Oil and Gas Pumps Market: Industry Analysis and Forecast (2024-2030) by Type, Application and Region

Oil and Gas Pumps Market Overview

The oil and gas pump is a significant component of the larger energy sector. It is responsible for the extraction, transportation, and refining processes that convert crude oil and natural gas into usable forms of energy. Wastecorp Pumps is a leading manufacturer of pumps and pump parts, supplying to major oil producers worldwide. Amaranth, API 610 pumps are used in the toughest offshore and onshore environments around the world, The key drivers for the Oil and Gas Pumps Market growth include continuous shale development activities and rapid expansion of gas terminals, increased global demand for oil and gas pumps, the need for modernization, refurbishment, and upgradation of pumping infrastructure in the oil & gas industry, and adoption of automation and IoT-based pumping systems to boost efficiency.

 

The Oil & Gas industry presents more challenges for pump manufacturers, requiring equipment that can consistently operate in extreme, harsh, and potentially hazardous environments. The North American market is the dominant region globally, accounting for around 36.25% of the market share in 2023 with a valuation of over USD XX.XX billion, driven by the region's significant reserves and technological advancements in extraction methods, while The Asia Pacific region is expected to be the fastest-growing Oil and Gas Pumps Market during the forecast period. Some of the major players in the global market include Xylem, Flowserve, Weir Group, Sulzer, KSB, and Grundfos.

 

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Oil and Gas Pumps Market Dynamics

The integration of digitalization and the Internet of Things (IoT) in pumps is expected to drive the Oil and Gas Pumps Market growth significantly.

Integrating IoT sensors in oil & gas pumps enables real-time monitoring of various parameters, such as temperature, pressure, and vibration. This data can be analyzed to predict potential failures before they occur, allowing for proactive maintenance and minimizing downtime. Remote monitoring also enables operators to optimize pump performance and energy efficiency. Digitalization has revolutionized the oil & gas industry by allowing for the collection and analysis of large amounts of data from pump operations. By leveraging analytics and machine learning algorithms, companies can gain valuable insights into pump performance, identify inefficiencies, and optimize production processes. This data-driven approach helps in making informed decisions to improve overall operational efficiency and reduce costs.

 

• For Example, Alfa Laval, a leading manufacturer of pumps, has recently released new condition-monitoring software with built-in analytics. The software utilizes artificial intelligence for online condition monitoring, helping to prevent uncertainty, reduce downtime, extend the lifetime of vital assets, and contribute to achieving sustainability goals.

 

Expansion of Pipeline Infrastructure in Asia-Pacific and the Middle East Boosts the Market.

The midstream Oil and Gas Pumps Market necessitates a widespread network, encompassing distances from small acres for intermediate or end terminal tank farms to entire continents for pipeline systems. This requires SCADA systems, control systems, and safety systems in storage facilities, control centers, and corporate offices, as well as a fast and reliable communication infrastructure for integration within and among intranets. This demand holds significant growth potential for midstream communication solutions, offering lucrative opportunities for players in the oil and gas pump market.

 

Advancements in pump monitoring and control capabilities, Modernization and upgradation of aging pumping systems, and Growth in shale gas development and offshore exploration

Key Developments in the Oil and Gas Pumps Market

• Increasing adoption of smart pumping technology with IoT integration:

Manufacturers like Kirloskar Brothers Limited (KBL) are integrating their API process pumps with advanced monitoring and control capabilities to improve operational efficiency.

 

• Shift towards multi-phase pumping to reduce costs:

PumpWorks manufactures a range of midstream oil and gas pumps that can transport a mixture of oil, gas, and water directly from the field, eliminating the need for separation.

 

• Advancements in pump monitoring and control capabilities:

SPP Pumps equips its oil and gas pumps with various sensors to provide enhanced monitoring and performance optimization.

 

• Investments in pipeline infrastructure expansion:

Manufacturers like Wastecorp Pumps supply pumps for transferring crude and refined oil through pipelines for major oil producers.

 

• Modernization and upgradation of aging pumping systems:

SPP Pumps has supplied pumping equipment to many major international oil companies for modernizing their operations.

 

• Growth in shale gas development and offshore exploration:

KBL's pumps and systems are operating in over 850 pump systems in more than 140 offshore oil fields globally.

