Market Industry Trends

Wednesday, July 31, 2024

Oil & Gas Pumps Market Major Developments and Competition Landscape by 2028

The global oil and gas pumps market is projected to reach USD 10.9 billion by 2028 from an estimated USD 8.7 billion in 2023, at a CAGR of 4.7% during the forecast period. Pumps have a critical role in the oil & gas industry. They are used in upstream drilling sites, crude oil pipelines, and LNG export terminals to transport fluids from one process or location to another. In the past, pumps were operated with fixed-speed electric motors. However, variable-speed electric motors have replaced them nowadays. Pumps that are driven by variable-speed drive systems reduce the likelihood of equipment failure by minimizing electrical and mechanical stresses, thereby reducing downtime. Oil and gas pumps are used in upstream, midstream, and downstream applications. The market for oil and gas pumps includes revenues generated by global companies from pump sales. The current study focuses on major pump types such as centrifugal pumps, positive displacement pumps, and cryogenic pumps. The increasing global demand for oil is likely to propel the demand for oil and gas pumps. Moreover, discoveries of new oilfield, will boost the demand for oil and gas pumps.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=72491540

The centrifugal pumps, by pump type, is expected to grow at the highest CAGR during the forecast period.

Based on pump type, the oil and gas pumps market has been split into into Centrifugal Pumps, Positive Displacement Pumps and Cryogenic Pumps. Centrifugal pumps are expected to grow at the highest CAGR during the forecasted period. Centrifugal pumps are preferred for managing fluids with low viscosity and high flow rates, especially in environments free from air, vapor, or excessive solids. They hold significant importance in upstream operations, particularly in scenarios involving multiple phases. Different variants of these pumps are tailored to meet diverse application needs. Take, for instance, electrical submersible pumps that excel in efficiently separating water and oil. This functionality permits the reintroduction of water into reservoirs without necessitating surface lifting. The adaptability of centrifugal pumps underscores their continual expansion and acceptance across various industrial applications.

The submersible pumps segment, by type, is expected to grow at the highest CAGR during the forecast period.

This report segments the oil and gas pumps market based on type into two segments: submersible pumps and non-submersible pumps. The submersible pumps segment is expected to grow at the highest CAGR during the forecasted period. Submersible pumps, as their name suggests, are designed to operate while fully immersed in tanks, wells, or other fluid-containing containers. Tailored for complete submersion, these pumps are particularly suitable for pumping fluids like crude oil or water. Their efficiency shines in applications such as oil wells or storage tanks, where they prove adept at seamlessly lifting substantial volumes of fluids to the surface.

North America is expected to be the largest region in the oil and gas pumps market.

North America is expected to be the largest oil and gas pumps market during the forecast period. The North America region comprises major economies such as US, Canada and Mexico. As per the report from the US Energy Information Administration, the United States claimed the title of the largest global crude oil producer in 2022, representing 14% of the world's total crude oil production. Similarly, Canada contributed to approximately 5.6% of the world's crude oil production in the same period. The expansion of the oil and gas pumps market is propelled by the increasing exploitation of unconventional resources in both the US and Canada. Additionally, the demand emanating from onshore and offshore fields in the Gulf of Mexico is anticipated to be a significant factor fostering market growth throughout the forecast period. Projections indicate that North America is poised to experience the initiation of 594 operational projects between 2023 and 2027.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=72491540

Key Players

Some of the major players in the oil and gas pumps market are including Atlas Copco AB (Sweden); Flowserve Corporation (US); Sulzer Ltd (Switzerland); KSB SE & Co. KGaA (Germany); Nikkiso Co., Ltd. (Japan). The major strategies adopted by these players include contracts, agreements, partnership, collaborations, and expansions.

Friday, July 26, 2024

Hydrogen Market: Everything You Need To Know By 2030

According to a research report "Hydrogen Market - Global Forecast to 2030", the hydrogen market is projected to reach USD 410.6 billion by 2030 from an estimated USD 242.7 billion in 2023, at a CAGR of 7.8% during the forecast period.

Hydrogen is the lightest and most abundant element in the universe. Hydrogen gas has an excellent energy carrying capacity. It can be produced in large quantities and supplied to large-scale industries for various operations. It can be produced as a principal and by-product from various primary energy sources (such as wind, solar, coal, natural gas, and nuclear). Currently, hydrogen is produced in bulk for many value-added uses and chemical substances. It delivers power for various applications, including fuel cells and combined heat and power technologies. global push to reduce carbon emissions and combat climate change has led to an increased focus on clean and sustainable energy sources and drive the demand for hydrogen market.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=132975342

The generation type segment, by sector, is expected to have the largest market during the forecast period.

