Oil & Gas Pumps Market Synopsis

Oil & Gas Pumps Market Size Was Valued at USD 8.9 Billion in 2023, and is Projected to Reach USD 13.1 Billion by 2032, Growing at a CAGR of 4.4% From 2024-2032.

The Oil & Gas Pumps Market refers to the worldwide sector dealing in the production, supply, and repair of pumps and systems used to pump oil and gas from wells and transport, refine and process it. These pumps are largely used in the upstream, midstream and downstream processes in the transport of crude oil, natural gas, refined petroleum products and other chemicals used in the production of oil and gas. The market comprises centrifugal pumps, positive displacement pumps, diaphragm, etc. , designed and developed to provide optimal performance in the harsh conditions of the industry like operating high-pressure pipes, dealing with chemical contents and extreme temperature conditions. Increase in industrialization, rising energy requirements, and demanding pumping requirements which need technological improvement and innovation will dictate the progression of this market.

• The Oil & Gas Pumps Market is among the important categories of the global Industrial Machinery Market that encompasses all pumping systems used to transport and process oil and natural gas products. That is why the constant need for energy, the growth of extraction technologies, as well as the need for a reliable pump in the conditions of the oil and gas industry, serves as the main driving force of the market. Pumps play a critical role in the upstream operations which are drilling and extraction, in the midstream operations as the transportation through pipelines and in the downstream operation which is the refining and distribution of the product. A detailed market also exists for the different pump types that are centrifuqal pumps, positive displacement pumps, and diaphragm pumps that have been tailored to work at different operations pressures and can deal with corrosive agents or can work in high temperatures.
• The major drivers motivating the Oil & Gas Pumps Market include global energy demand especially from the developing countries, development of the deep water and ultra-deep water & unconventional oil & gas exploration, and the need of refocusing and increasing the efficiency in the oil and gas exploration. Advancements in intelligent pumping systems with better control and monitoring features, for instance the smart pumps, are the other growth influential factors. However, the existing market has some issues; those are the continuously changing prices of oil, strict environmental policies, and high capital intensity. Many such issues are already on the path of resolution, but new forms of development, digital technologies integrated with clean energy initiatives, and the customary shifts in the Oil & Gas Pumps Market will open the door to new opportunities in the long-term forecast period.

Oil & Gas Pumps Market Trend Analysis

Increasing adoption of smart pumping solutions

• The trend that can be observed into Oil & Gas Pumps Market is massive inclination towards smart pumping solutions. These pumps are smart and they have monitoring, control, and diagnostics featuring IoT and analytics software and platforms. Real time data makes it possible to manage these pumps, forecast when they would require servicing, or likely to develop faults hence making it possible to increase operating efficiency and minimize on costs. Owing to some levels of digitization, the pumping processes are made to run with higher efficiency hence saving the pressing need for more resources and with this reducing the effects on the environment. With the emphasis on the effectiveness and environmental friendliness of the industry’s activities, smart pumping solutions will steadily develop, and established pumping systems will be revolutionized in the future in the oil and gas sphere.

Expansion of the liquefied natural gas (LNG) sector

• One new trend is also presented by the LNG segment as a part of the Oil & Gas Pumps Market. As the world population seeks ways of transitioning from the use of conventional forms of energy, LNG is gradually being considered as more eco-friendly as compared to other hydrocarbon. These developments in the LNG market are therefore putting increasing demand in the market for pumping goods that can operate under cryogenic environments and conditions for transportation and storage of the liquefied natural gas. Manufacturers of pumps to be used in LNG applications will be in a position to explore this growing market segment due to the rising investments in the LNG market development including liquefaction plants, storage facilities and LNG carriers. This advantage is compounded by the general encouragement of the reduction of carbon emissions and the consequent increase in the use of natural gas as a transition fuel.

Oil & Gas Pumps Market Segment Analysis:

Oil & Gas Pumps Market Segmented on the basis of type and application.

By Type, Centrifugal pump segment is expected to dominate the market during the forecast period

• Among all the segments, the centrifugal pump segment holds the largest market share because of its usage and application in almost all processes of the Oil & Gas Industry. Centrifugal pumps are by far popular due to their versatility, can accommodate large volumes of fluids at cheap costs hence most appropriate for crude oil transportation, water injection and pipeline. Due to their superior construction and ability to work under varying flow rates and variety of fluids ranging from low to high viscosity and those with particulates, MPFM are widely used in both the upstream and downstream sectors.