 

Oil and Gas Pumps Market Segmentation

Centrifugal Pumps Segment to Lead Due to Efficiency and Versatility in Handling Various Fluid Types

Based on pump type, the global market for Oil and Gas Pumps Market is segmented into centrifugal pumps, positive displacement pumps, and others. The centrifugal pumps segment is expected to dominate the global oil & gas pump market during the forecast period due to its versatility and ability to handle a wide range of fluids commonly found in oil & gas operations. These pumps can efficiently transfer crude oil, natural gas liquids (NGLs), water, and various chemicals used throughout the production and processing value chain. Their adaptability to different fluid types and operating conditions makes them well-suited for diverse applications, including fluid transfer, circulation, injection, and boosting.

 

The positive displacement pumps segment is also a leading category in the market. The growing trend of extracting oil & gas from shale formations often involves injecting fluids at high pressure, which positive displacement pumps are well-suited for. These pumps provide consistent and precise flow rates, making them ideal for tasks such as injecting chemicals or precisely metering oil during production

 

Heavy Reliance of Pipelines on Pumps to Bolster the Midstream Segment Growth

Based on application. The Oil and Gas Pumps Market is segmented into upstream, midstream, and downstream, the midstream segment is the largest, with a market share of around 43.32% in 2023. Midstream operations focus on transporting oil & gas from production sites to refineries or processing plants via an extensive network of pipelines and gathering systems that heavily rely on pumps to maintain the flow.

 

The downstream segment is also experiencing substantial growth in the oil & gas pump market. Downstream operations involve refining crude oil into end-use products like diesel, gasoline, and jet fuel, as well as processing natural gas into liquefied natural gas and other products. These refining and processing activities comprise numerous stages, each requiring pumping systems for different uses. As global demand for oil & gas rises due to population and economic growth, there is an increasing need to boost upstream activities and discover new reserves. Pumps are crucial in upstream operations for tasks such as lifting natural gas or crude oil from underground reservoirs to the surface and for injecting fluids into wells to improve production rates via techniques like hydraulic fracturing

 

Oil and Gas Pumps Market Regional Analysis

The North American oil and gas market is the dominant region, accounting for around 36.25% of the global Oil and Gas Pumps Market share in 2023 with a valuation of USD XX.XX billion. This is largely attributed to the region's substantial oil and gas reserves, particularly in the United States and Canada, as well as the technological advancements in extraction methods like hydraulic fracturing and horizontal drilling. The Asia-Pacific region is the fastest-growing oil and gas market, poised to grow at a significant CAGR of 4.48% in the coming years. This growth is driven by rapid economic development, urbanization, and industrialization across countries like China, India, and Southeast Asia, leading to a surge in energy demand. Investments in infrastructure and the development of LNG import and export capabilities are further supporting the regional market expansion.

The report aims to provide industry stakeholders with a thorough study of the global Oil and Gas Pumps Market. The research presents the industry's historical and present state together with projected market size and trends, analyzing complex data in an easy-to-read manner.  The research includes PORTER and PESTLE analyses along with the possible effects of market microeconomic factors. The analysis of both internal and external elements that could have a good or negative impact on the firm will provide decision-makers with a clear picture of the industry's future. By understanding the market segments and projecting the size of the global Oil and Gas Pumps Market, the reports also help understand the market's dynamics and structure.

 

Oil and Gas Pumps Market Scope

Oil and Gas Pumps Market
Market Size in 2023	USD 8.70 Bn.
Market Size in 2030	USD 11.98 Bn.
CAGR (2024(2030)	4.68%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Oil and Gas Pumps Market Segments	By Type Centrifugal pump Positive Displacement pump Cryogenic pump
	By Application Upstream Midstream Downstream
Regional Scope	North America (United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Russia, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa ( South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America

 

Oil & Gas Pumps Market Key players

1. Kirloskar Brothers Limited (India)
2. Amaranth pumps
3. PCM (U.S.)
4. Ruhrpumpen Group (U.S.)
5. Grundfos (Denmark)
6. Sulzer Ltd (Switzerland)
7. Xylem (U.S.)
8. Flowserve Corporation (U.S.)
9. Netzsch (Germany)
10. Wastecorp Pumps (U.S.)
11. National Pump and Energy (Australia)
12. Atlas Copco (Sweden)
13. Halliburton (U.S.)
14. Baker Hughes (U.S.)