ILLINOIS, Chicago, September 17, 2018 /PRNewswire/ --
According to a new market research report "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", published by MarketsandMarkets™, the global pumps market in oil & gas 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.
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.
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.
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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