By Application, Upstream segment expected to held the largest share

• It has also been predicted that the Upstream segment will continue to dominate the Oil & Gas Pumps Market due to high exploration and production pace. This segment contains all the activities aimed at the search for hydrocarbon deposits and their production including drilling activity, completion of wells, and reservoir management. The consistent energy consumption in global operations together with the development of new drilling technologies including hydraulic fracturing and deepwater drilling is pressurizing the demand for efficiency and effectiveness in pumping solutions in the upstream sector.
• It is used in activities such as –circulation of mud, boosting of oil recovery, and movement of both oil and gases from wells to the processing facilities. High demand of energy companies in increasing the production capacity of the existing fields and the exploration of new fields as well as bringing incredible pressure in developing the upstream segment to order high-performance special pumps suitable for upstream oilfield environment is expected to enhance the market position of the upstream segment in the market further.

Oil & Gas Pumps Market Regional Insights:

Asia Pacific is Expected to Dominate the Market Over the Forecast period

• Asia Pacific is expected to have the largest consumption share and it will continue to lead the Oil & Gas Pumps Market in the expected years due to the high industrialization and urbanization rate, escalating energy demand from the growing economies like China and India and other Southeast Asian countries. The large spendings being made in the upstream sector of the region’s oil and gas industry in addition to the increased capacities of refining facilities and infrastructural development, create the need for efficient and reliable pumping solutions.
• Also, increasing energy security concerns and a desire to increase the share of different types of energy in a number of these countries fosters new oil and gas projects, thus driving the market. A large number of manufacturing bases due to technological advancement also support the official and government polices make this region to dominate the global market in manufacture of cement. Therefore, during the forecast period, the Asia Pacific is expected to witness a vast uptake and deployment of oil and gas pumps to support its commanding market dominance worldwide.

Active Key Players in the Oil & Gas Pumps Market

• Baker Hughes Company (USA)
• Ebara Corporation (Japan)
• Flowserve Corporation (USA)
• Gardner Denver Holdings, Inc. (USA)
• Grundfos Holding A/S (Denmark)
• ITT Inc. (USA)
• KSB SE & Co. KGaA (Germany)
• Pentair plc (USA)
• Ruhrpumpen Group (Germany)
• Schlumberger Limited (USA)
• SPX FLOW, Inc. (USA)
• Sulzer Ltd. (Switzerland)
• Torishima Pump Mfg. Co., Ltd. (Japan)
• Weir Group PLC (UK)
• Xylem Inc. (USA) and Other Key Players

Key Industry Developments in the Oil & Gas Pumps Market:

• In June 2023, Sulzer was awarded the contract to provide 50 pumps to facilitate the production of green ammonia for the world's largest hydrogen project. Ultimately, this factor is assisting the organization in acquiring a larger share of the oil and gas pump market.
• In March 2023, KSB, a prominent supplier of valves, pumps, and systems, acquired Bharat Pumps and Compressors (BP&CL) technology. Consequently, it has the right to use the technology in the products of BP&CL. BP&CL is a prominent manufacturer of reciprocating pumps and centrifugal pumps. Ultimately, it is assisting the organization in acquiring a larger market share in the Oil and Gas Pumps market.

Chapter 1: Introduction
 1.1 Scope and Coverage

Chapter 2:Executive Summary

Chapter 3: Market Landscape
 3.1 Market Dynamics
  3.1.1 Drivers
  3.1.2 Restraints
  3.1.3 Opportunities
  3.1.4 Challenges
 3.2 Market Trend Analysis
 3.3 PESTLE Analysis
 3.4 Porter's Five Forces Analysis
 3.5 Industry Value Chain Analysis
 3.6 Ecosystem
 3.7 Regulatory Landscape
 3.8 Price Trend Analysis
 3.9 Patent Analysis
 3.10 Technology Evolution
 3.11 Investment Pockets
 3.12 Import-Export Analysis

