With diverse product portfolio, tier 1 players account for nearly 40% share of the oil & gas pumps market. Expansion with new product launches, industry and supply chain partnerships, and strategic acquisitions are among the key strategies of market players. Major players in the oil & gas pumps market are also integrating sensors and monitoring software to provide advance monitoring system. Xylem, GRUNDFOS, Weir Group, Flowserve Corporation, KSB SE & Co. KGaA, and Sulzer Ltd. are some of the leading companies in the Oil & Gas Pumps Market.
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Rise in Global Oil & Gas Demand: A Key Driver
According to International Energy Agency’s (IEA’s) Oil Market Report, oil demand is projected to increase to 99.3 million b/d in 2018. Growing oil supply from Saudi Arabia, Russia, and the US is likely to create sustained opportunities for oil & gas pumps market players.
Oil is projected to remain the fuel with the major share in the energy mix. The demand for OPEC crude is projected to increase to nearly 40 million b/d by 2040, as per the Organization of the Petroleum Exporting Countries (OPEC). Moreover, refinery additions are expected in the Asia Pacific, the Middle East, Africa, and Latin America in the coming years.
The demand for natural gas is likely to increase, especially from Asian markets. With strong policy support, China is likely to account for the major share in gas, with demand likely to grow by 60% during 2017-2023, as per the IEA analysis. Moreover, with increasing gas production in the US, most of the supplies will be geared to export market through pipelines or as LNG. This is likely to result in significant demand for oil & gas pumps worldwide.
Investment in Innovation Growing
The process of innovation in the oil & gas industry is being driven by the oil & gas pumps integrated with new technology. Manufacturers in the oil & gas pumps market are focusing on developing Industrial Internet of Things (IIoT) integrated smart oil & gas pumps including data collection device, sensors, and analysis/monitoring software.
Failure of pumps, compressors, and other equipment is significantly impacting safety, field operations, and revenues in the oil & gas industry worldwide. Hence, the demand for smart pumping technology is growing in the oil & gas industry to ensure pumps are operating effectively and efficiently.
The shift from conventional oil & gas production to multi-phase pumping is also on a rise. The multi-phase pumping eliminates the need to separate oil, gas, or water, thereby directly transporting the production from field to the central processing unit. Multi-phase oil & gas pumps available in both low-pressure and high-pressure designs are witnessing growing demand from onshore, offshore, and subsea installations.
Manufacturers are integrating different types of sensors including temperature sensors, chemical sensors, pressure sensors, magnetic sensors, and gas sensors in the oil & gas pumps to provide advanced monitoring system.
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Centrifugal Pumps Witness Extensive Demand in Oil & Gas Industry
Centrifugal pumps are widely used across oil and gas industry worldwide. The demand for electric submersible pumps is growing especially as the water and oil separator. With the increasing demand for crude oil across various countries, centrifugal pumps are finding wide application in the crude oil transportation.
Oil & gas pump manufacturers are focusing on modifying the centrifugal pumps to improve performance and save significant amount of energy. Centrifugal pumps are also finding large application in Australia’s oil and gas industry. Gas is generally dehydrated before transporting it via high-pressure gas pipelines. Hence, this process involves the use of centrifugal pumps to recycle and separate glycol.
On account of increasing use of oil in fuels and other consumer goods, the demand for oil is likely to grow in the foreseeable future and this is expected to result in a dramatic increase in oil prices. This, in turn, is likely to increase demand for centrifugal pumps used widely in upstream activities.
The range of specialized centrifugal and high-speed centrifugal pumps are gaining popularity in LNG plants. The centrifugal pump design optimization with advanced technology to improve head and efficiency is also one of the key focus areas of manufacturers in the oil & gas pumps market.
The report on the oil & gas pumps market offers detailed profiles of all the key companies operating in the oil & gas pumps market. The study also includes a dashboard view of the players in the oil & gas pumps market. The report also provides information on the key strategies by the leading players, along with the SWOT analysis of each player in the oil & gas pumps market. Global expansion is one of the main focus areas of the companies in the oil & gas pumps market, this has led to the rise in partnerships and mergers and acquisitions activities.
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Global Oil & Gas Pumps Market: Expansion Strategies Set to Generate Substantial Revenue in the Near
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