The global Oil
and Gas Pumps Market industry is projected to reach USD 10.36 billion by
2023 from an estimated USD 8.47 billion in 2018, at a CAGR of 4.12%. This
growth can be attributed to the increasing unconventional resources in the
North American, South American, and Asia Pacific regions and development of gas
terminals.
Browse 85 market data Tables and 36 Figures spread
through 142 Pages and in-depth TOC on "Oil & Gas Pumps Market by Type
(Centrifugal, Positive Displacement (Screw Pumps, Reciprocating Pumps, Rotary
& Gear Pumps, Progressive Cavity Pumps), Cryogenic), Application (Upstream,
Midstream, Downstream), Region - Global Forecast to 2023"
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The centrifugal pump segment
is expected to hold the largest share of the pumps market in oil & gas
industry, by type, during the forecast period.
The centrifugal pump segment is estimated to dominate the
pumps market in oil & gas industry in 2018 and is projected to have the
largest market share during the forecast period. Centrifugal pumps are
preferred for processes that handle low viscosity liquids and high flow rates.
Various types of centrifugal pumps are used in a wide variety of applications.
The ability of these pumps to be used across various applications has resulted
in their higher market share.
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The midstream segment is
expected to hold the largest share of the pumps market in oil & gas
industry, by application, during the forecast period.
The midstream segment is estimated to dominate the pumps
market in oil & gas industry in 2018 and is projected to have the largest
market share during the forecast period. The midstream oil activities mainly
include transportation of crude oil and refined products over land, using a
network of pipes and pumping stations as well as trucks and rail cars. The
growth of unconventional resources is creating the need for an expanded
midstream network of pipelines, rail, tankers, and terminals. This is expected
to drive the pumps market in the midstream segment.
North America: The leading
market for pumps in oil & gas industry
In this report, the pumps market in oil & gas
industry has been analyzed with respect to 5 regions, namely, North America,
Europe, Asia Pacific, Middle East & Africa, and South America. North
America is estimated to dominate the global pumps market in 2018 owing to the
growth in unconventional resources in the US and Canada. The demand from the
onshore & offshore fields in the Gulf of Mexico is also likely to impact
the pump market positively during the forecast period.
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To enable an in-depth understanding of the competitive
landscape, the report includes the profiles of some of the top players in the
oil & gas pumps market. The key players include Flowserve (US), Sulzer
(Switzerland), KSB (Germany), Weir Group (UK), and Grundfos (Denmark). The
leading players are adopting various strategies to increase their shares in the
pumps market in oil & gas industry.
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MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com
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