Chapter 4: Oil & Gas Pumps Market by Type
 4.1 Oil & Gas Pumps Market Snapshot and Growth Engine
 4.2 Oil & Gas Pumps Market Overview
 4.3 Centrifugal pump
  4.3.1 Introduction and Market Overview
  4.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.3.3 Key Market Trends, Growth Factors and Opportunities
  4.3.4 Centrifugal pump: Geographic Segmentation Analysis
 4.4 Positive Displacement Pump
  4.4.1 Introduction and Market Overview
  4.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.4.3 Key Market Trends, Growth Factors and Opportunities
  4.4.4 Positive Displacement Pump: Geographic Segmentation Analysis
 4.5 Cryogenic Pump
  4.5.1 Introduction and Market Overview
  4.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.5.3 Key Market Trends, Growth Factors and Opportunities
  4.5.4 Cryogenic Pump: Geographic Segmentation Analysis

Chapter 5: Oil & Gas Pumps Market by Application
 5.1 Oil & Gas Pumps Market Snapshot and Growth Engine
 5.2 Oil & Gas Pumps Market Overview
 5.3 Upstream
  5.3.1 Introduction and Market Overview
  5.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.3.3 Key Market Trends, Growth Factors and Opportunities
  5.3.4 Upstream: Geographic Segmentation Analysis
 5.4 Midstream
  5.4.1 Introduction and Market Overview
  5.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.4.3 Key Market Trends, Growth Factors and Opportunities
  5.4.4 Midstream: Geographic Segmentation Analysis
 5.5 Downstream
  5.5.1 Introduction and Market Overview
  5.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.5.3 Key Market Trends, Growth Factors and Opportunities
  5.5.4 Downstream: Geographic Segmentation Analysis

Chapter 6: Company Profiles and Competitive Analysis
 6.1 Competitive Landscape
  6.1.1 Competitive Benchmarking
  6.1.2 Oil & Gas Pumps Market Share by Manufacturer (2023)
  6.1.3 Industry BCG Matrix
  6.1.4 Heat Map Analysis
  6.1.5 Mergers and Acquisitions
  
 6.2 BAKER HUGHES COMPANY (USA)
  6.2.1 Company Overview
  6.2.2 Key Executives
  6.2.3 Company Snapshot
  6.2.4 Role of the Company in the Market
  6.2.5 Sustainability and Social Responsibility
  6.2.6 Operating Business Segments
  6.2.7 Product Portfolio
  6.2.8 Business Performance
  6.2.9 Key Strategic Moves and Recent Developments
  6.2.10 SWOT Analysis
 6.3 EBARA CORPORATION (JAPAN)
 6.4 FLOWSERVE CORPORATION (USA)
 6.5 GARDNER DENVER HOLDINGS
 6.6 INC. (USA)
 6.7 GRUNDFOS HOLDING A/S (DENMARK)
 6.8 ITT INC. (USA)
 6.9 KSB SE & CO. KGAA (GERMANY)
 6.10 PENTAIR PLC (USA)
 6.11 RUHRPUMPEN GROUP (GERMANY)
 6.12 SCHLUMBERGER LIMITED (USA)
 6.13 SPX FLOW
 6.14 INC. (USA)
 6.15 SULZER LTD. (SWITZERLAND)
 6.16 TORISHIMA PUMP MFG. CO.
 6.17 LTD. (JAPAN)
 6.18 WEIR GROUP PLC (UK)
 6.19 XYLEM INC. (USA)
 6.20 OTHER KEY PLAYERS.

