Global Pumps Market in the Oil and Gas Industry, Forecast to 2024

Oil Price Recovery will Drive the Market in the Short Term and Digital Transformation will Disrupt the Market in the Long Term

The oil price crash had sparked economic turmoil and shaken the entire oil and gas industry value chain. Pump manufacturers were severely impacted during the price rout. As the oil price is expected to range between $60 and $70 for the year, there is increased optimism in the market. This is expected to drive a large amount of activities, especially in the upstream segment.

The aim of this private market engineering research is to evaluate the opportunities for pumps (centrifugal and positive displacement pumps) across the global oil and gas industry, assessing various trends in each regions across the globe during the study period, based on usage in the upstream, midstream, and downstream segments.

Research Scope

• Regions - North America, Europe, the Middle East and Africa, Asia-Pacific, and Latin America
• Product Technology - centrifugal pumps (single-stage, multi-stage, axial and mixed flow, submersible, seal-less, and circulator); positive displacement pumps (diaphragm, piston, lobe, gear, progressive cavity, screw, vane, and peristaltic)
• End-user Industries - oil and gas (upstream, midstream, and downstream)

Research Highlights

This research covers the growth opportunities for the process equipment pump companies worldwide and covers topics on how the changing landscape and evolving end-user requirements are driving the need for the adoption of pumps that are smarter and succinctly address every challenge and issue that customers face. The study also brings to light how, as economies recover and export markets are restored, the growth rate for various end-user segments in the various regions is expected to witness a gradual increase in terms of revenues and unit shipment size. Digital transformation caused by convergence of industry forces is driving unprecedented change. Data is the new currency, and there is demand from end users to generate and mine the data to convert it into actionable insights. This will be transforming the market, which is poised to experience strong growth in the next few years.

This research study brings out the latest trends in terms of industry, economy, and technology across several end-user industries for centrifugal pumps and its product types.

Key Issues Addressed

• Is the market growing? How long will it continue to grow and at what rate?
• Are existing competitors structured well to meet customer needs?
• Will these companies/products/services continue to exist, or will they get acquired by other companies?
• Will the products/services become features in other markets?
• How will the structure of the market change with time? Is it ripe for acquisitions?
• Are the products/services offered today meeting customer needs, or is additional development needed?

Key Conclusion

The study concludes with an analysis of forecast growth trends of the process equipment market for the forecast period.