Oil and Gas Pumps Market by Type (Submersible, Non-submersible), Pump Type (Centrifugal, Positive Displacement (Screw, Reciprocating, Progressive Cavity), Cryogenic), Application (Upstream, Midstream, Downstream) and Region - Global Forecast to 2028
[206 Pages Report] The global oil and gas pumps market is estimated to grow from USD 8.7 billion in 2023 to USD 10.9 billion by 2028; it is expected to record a CAGR of 4.7% during the forecast period. Continuous shale development activities, along with the rapid expansion of gas terminals, and increased global demand for oil is fueling the expansion of the oil and gas pumps market.
To know about the assumptions considered for the study, Request for Free Sample Report
To know about the assumptions considered for the study, download the pdf brochure
Oil and Gas Pumps Market Dynamics
Driver: Rapid expansion of gas terminals
The expansion of gas terminals is a strategic response to the increasing global demand for cleaner energy sources, with natural gas emerging as a prominent component of the energy transition. Gas terminals serve as key nodes in the transportation network, facilitating the liquefaction, regasification, and storage of natural gas. The intricate processes involved in these terminals necessitate advanced pumping systems to ensure the smooth and secure flow of gas throughout the supply chain. Oil and gas pumps, powered by cutting-edge technologies, become indispensable in optimizing the performance of these terminals, from the unloading of liquefied natural gas (LNG) from carriers to the distribution of regasified gas to end users. As the demand for natural gas continues to grow, driven by environmental considerations and the shift toward cleaner energy alternatives, the need for reliable and efficient pumping solutions becomes increasingly pronounced. Industry stakeholders are, therefore, compelled to invest in research and development initiatives to enhance the technological capabilities of oil and gas pumps, ensuring they meet the specific requirements of gas terminal operations. Thus, with the increasing demand for natural gas, the networks for gas transportation are expanding at a rapid rate.
In a liquefied natural gas production process, gas from the field is sent to the liquefaction facility, and it undergoes several steps to become liquefied. Pumps are used in this process to calculate amine and facilitate reflux for scrub columns and fractionation towers. The commercial transportation of natural gas and CO2 is currently available. However, an efficient gas transport network requires large compressors and pumping stations to handle high-pressure volumes. The materials used to manufacture these pumps must withstand high pressures and be corrosion-resistant. In May 2020, Polskie LNG signed a contract for the extension of an existing liquefied natural gas regasification installation. This extension included an additional submerged combustion vaporizer (SCV) regasifier, which was designed and assembled along with cryogenic pumps. This investment was aimed at extending the functionality and technical capabilities of the terminal in Swinoujscie with the addition of two SCV devices, enabling regasification capacity of 7.5 billion m3/year of natural gas per year to be installed.
Further, the United States is expected to add 30 new gas terminals in the next decade to meet rising demand for natural gas. Floating LNG terminals (FLNG terminals) are becoming increasingly popular as they are more flexible and cost-effective to build than traditional land-based terminals. FLNG terminals can be located closer to offshore gas fields, which reduces the cost of transporting natural gas to market. These new terminals will create jobs, boost the economy, and help meet the growing demand for energy. All the upcoming plans to expand the gas transport networks are expected to support the growth of the pumps market in the oil & gas industry.
Restraint: Increasing focus on use of renewable energy
Governments and businesses globally are striving to diminish their dependence on fossil fuels and transition toward a sustainable future. Consequently, the anticipated decline in the demand for oil and gas products poses a challenge for the oil and gas pumps market. Over the past decade, the substantial growth of renewable energy in regions like Asia Pacific, Europe, and North America, propelled by decreasing power generation costs and heightened environmental concerns, has led to increased competition with traditional oil and gas sources. This shift is impacting the market share of oil and gas companies and complicating investment justifications for new pumps. Investing in new oil and gas pumps has become intricate for industry players, as stringent global environmental regulations raise operational costs, diminishing profitability. Simultaneously, the rising adoption of cost-effective and efficient renewable energy sources like solar, wind, and geothermal power is further challenging the oil and gas sector. The transition to renewable energy is contributing to a decrease in oil and gas prices, constraining companies from investing in new projects and expanding production capacities. This reduction in capital expenditures is directly influencing the oil and gas pumps market, potentially leading to decreased demand for pump systems.
