The oil and gas pumps market is likely to witness sluggish growth, with global demand surpassing 9,000,000 units by the end of 2018, according to a latest report by Fact.MR. Rising demand for oil and gas is resulting in the growing demand for equipment such as oil & gas pumps. End-users in oil and gas industries are demanding efficient oil & gas pumps to ensure smooth operation and meet stringent emission standards. The oil & gas pumps market is expected to witness sluggish growth, with the demand expected to reach 3.2% CAGR in terms of volume during 2018-2028, according to the Fact.MR report.
The key players in the global oil & gas pumps market report consist of
- TechnipFMC plc
- KSB SE & Co. KGaA
- SPX Flow, Inc.
- Gardner Denver, Inc.
Each market player encompassed in the oil & gas pumps market study is assessed according to its market share, production footprint, current launches, agreements, ongoing R&D projects, and business tactics. In addition, the oil & gas pumps market study scrutinizes the strengths, weaknesses, opportunities and threats (SWOT) analysis.
As per the report, the demand for submersible pumps is also likely to grow in the near future. Electric submersible pumps are being used on a large scale as water and oil separators. The centrifugal pumps are also expected to witness increasing demand for crude oil transportation. Manufacturers in oil & gas pumps market are focusing on pump modification to save significant amount of energy and improve performance.
Onshore Oil & Gas Pumps to Find Large Application in Projects across Countries
The Fact.MR study opines that the onshore oil & gas pumps are likely to witness a rapid growth in the coming years. Demand for onshore oil & gas pumps is expected to exceed 4,800,000 units in 2018. With rise in energy demand from various sectors and growth in the transportation industry, many countries, especially in Asia Pacific, are moving towards development of new oil & gas projects.
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India, China, and Indonesia are expected to significantly contribute to the growth of oil and gas industry in the region. With the signs of recovery in oil prices, many state-owned oil companies in the Asia Pacific region are spending on onshore oil and gas production to ensure energy security. Upgradation of existing onshore oil and gas facilities and development of new facilities is also accelerating in Southeast Asia. Moreover, in recent years, regulation in the UK has removed legal hurdles in the development of onshore petroleum resources. Moreover, in terms of gas transportation by the onshore gas producers in the UK, the government has removed requirement to hold a gas transporter license, and a class exemption has been introduced to cover all types of onshore gas production.