers

      2. 1.4.2 Restraints

    5. 1.5 Supply-Chain Analysis

    6. 1.6 Porter's Five Forces Analysis

      1. 1.6.1 Bargaining Power of Suppliers

      2. 1.6.2 Bargaining Power of Consumers

      3. 1.6.3 Threat of New Entrants

      4. 1.6.4 Threat of Substitute Products and Services

      5. 1.6.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Dynamic Pumps

      2. 2.1.2 Positive Displacement Pumps

    2. 2.2 Application

      1. 2.2.1 Upstream

      2. 2.2.2 Midstream

      3. 2.2.3 Downstream

    3. 2.3 Geography

      1. 2.3.1 North America

      2. 2.3.2 Europe

      3. 2.3.3 Asia-Pacific

      4. 2.3.4 South America

      5. 2.3.5 Middle-East and Africa

Oil & Gas Pump Market Size FAQs

The Oil & Gas Pump Market is projected to register a CAGR of greater than 1.38% during the forecast period (2024-2029)

Xylem Inc., Flowserve Corporation , KSB SE & Co. KGaA , Alfa Laval AB and Gardner Denver Holdings Inc are the major companies operating in the Oil & Gas Pump Market.

Oil & Gas Pump Report Snapshots

Oil & Gas Pump Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)