Oil And Gas Pumps Global Market Sees Growth Rate Of 4% Through 2022
16 May, 2022
The global oil and gas pumps market size is expected to grow from $11.23 billion in 2021 to $11.71 billion in 2022 at a compound annual growth rate (CAGR) of 4.3%. The oil and gas pump market is expected to grow to $13.87 billion in 2026 at a CAGR of 4.3%.
What is the Global Oil And Gas Pumps Market?
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.
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What drives the Global Oil And Gas Pumps Market?
The development of oil and gas pipeline infrastructure contributed to the growth of the oil and gas pumps market. Oil and gas pipelines are used for transporting crude oil or natural gas liquids. Pumps or compressors are used for moving the oil or gas through the pipeline at a safe speed. According to India Brand Equity Foundation, the government of India is planning to invest $9.9 billion in expanding the gas pipeline network across the country. According to Invest India, about 12,672 km of gas pipelines are under development. Therefore, the development of oil and gas pipeline infrastructure is expected to drive the market for oil and gas pumps during the forecast period.
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Global Oil And Gas Pumps Market Segments
The global oil and gas pumps market is 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 regions covered in the oil and gas pumps market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Oil And Gas Pumps Global Market Report 2022provides market size and growth forecasts for the global oil and gas pumps market, global oil and gas pumps market share, oil and gas pumps market segments and geographies, oil and gas pumps market competitive landscape including 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.
Global Oil And Gas Pumps Industry Playersinclude KSB SE, Flowserve, Sulzer, Xylem, Gardner Denver, Alfa Laval, SPP Pumps, ITT Oil & Gas, Kirloskar Brother Limited, and HMS Group. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.