The new pumps market research for oil and gas industry from Technavio indicates Neutral growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Pumps Market for Oil and Gas Industry 2020-2024 (Graphic: Business Wire)
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"One of the primary growth drivers for this market is the Growing Need for Energy-efficient Pumps," says a senior analyst for Industrials at Technavio.
The considerably increasing need for energy-efficient pumps is one of the key factors driving pumps market growth for oil and gas industry. With the aging infrastructure and increased focus on reducing operating expenditure (OPEX) by improving production efficiency, there has been a significant rise in the requirement of energy-efficient pumps. Additionally, technological advances in PD pumps have made them a viable choice for consumers in the oil and gas industry as they can replace several small pumps due to their variable frequency drive. Such advantages of pumps are encouraging vendors to develop energy-efficient pumps to improve overall operational efficiency. Furthermore, regulatory authorities across the globe are encouraging the adoption of energy-efficient equipment, including pumps. For instance, the US Department of Energy funded USD 25 million for the development of energy-efficient motor technology. Such initiatives by the governments across the globe will further contribute significantly to the growth of pumps market for oil and gas industry during the forecast period.
As the markets recover Technavio expects the pumps market size for oil and gas industry to grow by USD 2.23 billion during the period 2020-2024.
Pumps Market for Oil and Gas Industry Segment Highlights for 2020
The pumps market for oil and gas industry is expected to post a year-over-year growth rate of 3.33%.
Centrifugal pumps are preferred for handling large volumes of fluids because of their higher flow rate as compared to PD pumps.
Centrifugal pumps can regulate their flow rate with changes in oil and gas piping systems. The resurging investments in shale resources in the US, which is a key oil and gas market, is expected to fuel the growth of the pumps market in this segment.
However, market growth in this segment will be slower than the growth of the market in the PD segment.
40% of the growth will originate from the North America region.
The significant investments in upstream oil and gas activities will significantly influence pumps market growth for oil and gas industry in this region.
The US and Mexico are the key markets for pumps in North America. Market growth in this region will be faster than the growth of the market in Europe and South America.
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The pumps market for oil and gas industry size is expected to accelerate at a CAGR of almost 4% during the forecast period.
The pumps market for oil and gas industry is segmented by Product (centrifugal and PD) and Geographic Landscape (APAC, Europe, MEA, North America, and South America).
The market is fragmented due to the presence of many established vendors holding significant market share.
The research report offers information on several market vendors, including Danfoss AS, Enerpac Tool Group Corp., Flowserve Corp., General Electric Co., Grundfos Holding AS, Ingersoll Rand Co., ITT Inc., Robert Bosch GmbH, Sulzer Management Ltd., and The Weir Group Plc
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