Based on sector, the hydrogen market has been segmented into generation type, storage, and transportation. The generation type segment is expected to hold largest share during the forecast period. Governments and businesses are looking at low-carbon and zero-emission options as a result of the pressing need to slow down climate change and cut greenhouse gas emissions. Since it generates no carbon dioxide when used, green hydrogen generation offers a workable answer to the problem of decarbonization. Additionally, hydrogen is used as a feedstock or process fuel by many sectors, including chemical manufacture, refineries, and the production of steel. The demand for low-carbon and green hydrogen is rising as industry work to minimize their carbon footprint.

The mobility segment, by application, is expected to be the fastest growing during the forecast period

This report segments the hydrogen market based on application into three segments: energy, mobility, and chemical & refinery. The mobility segment is expected to be the fastest growing during the forecast period. Owing to the rising adaption of the fuel cell electric vehicles and hydrogen fueling station. Due to the hydrogen fuel cell's electrochemical reaction only producing water vapor as a byproduct, FCEVs have zero emissions. Due to this feature, FCEVs are a desirable alternative for both consumers and governments aiming to reduce air pollution and battle climate change.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=132975342

North America is expected to be the largest region in the hydrogen market

North America is expected to be the largest hydrogen market during the forecast period. The North America region, comprising of US, Canada, and Mexico. Governments are dedicated to combating climate change and lowering greenhouse gas emissions. One important clean energy carrier that can aid in achieving carbon neutrality and promoting sustainable development is hydrogen, especially green hydrogen produced from renewable sources.

Some of the major players in the hydrogen market are Linde plc (Ireland), Air products and Chemicals, Inc. (US), Air Liquide (France), Worthington Industries (US), Cryolor (France), Hexagon Purus (Norway), and NPROXX (Netherlands). The major strategies these players adopt include merger & acquisitions, contracts, agreements, partnerships, and investments & expansions.

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

Contact:
Mr. Rohan Salgarkar
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: newsletter@marketsandmarkets.com

Wednesday, July 24, 2024

Wind Turbine Protection Market Size, Share, Analysis, Regional Outlook and Forecast 2024-2029

According to a research report "Wind Turbine Protection Market by Equipment (Blades, Nacelles, Towers), Protection Type (Coatings (Epoxy, Polyurethane) and Tapes & Films), End User (Onshore and Offshore), & Region (North America, Europe, APAC, MEA) - Global Forecast to 2029" published by MarketsandMarkets, the Wind turbine protection market is forecast to reach USD 2.8 billion by 2029 from an estimated USD 1.7 billion in 2024, at a CAGR of 10.5% during the forecast period (2024-2029).

Wind turbine protection is essential because they face numerous environmental challenges, including rain, hail, blowing sand, and salt spray, which can cause significant leading-edge erosion on the blades. This erosion can be severely affecting the integrity and efficiency of the blades. wind turbine protection is essential to safeguard the blades, nacelle, and internal components, maintain aerodynamic efficiency, prevent damage and downtime, and extend the operational lifespans of wind turbines.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=101493518

The Nacelle, by equipment, is expected to grow as the Second largest segment during the forecast period.

Based on equipment, the wind turbine protection market has been split into Nacelle, Blades, Tower and others. The Nacelle segment in the wind turbine protection market is anticipated to be the second largest because the nacelle, houses critical components like the generator and gearbox which demands robust protection against weather elements and thermal stress to maintain operational integrity. The nacelle is a vital component that protects the turbine machinery, enables safe maintenance, optimizes airflow, and withstands wind forces.

Onshore, by End user, is expected to grow as the largest segment during the forecast period.

Based on End user, the wind turbine protection market has been split into Onshore and Offshore. The Onshore segment in the wind turbine protection market is anticipated to be the largest because the onshore wind farms are generally less expensive compared to offshore projects. The onshore segment experienced rapid growth because of the cost advantages, technological advancements and better infrastructure.

Coatings, by protection type, are expected to grow as the largest segment during the forecast period.

This report segments the wind turbine protection market based on offering into Various protection types: Coatings, Tapes & Films. The coatings segment in the wind turbine protection market is anticipated to be the largest because the coatings include protection against corrosion, particularly in harsh offshore environments, and resistance to erosion caused by rain, sand, and dust, which is vital for maintaining the aerodynamic efficiency of the blades. The benefits of applying these coatings are extended the operational lifespan of wind turbines by preventing corrosion and wear, which in turn reduces the frequency and costs associated with maintenance.

Europe is expected to be the Second largest region in the wind turbine protection market

Europe is expected to be the Second largest region in the wind turbine protection market during the forecast period. The region's increasing focus on wind turbine protection is due to the presence of major wind turbine manufacturers, including Vestas, Siemens Gamesa, and Nordex. Europe is leading the global expansion of offshore wind, with countries like the UK, Germany, and the Netherlands investing heavily in offshore wind projects.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=101493518

Some of the major players in the wind turbine protection market are BASF SE (Germany), 3M (US), Akzo Nobel N.V. (Netherlands), Trelleborg AB (Sweden), Hempel A/S (Denmark). The major strategies adopted by these players include sales contracts, product launches, investments, collaborations, partnerships, and expansions.