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A service for energy industry professionals · Thursday, December 5, 2024 · 766,448,632 Articles · 3+ Million Readers

Oil And Gas Pumps Global Market 2024 To Reach $18.3 Billion By 2028 At Rate Of 8.0%

Oil And Gas Pumps Market

Oil And Gas Pumps Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033

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The oil and gas pumps market size is expected to see strong growth in the next few years. It will grow to $18.3 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. ”
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The oil and gas pumps market has experienced substantial growth in recent years, increasing from $12.55 billion in 2023 to an estimated $13.45 billion in 2024, with a compound annual growth rate (CAGR) of 7.2%. This growth during the historic period is driven by factors such as rising global demand for oil and gas products, expansion in upstream exploration and production activities, growth in the refining and petrochemical industries, the need for improved efficiency and reliability in pumping systems, and a focus on offshore oil and gas development.

How Big Is the Global Oil And Gas Pumps Market Expected to Grow, and What Is Its Annual Growth Rate?
The oil and gas pumps market is projected to experience strong growth, reaching $18.3 billion by 2028 with a compound annual growth rate (CAGR) of 8.0%. This growth is driven by the integration of IoT and automation into pumping systems, increasing demand for eco-friendly and low-emission pumping solutions, advancements in high-pressure and high-temperature pumping technologies, the expansion of natural gas processing and LNG facilities, and a growing focus on pumping solutions for carbon capture and storage (CCS). Key trends influencing the market include the adoption of digital twin technology and predictive maintenance, the development of high-pressure and high-temperature pumps, subsea pumping innovations, progressing cavity pumps for heavy crude oil, hydraulic fracturing equipment, and pumping solutions designed for enhanced oil recovery (EOR).

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What Is Driving the Growth of the Oil And Gas Pumps Market?
The growth of the oil and gas pumps market has been supported by the development of oil and gas pipeline infrastructure. These pipelines are used to transport crude oil or natural gas liquids, with pumps or compressors playing a crucial role in moving the oil or gas through the pipeline at a safe speed. As reported by the India Brand Equity Foundation, the Indian government plans to invest $9.9 billion in expanding the gas pipeline network nationwide.

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Which Leading Companies Are Driving The Growth Of The Oil And Gas Pumps Market Share?
Major companies operating in the oil and gas pumps market include KSB SE & Co. KGaA, Flowserve Corporation, Sulzer Ltd., Xylem Inc., Alfa Laval AB, Sigmund Pulsometer Pumps, ITT Inc., Kirloskar Brother Ltd., Hydromashservice, Nikkiso Co Ltd.
What Are The Key Trends Driving The Growth Of The Oil And Gas Pumps Market Size?
Leading companies in the oil and gas pump market are focusing on investments in pump testing facilities to strengthen their competitive position. This involves the strategic allocation of resources and funding to create, improve, or upgrade specialized facilities dedicated to testing pumps and associated equipment.

How Is the Global Oil And Gas Pumps Market Segmented?
The oil and gas pumps market covered in this report is segmented –
1) By Type: Centrifugal, Positive Displacement, Cryogenic
2) By Capacity: Small (up to 500 gpm), Medium (500-1000 gpm), High (more than 1000 gpm)
3) By Application: Upstream, Midstream, Downstream

Asia-Pacific: The Leading Region in the Oil And Gas Pumps Market
Asia-Pacific was the largest region in the oil and gas pumps market in 2023. This region is also expected to be the fastest growing region in the forecast period. The regions covered in the oil and gas pumps global market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
What Is the Oil And Gas Pumps Market?
Oil and gas pumps are machines that function as internal combustion engines, transferring process fluids from one location to another by circulating engine oil under pressure to the engine's rotating bearings, sliding pistons, and camshaft. These pumps are commonly used in the oil and gas industry to move oil, grease, gas, and other fluids.

The Oil And Gas Pumps Global Market Report 2024 from The Business Research Company includes the following key information:
• Market size data for both historical and future periods
• Analysis of both macro and microeconomic factors that have impacted the market over the past five years
• Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
• Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.

Overview of the Global Oil And Gas Pumps Market Report: Trends, Opportunities, Strategies, and More
The Oil And Gas Pumps Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into oil and gas pumps market size, oil and gas pumps market drivers and trends, oil and gas pumps global market major players, oil and gas pumps competitors' revenues, oil and gas pumps global market positioning, and oil and gas pumps market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.

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Oliver Guirdham
The Business Research Company
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