Global Oil & Gas Pumps Market Scenario:
The global oil & gas pumps market is projected to reach USD 9.0 billion by 2025 from an estimated USD 6.6 billion in 2020, at a CAGR of 6.4% during the forecast period. Continuous shale development activities and the development of gas terminals are the key factors driving the growth of the oil & gas pumps market. Likewise, the development of pipeline infrastructure in Asia Pacific and the Middle East and the discovery of new reservoirs in the African region are expected to offer lucrative opportunities for the oil & gas pumps market during the forecast period.
The Asia Pacific oil & gas pumps market is expected to grow at the highest CAGR during the forecast period. The region is further segmented into China, Japan, India, South Korea, Australia, and Rest of Asia Pacific. The market in China is expected to grow as it is one of the major importers of oil and its domestic demand surpasses its production. The demand for oil products in the Asia Pacific region is rapidly increasing as the region experiences strong economic growth. The region has less than 9.0% of the world’s proven reserves, implying a high rate of redevelopment and rehabilitation of oilfields. Substantial economic growth and the demand for oil & gas have led to an increase in offshore oil & gas E&P in the region. The increasing activities in deeper and more remote waters in the Philippines and Myanmar are expected to meet the growing energy demand. According to the BP Statistical Review of World Energy 2020, Asia Pacific accounted for 44.1% share of global primary energy consumption
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The oil & gas pumps market, by pump type, is segmented into centrifugal, positive displacement, and cryogenic pumps. The centrifugal pump segment is projected to grow at the highest CAGR from 2020 to 2025. As centrifugal pumps are widely used for various applications and are preferred for processes that handle low viscosity liquids and high flow rates, these pumps are expected to witness the highest growth rate during the forecast period.
The report segments the oil & gas pumps market, by application, into upstream, midstream, and downstream. The midstream segment is expected to grow at the highest CAGR during the forecast period owing to the growth of unconventional resources, which is creating the need for an expanded midstream network of pipelines, rail, tankers, and terminals.
New discoveries of reserves in the African region offer lucrative opportunities for energy & power companies. These companies are venturing in the region to capitalize resource. Pumps are required in upstream, midstream, and downstream activities. These investments are expected to boost the demand for pumps in the region. Pump manufactures are strengthening their sales and distribution network in the region to increase its sales.
Key Market Players:
Flowserve (US), Sulzer (Switzerland), Weir Group (UK), KSB (Germany), and Xylem(US) (Germany), Alfa Laval (Sweden), Gardner Denver (US), Grundfos (Denmark), HMS Group (Russia), Nikkiso (Japan), Schmitt Kreiselpumpen (Germany), Trillium Flow Technologies (Scotland), Atlas Copco (Sweden), Wilo SE (Germany), Corporacion E.G. (Mexico), Halliburton (US), Baker Hughes Company (US), Groman-Rupp (US), EBARA Corporation (Japan), Tsurumi Manufacturing Co., Ltd. (Japan), and Gemmecotti (Italy).
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The major strategies adopted by these players include contracts & agreements ,new product launches, investments & expansions, mergers & acquisitions, joint ventures, and partnerships & collaborations. Contracts & agreements and partnerships were the two most commonly adopted strategy from January 2017 to September 2020.
Flowserve(US) is a manufacturer and aftermarket service provider of flow control systems. Its product portfolio includes pumps, valves, seals, automation, and aftermarket services to support various end-use industries such as oil & gas, chemical, power generation (including nuclear, fossil, and renewable) and water management. Flowserve operates through two business segments, namely, Flowserve Pump Division (FPD) and Flow Control Division (FCD). The company combined its previously reported Engineered Product Division (EPD) and Industrial Product Division (IPD) segments into one reportable segment, Flowserve Pump Division (FPD). It offers pumps through the FPD segment.
Flowserve operates in 55 countries and 245 locations worldwide. Some of its popular brand names are BW Seals, Byron Jackson, Calder Energy Recovery Devices, Cameron, Worthington, Durametallic, Durco, Halberg, Aldrich, and Pacific, among others. The FPD products are currently manufactured in 39 manufacturing facilities worldwide, 13 of which are located in Europe, 12 in North America, 8 in Asia Pacific, and 6 in Latin America. The company offers aftermarket services through a global network of 144 quick response centers (QRCs), some of which are co-located in manufacturing facilities in 44 countries.
Sulzer (Switzerland) is a global player that delivers reliable and sustainable solutions. It offers pumping solutions, services for rotating equipment, and separation, mixing, and application technology. The company provides its products and services to industries such as oil & gas, power, and water. Sulzer operates through four business segments, namely, pump equipment, rotating equipment services, Chemtech, and applicator systems. It offers pumps for oil & gas applications under its pumps equipment segment.
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The pumps equipment segment focuses on production, transport, crude oil & gas processing, supply, treatment, transport of water as well as wastewater collection, and fossil-fired, nuclear, and renewable power generation. This segment offers its product to various end-use industries such as oil & gas, power, water, pulp & paper, and other related industries where pumps play a vital role.
Sulzer operates worldwide through its strong network with over 180 production and service locations in more than 40 countries around the world.
