Major players in the oil and gas pumps market are KSB SE, Flowserve, Sulzer, Xylem, Gardner Denver, Alfa Laval, SPP Pumps, ITT Oil & Gas, Kirloskar Brother Limited, HMS Group, Nikkiso, Trillium Flow Technologies, EBARA Corporation, Gemmecotti, PCM SA, Ruhrpumpen Global, EDUR-Pumpenfabrik Eduard Redlien, Wastecorp pumps, NETZSCH Pumps & Systems, Framo, SKF, Lewa, DXP, National Pump & Energy, and Enpro Subsea.
New York, Sept. 29, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Oil And Gas Pumps Global Market Report 2020-30: COVID-19 Growth And Change" - https://www.reportlinker.com/p06151699/?utm_source=GNW
The global oil and gas pumps market is expected to grow from $9.69 billion in 2020 to $11.23 billion in 2021 at a compound annual growth rate (CAGR) of 15.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $13.29 billion in 2025 at a CAGR of 4.3%.
The oil and gas pumps market consists of sales of oil and gas pumps and related services by entities (organizations, sole traders, and partnerships) that manufacture oil and gas pumps. Oil and gas pumps are used in the oil & gas industry to transfer oil, grease, gas, and other fluids.
The main types of oil and gas pumps are centrifugal, positive displacement and cryogenic.A centrifugal pump converts driver energy to kinetic energy in a liquid by accelerating the fluid to the outer rim of an impeller.
The pumps have a capacity of up to 500 gpm (small), 500-1000 gpm (medium) and more than 1000 gpm (high) and are used in upstream, midstream and downstream applications.
Asia Pacific was the largest region in the oil and gas pumps market in 2020.This region is also expected to be the fastest growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Internet of Things (IoT) in oil and gas refineries is an emerging trend in the oil and gas pumps market.IoT is used to monitor pipe thickness, flow rate, pipe pressure, and more.
IoT enables to have connected machines in the oil and gas industry so that oil and gas companies can predict equipment failure and reduce overall downtime.For example, a single pump failure can cost hundreds of thousands of dollars in lost productivity, so if the condition of pumps is known in real-time, replacements can be ready for those deemed susceptible to failure.
Therefore, IoT plays an important role in the oil and gas pumps market.
In February 2021, Caterpillar, a USA company that designs, manufacture, and sells machinery, acquired Weir oil & gas subsidiary of Weir group for a deal amount of $405 million.The acquisition of Weir oil & gas will help Caterpillar to build its oil and gas pumps business line and the organization will be running the operation as SPM oil & gas business.
The transaction includes more than 40 global service centers and around 2000 employees.
The development of oil and gas pipeline infrastructure contributed to the growth of the oil and gas pumps market.Oil and gas pipelines are used for transporting crude oil or natural gas liquids.
Pumps or compressors are used for moving the oil or gas through the pipeline at a safe speed. According to India Brand Equity Foundation, the government of India is planning to invest $9.9 billion in expanding the gas pipeline network across the country. According to Invest India, about 12,672 km of gas pipelines are under development. Therefore, the development of oil and gas pipeline infrastructure is expected to drive the market for oil and gas pumps during the forecast period.
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.
Read the full report: https://www.reportlinker.com/p06151699/?utm_source=GNW
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