Global Oil And Gas Pumps market scope 2024, Forecast To 2033

The oil and gas pumps market has exhibited strong growth, rising from $12.55 billion in 2023 to $13.45 billion in 2024, achieving a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period is attributed to the increased global demand for oil and gas products, expansion of upstream exploration and production activities, growth in refining and petrochemical industries, a focus on enhancing efficiency and reliability in pumping systems, and increased investments in offshore oil and gas development. The oil and gas pumps market is expected to witness strong growth, reaching $18.3 billion in 2028, with a CAGR of 8.0%. The projected growth is linked to factors such as the integration of the Internet of Things (IoT) and automation in pumping systems, the demand for environmentally-friendly and low-emission pumping solutions, research and development in high-pressure and high-temperature pumping technologies, expansion of natural gas processing and LNG facilities, and an emphasis on pumping solutions for carbon capture and storage (CCS). Major trends in the forecast period include the adoption of digital twin and predictive maintenance technologies, advancements in high-pressure and high-temperature pumps, the development of subsea pumping solutions, utilization of progressing cavity pumps for heavy crude oil, innovations in hydraulic fracturing pumping equipment, and the application of pumping solutions for enhanced oil recovery (EOR).