The global oil and gas pumps industry is projected to reach USD 10.9 billion by 2028 from an estimated USD 8.7 billion in 2023, at a CAGR of 4.7% during the forecast period. The rise in infrastructural development, global economic growth, and rise in exploration of new oil fields, accelerates the growth of the oil and gas pumps market.
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This report segments the oil and gas pumps market based on application into three categories: upstream, midstream, and downstream. Midstream is expected to hold the largest market share in the oil and gas pumps market during the forecast period. The midstream sector in the oil and gas industry plays a vital role in handling the transportation and storage of hydrocarbons. The increasing production of shale oil and gas in the US market is demanding an enlargement of the midstream network, involving pipelines, tankers, and terminals are the factors that are expected to drive the growth of midstream segment during the forecast period.
Stakeholders
- Energy Regulators
- Consulting companies in the energy and power sector
- Distributors of oil & gas pumps solutions
- Governments and research organizations
- Power equipment and garden tool manufacturers
- Oil & gas pumps providers
- Spare parts and component suppliers
Based on the Type, the oil and gas pumps market is segmented into submersible pumps and non-submersible pumps. The non-submersible pumps segment is expected to dominate the market during the forecast period. Non-submersible pumps, due to their ease of access and maintenance in contrast to submersible pumps, lead to reduced downtime and lower maintenance expenses. Their generally lower initial purchase costs, coupled with the ability to handle a diverse range of fluids like crude oil, water, and slurries, make them a cost-effective and versatile choice. They excel in boosting fluid pressure for transportation or processing, transferring fluids between storage and processing sites, and managing the filling and emptying of storage tanks for various fluids including crude oil and water.
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Based on the pump type, the oil and gas pumps market is segmented into Centrifugal Pumps, Positive Displacement Pumps and Cryogenic Pumps. The centrifugal pumps segment is expected to be the fastest growing market during the forecast period. Centrifugal pumps are favored for handling low-viscosity fluids at high flow rates, particularly in scenarios without air, vapor, or excessive solids. They play a crucial role in upstream operations, especially in multi-phase pumping situations. Various types of these pumps cater to a wide array of applications. For example, electrical submersible pumps serve as efficient water and oil separators, allowing water to be reintroduced into reservoirs without needing surface lifting. This versatility contributes to the continued growth and adoption of centrifugal pumps across diverse industrial applications.
