DUBLIN--(BUSINESS WIRE)--The "Global Oil & Gas Pump Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.

The global oil & gas pumps market is evaluated at US$5.839 billion for the year 2020 growing at a CAGR of 6.84% reaching the market size of US$8.684 billion by the year 2026.

An Oil & gas pump is an essential part of a refinery. These types of pumps are required for the transfer of oil and other liquids from one location to another. The pump helps the liquid to accelerate while transferring between different locations. The market for oil & gas pumps have witnessed a significant rise with the rapid urbanization of the sector which has led to an increase in the applications for which the pumps can be used on the field. For instance, a type of pump can be used to transfer crude oil to a pipeline from a storage site.

Thus different types of pumps are used for various applications in a refinery which can vary from exploration, delivery and recirculation as well as further transport for loading/unloading of tanks, tanker trucks and ships in order to make the usual operations more efficient and smooth. The market is also fuelled by the development of refineries and other exploration activities across several countries. The demand of oil has witnessed a significant increase over the years which has led to the development of refineries in many areas.

The market for oil & gas pumps is driven by the increase in the utilization of unconventional sources of energy like shale gas and liquids, tight gas & oil and coal bed methane. The rise in the demand of these unconventional sources has consequently increased the demand of pumps with specific design and specifications. Furthermore, with a significant increase in environmental concerns globally, the demand for natural gas has also witnessed a substantial rise over the years which has further led to the development of plants and refineries for the production natural gas to cope with the demand. According to a report by the International Energy Agency (IEA), the global production of the natural gas reached the highest production done ever in the year 2019 with 4 088 Bcm produced which is +3.33% as compared to that in the year 2018. According to the report, the production of the natural gas has witnessed a steady increase since the financial crisis at compounded annual growth rate of 2.7%.

The advent of COVID-19 had an adverse impact on the global Oil & gas pumps market since the pandemic brought the activities in refinery industry to a standstill globally which restricted the project construction, exploration and production activities. After the initial lockdown period, some of the activities were allowed but with restrictions and certain protocols that were required to be followed like the refinery will be operated with lesser capacity which will require less labour to come in contact and social distancing was required to be maintained in the premises as well.

Moreover, the sales in the industry dipped during the initial months of the year owing to the lockdown which led to the shutting down of the sellers for a certain period initially. Countries across the globe which are one of the biggest consumers of oil, gas and petroleum related products were under lockdown in the year which led to a decline in the prices of oil globally. Due to an adverse impact on the industry, several countries across the globe witnessed an oil price war. For instance, Russia and Saudi Arabia went into an oil price war when Russia denied on cutting down production in order to keep the prices moderate. With the industries recovering after the pandemic gradually, the oil & gas business is expected to operate in the full capacity starting from the third and fourth quarters of 2020.

Companies Mentioned

• Xylem Inc.
• Flowserve Corporation
• Weir Group PLC
• Sulzer AG
• Alfa Laval AB
• Grundfos Holding A/S
• KSB SE & Co. KGaA
• ITT Inc.
• Gardner Denver Holdings Inc
• Baker Hughes Co

Key Topics Covered:

1. Introduction

2. Research Methodology

3. Executive Summary

4. Market Dynamics

4.1. Market Drivers

4.2. Market Restraints

4.3. Porters Five Forces Analysis

4.4. Industry Value Chain Analysis

5. Oil & Gas Pumps Market Analysis, by Type

5.1. Introduction

5.2. Submersible

5.3. Non-submersible

6. Oil & Gas Pumps Market Analysis, by Pump Type

6.1. Introduction

6.2. Centrifugal

6.3. Positive Displacement

6.4. Others

7. Oil & Gas Pumps Market Analysis, by Application

7.1. Introduction

7.2. Upstream

7.3. Midstream

7.4. Downstream

8. Oil & Gas Pumps Market Analysis, by Geography

8.1. Introduction

8.2. North America

8.3. South America

8.4. Europe

8.5. Middle East and Africa

8.6. Asia Pacific

9. Competitive Environment and Analysis

9.1. Major Players and Strategy Analysis

9.2. Emerging Players and Market Lucrativeness

9.3. Mergers, Acquisitions, Agreements, and Collaborations

9.4. Vendor Competitiveness Matrix

10. Company Profiles

For more information about this report visit https://www.researchandmarkets.com/r/g8tp8z

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