“The global pumps market in oil & gas industry is projected to grow at a CAGR of 4.12% from 2018 to 2023.”
The global pumps market in oil & gas industry is projected to reach USD 10.36 billion by 2023 from an estimated USD 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. Fluctuating crude oil prices along with growth in renewable energy can hinder the growth of the market.
“The midstream application segment is expected to be the fastest growing market from 2018 to 2023.”
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. Such investments are expected to drive the pumps market in oil & gas industry during the forecast period.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information as well as to assess future market prospects.
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%
Note: Others includes sales managers, marketing managers, product managers, and product engineers.
The tier of the companies is defined on the basis of their total revenue as of 2017. Tier 1: USD 1 billion, Tier 2: From USD 1 billion to USD 500 million, and Tier 3:
The leading players in the pumps market in oil & gas industry are Flowserve (US), Sulzer (Switzerland), KSB (Germany), Weir Group (UK), and Grundfos (Denmark).
The report defines, describes, and forecasts the global pumps market in oil & gas industry, by type, application, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the pumps market in oil & gas industry.
Why buy this report?
- The report identifies and addresses key markets for pumps in oil & gas industry, which would help manufacturers review the growth in demand.
The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges. The report will help key players understand the strategies of their competitors better and will help in making strategic decisions.