Opportunities: Discovery of new oilfields
Companies within the oil and gas industry have directed their efforts towards exploration for new reserves, driven by the challenges posed by existing fields that may hinder cost-effective hydrocarbon production and lead to abandonment. Major industry players have achieved substantial discoveries in both onshore and offshore regions, with the BP Statistical Review of 2020 noting that around 1,733.9 billion barrels of proven oil reserves remained untapped by the end of 2019. This trend is anticipated to boost upstream activities, resulting in an increased demand for oil and gas pumps. Recent noteworthy discoveries by upstream operators include Talos Energy's oil strike at the Zama field offshore Mexico, ExxonMobil's significant oil and gas discoveries in Guyana, Gazprom's vast natural gas discovery in the Russian Arctic, and various findings by companies like Wintershall Dea, PTTEP, Shell, Equinor, and BP. These discoveries signify promising long-term growth prospects for entities operating in the oil and gas pumps market..
Challenges: High competition and volatile crude oil prices
Within the oil and gas pumps market, numerous competitors demonstrate comparable financial and technological capabilities, along with a similar global reach, enabling them to provide products and services across various continents. This heightened competition has compelled companies to employ assertive strategies, including alliances and acquisitions, in a bid to secure market share. Consequently, manufacturers experience thin profit margins, typically ranging from 5% to 10%, with a substantial portion of their revenue derived from after-sales services. Moreover, the industry contends with the challenge of low capital expenditure (CAPEX) by most oil and gas operators due to the volatility in crude oil prices. This dynamic further adds complexity for pump manufacturers in the oil and gas sector.
Oil and Gas Pumps Market Ecosystem
In this market, prominent companies stand out as well-established and financially stable providers of oil and gas pumps products and services. With years of experience, these companies boast a diverse product portfolio, cutting-edge technologies, and robust global sales and marketing networks. Their proven track record in the industry positions them as reliable and trusted partners for customers seeking oil and gas pumps solutions. These companies have demonstrated their ability to adapt to market dynamics and consistently deliver high-quality products and services, making them leaders in meeting the demands of the oil and gas sector. Prominent companies in this market include as Atlas Copco AB (Sweden); Flowserve Corporation (US); Sulzer Ltd (Switzerland); KSB SE & Co. KGaA (Germany); Nikkiso Co., Ltd. (Japan).
The positive displacement pumps segment, by pump type industry, is expected to be the second fastest growing market during the forecast period.
This report segments the oil and gas pumps market based on pump type into different types: centrifugal pumps, positive displacement pumps, and cryogenic pumps. Positive displacement pumps are further classified into screw pumps, reciprocating pumps, rotary and gear pumps, and progressing cavity pumps. The market for reciprocating pumps is further divided into diaphragm pumps, multi-plunger pumps, and piston pumps. Each type of pump serves specific purposes within the oil & gas industry, and their selection depends on the nature of the fluid to be handled, pressure requirements, and operational conditions, among several other factors.
By application, downstream is expected to be second-fastest growing market during the forecast period.
This report segments the oil and gas pumps market based on application into three segments: upstream, midstream, and downstream. Downstream oil and gas pumps find applications into primary processing systems, secondary processing systems, and storage and transfer systems. The downstream process refers to the oil and gas operations that occur after crude oil has been transported through the midstream process but before the final product is sold. This process involves refining by-products such as gasoline, natural gas liquids, and diesel, which are carried out by refining companies. Hence, refining, marketing, distribution, and selling of end products of oil are covered by the companies involved in the downstream process.
“Asia Pacific: The fastest growing in the oil and gas pumps market.”
Asia Pacific is expected to be the fastest growing region in the oil and gas pumps market between 2023–2028, followed by North America and Middle East & Africa. The regional market is further segmented into China, Japan, India, South Korea, Australia, and Rest of Asia Pacific. The region has less than 9.0% of the world’s proven reserves, implying a high rate of redevelopment and rehabilitation of oilfields. Oil demand is predicted to rise in the next years because of the increasing population and industrialization, as well as rapid technological advancements enabling deepwater and ultra-deepwater drilling. With rising energy consumption and infrastructural development in the region, Asia Pacific is predicted to be the fastest-growing market for oil and gas pumps.
