Oil & Gas Pump Market to experience a healthy CAGR of 4.4%
February 19, 2020
Oil & Gas Pump Market Overview:
Oil & gas pumps market is likely to witness an impressive CAGR of 4.4% during the forecast period. Increasing unconventional resources in North America, South America, and the Asia-Pacific region along with the development of gas terminals are the major factors driving the growth of the market.
Report Overview:
This report. from Stratview Research, studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Salient Features of the Report
The Research Report offers an in-depth view of the market, its health and growth, the factors shaping the industry, the competitive dynamics and a glimpse of the future.
The following are the key features of the report:
- Strategic segmentation
- Market analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Detailed Competitive Rivalry landscaping
- Market trend and forecast analysis
- Future Growth Boulevards
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Oil & Gas Pump Market Segment Insights:
Centrifugal Pump: The growth engine
Based on the type, the market is segmented as centrifugal pump, positive displacement pump, and cryogenic pump. The centrifugal pump segment is estimated to lead the market during the forecast period. Centrifugal pumps are preferred for the processes that handle low viscosity fluids and high flow rates. They are employed in a wide array of applications, such as electric submersible pumps which are used as a water and oil separator. Further, by using submersible pumps the water separated from oil can be reinjected into a reservoir without lifting it to the ground surface.
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Dominance of: The Midstream Segment
Based on the application type, the market is segmented as upstream, midstream, and downstream. The midstream segment is expected to dominate the market during the forecast period. Growth of unconventional resources has led to the need for expanded midstream network of pipelines, rails, tankers, and terminals for ease in transportation, which is the major factor behind the dominance of the midstream segment.
A highly/moderately/fragment consolidated Market
Some of the major players in the oil & gas pumps market is Alfa Laval AB, The Flowserve Corporation, Gardner Denver Holdings, Inc., GE Oil & Gas, Grundfos, KSB Aktiengesellschaft, Sulzer Ltd., and Schmitt Centrifugal Pumps GmbH & Co. KG.
Regional Hegemony of North America
North America is estimated to be the largest market for oil & gas pumps during the forecast period. The market is driven by the increasing use of alternative resources in the region. Growth in unconventional resources mainly in the US and Canada along with the growing demand from onshore & offshore fields in the Gulf of Mexico are the major factors behind the dominance of North America in the oil & gas pumps market. Europe and Asia-Pacific are also expected to offer substantial growth opportunities to the industry players owing to the rising energy requirement in both the regions.
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