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The oil and gas pumps market consists of sales of oil and gas pumps and related services by entities (organizations, sole traders, and partnerships) that manufacture oil and gas pumps. Oil and gas pumps are used in the oil & gas industry to transfer oil, grease, gas, and other fluids.
Global Oil And Gas Pumps Market Size And Drivers:
The global oil and gas pumps market is expected to grow from $9.69 billion in 2020 to $11.23 billion in 2021 at a compound annual growth rate (CAGR) of 15.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The global oil and gas pumps market is expected to reach $13.29 billion in 2025 at a CAGR of 4.3%. The development of oil and gas pipeline infrastructure contributed to the growth of the oil and gas pumps market.
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Trends In The Global Oil And Gas Pumps Market
Internet of Things (IoT) in oil and gas refineries is an emerging trend in the oil and gas pumps market. IoT is used to monitor pipe thickness, flow rate, pipe pressure, and more. IoT enables to have connected machines in the oil and gas industry so that oil and gas companies can predict equipment failure and reduce overall downtime. For example, a single pump failure can cost hundreds of thousands of dollars in lost productivity, so if the condition of pumps is known in real-time, replacements can be ready for those deemed susceptible to failure. Therefore, IoT plays an important role in the oil and gas pumps market.
Global Oil And Gas Pumps Market Segments:
The global oil and gas pumps market is further segmented –
By Type: Centrifugal, Positive Displacement, Cryogenic
By Capacity: Small (up to 500 gpm), Medium (500-1000 gpm), High (more than 1000 gpm)
By Application: Upstream, Midstream, Downstream
By Geography: The global oil and gas pumps market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
Read More On The Report For The Global Oil And Gas Pumps Market At:
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Oil And Gas Pumps Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides oil and gas pumps market overviews, analyzes and forecasts market size and growth for the global oil and gas pumps market, oil and gas pumps market share, oil and gas pumps market players, oil and gas pumps market segments and geographies, oil and gas pumps market’s leading competitors’ revenues, profiles and market shares. The oil and gas pumps market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