Key Market Players
The oil and gas pumps market is dominated by a few major players that have a wide regional presence. The major players in the oil and gas pumps market include as Atlas Copco AB (Sweden); Flowserve Corporation (US); Sulzer Ltd (Switzerland); KSB SE & Co. KGaA (Germany); Nikkiso Co., Ltd. (Japan).. Between 2018 and 2023, Strategies such as contracts, agreements, acquisitions, and expansions are followed by these companies to capture a larger share of the oil and gas pumps market.
Get online access to the report on the World's First Market Intelligence Cloud
- Easy to Download Historical Data & Forecast Numbers
- Company Analysis Dashboard for high growth potential opportunities
- Research Analyst Access for customization & queries
- Competitor Analysis with Interactive dashboard
- Latest News, Updates & Trend analysis
Request Sample Scope of the Report
Get online access to the report on the World's First Market Intelligence Cloud
- Easy to Download Historical Data & Forecast Numbers
- Company Analysis Dashboard for high growth potential opportunities
- Research Analyst Access for customization & queries
- Competitor Analysis with Interactive dashboard
- Latest News, Updates & Trend analysis
Report Metric |
Details |
Market size available for years |
2021–2028 |
Base year considered |
2022 |
Forecast period |
2023–2028 |
Forecast units |
Value (USD Million/Billion) |
Segments Covered |
Oil and Gas Pumps Market by Type, Pump Type, Application, and Region. |
Geographies covered |
Asia Pacific, North America, Europe, South America, and Middle East & Africa. |
Companies covered |
Atlas Copco AB (Sweden); Flowserve Corporation (US); Sulzer Ltd (Switzerland); KSB SE & Co. KGaA (Germany); Nikkiso Co., Ltd. (Japan), HYDROMASHSERVICE (Russai), Gardner Denver (US), Xylem (US), SEEPEX GmbH (Germany), Leistritz Pumpen GmbH (Germany), ITT Goulds Pumps (US), WILO SE (Germany), SCHMITT Kreiselpumpen (Germany), TSURUMI MANUFACTURING CO., LTD (Japan), EBARA CORPORATION (Japan), TRILLIUM FLOW TECHNOLOGIES (Scotland), Halliburton (US), Baker Hughes Company (US), Gorman-Rupp Pumps (US), EBARA CORPORATION (Japan) |
This research report categorizes the oil and gas pumps market based on type, pump type, application, and region.
On the basis of type, the oil and gas pumps market has been segmented as follows:
- Submersible Pumps
- Non-submersible Pumps
On the basis of pump type, the market has been segmented as follows:
- Centrifugal Pumps
- Positive Displacement Pumps
- Cryogenic Pumps
On the basis of application, the market has been segmented as follows:
- Upstream
- Midstream
- Downstream
On the basis of region, the market has been segmented as follows:
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
Recent Developments
- In May 2023, KSB SE & Co. KGaA added 19 sizes to its MegaCPK type series. The new seal chamber design allows the installation of gland packings, all common mechanical seals compliant with EN 12756, as well as a large number of cartridge-type mechanical seals. This expansion will ensure a high degree of reliability and improves the availability of an entire system.
- In August 2022, Atlas Copco acquired LEWA GmbH, a German manufacturer of diaphragm metering pumps, process pumps, and complete metering systems, including its subsidiaries, and Geveke B.V., an expert in pump systems, compressors, and associated services, including its subsidiaries, to strengthen its industrial pumps business.
- In April 2022, Atlas Copco acquired Pumpenfabrik Wangen GmbHGerman, a manufacturer of progressive cavity pumps, especially for transferring fluids in the biogas and wastewater sectors, and twin-screw pumps for food & beverages and cosmetics industries. This acquisition is likely to help Atlas Copco create a solid foundation for further growth in new industrial pump segments.
Frequently Asked Questions (FAQ):
What is the current size of the oil and gas pumps market?
The current market size of the oil and gas pumps market is USD 8.2 billion in 2022.
What are the major drivers for the oil and gas pumps market?
Continuous shale development activities, along with the rapid expansion of gas terminals, and increased global demand for oil will be major drivers for the oil and gas pumps market.
Which is the largest region during the forecasted period in the oil and gas pumps market?
North America is expected to dominate the oil and gas pumps market between 2023–2028, followed by Asia Pacific and Middle East and Africa.
Which is the largest segment, by pump type, during the forecasted period in the oil and gas pumps market?
