Oil And Gas Pumps Global Market Report 2024

Oil and gas pumps, defined as internal combustion engines, play a crucial role in transferring process fluids within the oil and gas industry. These machines circulate engine oil under pressure to the engine's rotating bearings, sliding pistons, and camshaft, facilitating the movement of oil, grease, gas, and other fluids from one point to another.

The primary categories of oil and gas pumps include centrifugal, positive displacement, and cryogenic. Centrifugal pumps operate by converting driver energy into kinetic energy within a liquid, accelerating the fluid to the outer rim of an impeller. These pumps are classified based on capacity such as up to 500 gpm (small), 500–1000 gpm (medium), and more than 1000 gpm (high). They find application in various stages of the oil and gas industry, including upstream, midstream, and downstream operations.

The oil and gas pumps market research report is one of a series of new reports that provides oil and gas pumps market statistics, including oil and gas pumps industry global market size, regional shares, competitors with oil and gas pumps market share, detailed oil and gas pumps market segments, market trends and opportunities, and any further data you may need to thrive in the oil and gas pumps industry. This oil and gas pumps market research report deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The oil and gas pumps market size has grown strongly in recent years. It will grow from $12.55 billion in 2023 to $13.45 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth observed in the historical period can be attributed to factors such as the heightened global demand for oil and gas products, the expansion of upstream exploration and production activities, the growth of refining and petrochemical industries, a demand for improved efficiency and reliability in pumping systems, and a strategic focus on offshore oil and gas development.

The oil and gas pumps market size is expected to see strong growth in the next few years. It will grow to $18.3 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The anticipated growth in the forecast period can be linked to factors such as the integration of IoT and automation in pumping systems, a growing demand for environmentally-friendly and low-emission pumping solutions, ongoing research and development in high-pressure and high-temperature pumping, the expansion of natural gas processing and LNG facilities, and a focus on pumping solutions for carbon capture and storage (CCS). Key trends expected in the forecast period encompass the adoption of digital twin and predictive maintenance technologies, advancements in high-pressure and high-temperature pumps, the development of subsea pumping solutions, the use of progressing cavity pumps for heavy crude oil, specialized hydraulic fracturing pumping equipment, and pumping solutions tailored for enhanced oil recovery (EOR).

The growth of the oil and gas pumps market has been facilitated by the development of oil and gas pipeline infrastructure. These pipelines serve as crucial conduits for transporting crude oil or natural gas liquids, relying on pumps or compressors to safely propel the substances through the pipelines. In India, for example, the government plans to invest $9.9 billion in expanding the gas pipeline network, with approximately 12,672 km of gas pipelines currently under development, according to Invest India. This concerted effort in expanding oil and gas pipeline infrastructure is anticipated to be a driving force behind the oil and gas pumps market during the forecast period.

The oil and gas pump market is expected to witness growth due to the increasing global demand for petroleum products. This surge in demand is driven by the growing necessity for natural resources to meet the energy requirements of various industries and consumers worldwide. Oil and gas pumps play a pivotal role in facilitating the extraction, transportation, and processing of these valuable resources. In October 2023, global petroleum production reached 93.148 million barrels per day, reflecting a 1.1% increase compared to the 92.13 million barrels per day recorded in 2020, according to the US Energy Information Administration. Consequently, the rising demand for petroleum products globally is propelling the midstream oil and gas equipment market.

An emerging trend in the oil and gas pumps market is the integration of the Internet of Things (IoT) in oil and gas refineries. IoT is employed to monitor various parameters such as pipe thickness, flow rate, and pipe pressure. This technology enables the creation of connected machines within the oil and gas industry, facilitating predictive maintenance to reduce overall downtime. Real-time knowledge about pump conditions allows for proactive measures, such as having replacements ready for pumps at risk of failure. Thus, IoT significantly influences and enhances operations in the oil and gas pumps market.

Major companies in the oil and gas pump market are making investments in pump testing facilities. This strategic allocation of resources involves establishing, improving, or upgrading dedicated facilities for testing pumps and related equipment. For instance, Elliott Company, a U.S.-based machinery firm, invested $60 million in a state-of-the-art cryogenic pump testing facility in Jeannette, Pennsylvania, USA, inaugurated in November 2021. This facility includes advanced testing stations and accommodates customer unit testing using LN2, LNG, or LPG, tailored to specific requirements.

In February 2021, Caterpillar, a USA-based machinery company, acquired the Weir oil and gas subsidiary of the Weir Group for $405 million. This acquisition, leading to the operation being run as SPM Oil & Gas, positions Caterpillar to strengthen its oil and gas pump business line. The transaction includes over 40 global service centers and approximately 2000 employees, enhancing Caterpillar's presence and capabilities in the oil and gas industry.

Major companies operating in the oil and gas pumps market include KSB SE & Co. KGaA, Flowserve Corporation, Sulzer Ltd., Xylem Inc., Alfa Laval AB, Sigmund Pulsometer Pumps, ITT Inc., Kirloskar Brother Ltd., Hydromashservice, Nikkiso Co Ltd., Trillium Flow Technologies, EBARA Corporation, Gemmecotti Srl, PCM SA, Ruhrpumpen Global, EDUR-Pumpenfabrik Eduard Redlien GmbH & Co. KG, Wastecorp pumps Inc., NETZSCH Pumps & Systems, Framo AS, Svenska Kullagerfabriken, Leonberger Wasseraufbereitung, Digital Experience Platform, National Pump & Energy, Enpro Subsea Ltd., Weir Group PLC, Grundfos Pumps Pty Ltd., Baker Hughes a GE company LLC, Halliburton Company, Schlumberger NV, Weatherford International PLC, Dover Corporation

Asia-Pacific was the largest region in the oil and gas pumps market in 2023. This region is also expected to be the fastest growing region in the forecast period. The regions covered in the oil and gas pumps market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the oil and gas pumps market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The oil and gas pump market consists of sales of gear pumps, diaphragm pumps, and metering pumps. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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