Chapter 7: Global Oil & Gas Pumps Market By Region
 7.1 Overview
 7.2. North America Oil & Gas Pumps Market
  7.2.1 Key Market Trends, Growth Factors and Opportunities
  7.2.2 Top Key Companies
  7.2.3 Historic and Forecasted Market Size by Segments
  7.2.4 Historic and Forecasted Market Size By Type
  7.2.4.1 Centrifugal pump
  7.2.4.2 Positive Displacement Pump
  7.2.4.3 Cryogenic Pump
  7.2.5 Historic and Forecasted Market Size By Application
  7.2.5.1 Upstream
  7.2.5.2 Midstream
  7.2.5.3 Downstream
  7.2.6 Historic and Forecast Market Size by Country
  7.2.6.1 US
  7.2.6.2 Canada
  7.2.6.3 Mexico
 7.3. Eastern Europe Oil & Gas Pumps Market
  7.3.1 Key Market Trends, Growth Factors and Opportunities
  7.3.2 Top Key Companies
  7.3.3 Historic and Forecasted Market Size by Segments
  7.3.4 Historic and Forecasted Market Size By Type
  7.3.4.1 Centrifugal pump
  7.3.4.2 Positive Displacement Pump
  7.3.4.3 Cryogenic Pump
  7.3.5 Historic and Forecasted Market Size By Application
  7.3.5.1 Upstream
  7.3.5.2 Midstream
  7.3.5.3 Downstream
  7.3.6 Historic and Forecast Market Size by Country
  7.3.6.1 Bulgaria
  7.3.6.2 The Czech Republic
  7.3.6.3 Hungary
  7.3.6.4 Poland
  7.3.6.5 Romania
  7.3.6.6 Rest of Eastern Europe
 7.4. Western Europe Oil & Gas Pumps Market
  7.4.1 Key Market Trends, Growth Factors and Opportunities
  7.4.2 Top Key Companies
  7.4.3 Historic and Forecasted Market Size by Segments
  7.4.4 Historic and Forecasted Market Size By Type
  7.4.4.1 Centrifugal pump
  7.4.4.2 Positive Displacement Pump
  7.4.4.3 Cryogenic Pump
  7.4.5 Historic and Forecasted Market Size By Application
  7.4.5.1 Upstream
  7.4.5.2 Midstream
  7.4.5.3 Downstream
  7.4.6 Historic and Forecast Market Size by Country
  7.4.6.1 Germany
  7.4.6.2 UK
  7.4.6.3 France
  7.4.6.4 Netherlands
  7.4.6.5 Italy
  7.4.6.6 Russia
  7.4.6.7 Spain
  7.4.6.8 Rest of Western Europe
 7.5. Asia Pacific Oil & Gas Pumps Market
  7.5.1 Key Market Trends, Growth Factors and Opportunities
  7.5.2 Top Key Companies
  7.5.3 Historic and Forecasted Market Size by Segments
  7.5.4 Historic and Forecasted Market Size By Type
  7.5.4.1 Centrifugal pump
  7.5.4.2 Positive Displacement Pump
  7.5.4.3 Cryogenic Pump
  7.5.5 Historic and Forecasted Market Size By Application
  7.5.5.1 Upstream
  7.5.5.2 Midstream
  7.5.5.3 Downstream
  7.5.6 Historic and Forecast Market Size by Country
  7.5.6.1 China
  7.5.6.2 India
  7.5.6.3 Japan
  7.5.6.4 South Korea
  7.5.6.5 Malaysia
  7.5.6.6 Thailand
  7.5.6.7 Vietnam
  7.5.6.8 The Philippines
  7.5.6.9 Australia
  7.5.6.10 New Zealand
  7.5.6.11 Rest of APAC
 7.6. Middle East & Africa Oil & Gas Pumps Market
  7.6.1 Key Market Trends, Growth Factors and Opportunities
  7.6.2 Top Key Companies
  7.6.3 Historic and Forecasted Market Size by Segments
  7.6.4 Historic and Forecasted Market Size By Type
  7.6.4.1 Centrifugal pump
  7.6.4.2 Positive Displacement Pump
  7.6.4.3 Cryogenic Pump
  7.6.5 Historic and Forecasted Market Size By Application
  7.6.5.1 Upstream
  7.6.5.2 Midstream
  7.6.5.3 Downstream
  7.6.6 Historic and Forecast Market Size by Country
  7.6.6.1 Turkey
  7.6.6.2 Bahrain
  7.6.6.3 Kuwait
  7.6.6.4 Saudi Arabia
  7.6.6.5 Qatar
  7.6.6.6 UAE
  7.6.6.7 Israel
  7.6.6.8 South Africa
 7.7. South America Oil & Gas Pumps Market
  7.7.1 Key Market Trends, Growth Factors and Opportunities
  7.7.2 Top Key Companies
  7.7.3 Historic and Forecasted Market Size by Segments
  7.7.4 Historic and Forecasted Market Size By Type
  7.7.4.1 Centrifugal pump
  7.7.4.2 Positive Displacement Pump
  7.7.4.3 Cryogenic Pump
  7.7.5 Historic and Forecasted Market Size By Application
  7.7.5.1 Upstream
  7.7.5.2 Midstream
  7.7.5.3 Downstream
  7.7.6 Historic and Forecast Market Size by Country
  7.7.6.1 Brazil
  7.7.6.2 Argentina
  7.7.6.3 Rest of SA

Chapter 8 Analyst Viewpoint and Conclusion
8.1 Recommendations and Concluding Analysis
8.2 Potential Market Strategies

Chapter 9 Research Methodology
9.1 Research Process
9.2 Primary Research
9.3 Secondary Research