The centrifugal pumps segment is expected to be the largest market during the forecast period.
Which is the fastest segment, by application, during the forecasted period in the oil and gas pumps market?
Midstream is expected to be the fastest market during the forecast period.
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
The study involved major activities in estimating the current size of the Oil and gas pumps market. Exhaustive secondary research was done to collect information on the peer and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the total market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of the segments and subsegments.
Secondary Research
This research study on the oil and gas pumps market involved the use of extensive secondary sources, directories, and databases, such as Hoover’s, Bloomberg, Factiva, IRENA, International Energy Agency, and Statista Industry Journal, to collect and identify information useful for a technical, market-oriented, and commercial study of the oil and gas pumps market. The other secondary sources included annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, manufacturer associations, trade directories, and databases.
Primary Research
The oil and gas pumps market comprises several stakeholders, such as oil & gas pumps manufacturers, technology providers, and technical support providers in the supply chain. The demand side of this market is characterized by the rising demand for oil & gas pumps in various applications such as upstream, midstream, and downstream. The supply side is characterized by rising demand for contracts from the industrial sector and mergers & acquisitions among big players. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. Following is the breakdown of primary respondents:
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
Both top-down and bottom-up approaches were used to estimate and validate the total size of the oil and gas pumps market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
- The key players in the industry and market have been identified through extensive secondary research, and their market share has been determined through primary and secondary research.
- The industry’s value chain and market size, in terms of value, have been determined through both primary and secondary research processes.
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
Oil and Gas Pumps Market Size: Top-Down Approach
To know about the assumptions considered for the study, Request for Free Sample Report
Oil and Gas Pumps Market Size: Bottom-Up Approach
Data Triangulation
After arriving at the overall market size from the above estimation process, the total market has been split into several segments and subsegments. Data triangulation and market breakdown processes have been employed to complete the overall market engineering process and arrive at the exact statistics for all the segments and sub-segments, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand- and supply sides. Along with this, the market has been validated using both the top-down and bottom-up approaches.
Market Definition
Pumps play a crucial role within the oil and gas sector, facilitating fluid transportation across upstream drilling sites, crude oil pipelines, and LNG export terminals. Traditionally powered by fixed-speed electric motors, they've now largely transitioned to variable-speed electric motors. These motors, linked with pumps, mitigate equipment failure risks by minimizing both electrical and mechanical strains, thereby reducing operational downtimes.
Key Stakeholders
- Energy Regulators
- Consulting companies in the energy and power sector
- Distributors of oil & gas pumps solutions
- Governments and research organizations
- Power equipment and garden tool manufacturers
- Oil & gas pumps providers
- Spare parts and component suppliers
Objectives of the Study
- To define, describe, and forecast the oil and gas pumps market based on type, pump type, application and region in terms of value
- To define, describe, and forecast the market across five key regions, namely, North America, Europe, Asia Pacific, Middle East & Africa, and South America, along with the country-level market analyses in terms of value
- To provide detailed information about industry-specific key drivers, restraints, opportunities, and challenges influencing the growth of the oil and gas pumps market
- To strategically analyze the oil and gas pumps market with respect to individual growth trends, prospects, and contributions of each segment to the market
- To provide information pertaining to the supply chain, trends/disruptions impacting customers’ businesses, market mapping, pricing of oil & gas pumps, and regulatory landscape pertaining to the oil and gas pumps market
- To strategically analyze the micromarkets1 with respect to individual growth trends, upcoming expansions, and their contributions to the overall market
- To analyze opportunities for stakeholders in the oil and gas pumps market and draw a competitive landscape for market players
- To benchmark players within the market using the company evaluation matrix, which analyzes market players on various parameters within the broad categories of business and product strategies
- To compare key market players with respect to the market share, product specifications, and applications
- To strategically profile key players and comprehensively analyze their market ranking and core competencies2
- To track and analyze competitive developments in the oil and gas pumps market, such as expansions, product launches, partnerships, and acquisitions.
Available Customizations:
With the given market data, MarketsandMarkets offers customizations according to the specific requirements of companies. The following customization options are available for the report:
Product Analysis
- Product Matrix, which provides a detailed comparison of the product portfolio of each company
Company Information
- Detailed analyses and profiling of additional market players
Growth opportunities and latent adjacency in Oil and Gas Pumps Market