LONDON--(BUSINESS WIRE)--Technavio has announced the top five leading vendors in their recent global pumps market for the oil and gas industry report until 2020. This research report also lists eight other prominent vendors that are expected to impact the market during the forecast period.
The oil industry is currently in need of improved and enhanced oil recovery processes. The global crude production increased significantly due to the emergence of innovations such as horizontal drilling, hydraulic fracturing, and seismic imaging. Companies in the oil and gas industry are emphasizing on increasing productivity from existing wells. This is creating new demand for pumps, which is driving market growth.
“Additionally, refining capacity additions, the opening of new avenues for natural gas markets, and expansion of crude oil pipelines are also pushing the global pumps market for the oil and gas industry. With the rectified crude oil prices expected to have sufficiently trickled down, the market is expected to witness significant growth in the second half of the forecast period. The upstream players are expected to bolster up their production volumes, thereby leading to the growth of this market space,” says Anju Ajaykumar, one of the lead analysts at Technavio for unit operations research.
Competitive vendor landscape
The uncertain scenario of the oil and gas industry is expected to lead to a tight price war among the larger players in the market. The decline in oil prices is leading to consolidation of various activities, and the industry is experiencing a shift to innovative operational procedures. The advent of the internet of things (IoT) will increase operational efficiency by nearly 45%, which will create an opportunity for vendors to widen application and scope.
Moreover, the market in APAC is providing vendors with many opportunities to add to their refinery capacities projected during the forecast period. Pump manufacturers are looking to tap this potential through sustained focus on innovation, by increasing adoption of remote monitoring and proactive maintenance.
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Top five vendors in the global pumps market for the oil and gas industry
Flowserve designs, develops, and manufactures a broad range of flow control systems. The company offers products such as valves, pumps, and seals for various industries, including chemical, power generation, oil and gas, water management, and general industrial markets. It operates through engineering products, industrial products, and flow control segments.
Flowserve has established its presence in the global pump market with its range of offerings such as highly-engineered pumps and pump systems, pre-configured engineered pumps and pump systems.
ITT designs, develops, and manufactures a diverse range of engineered products and related services. Its products and services find application in diverse sectors such as oil and gas, mining, power generation, chemical, pulp and paper, and general industrial markets.
The company's full suite of offerings for the oil and gas industry include pumps, industrial valves, reverse osmosis watermakers, pressure sets and UV systems, switches and regulators, advanced monitoring and control systems, regulators and transducers, control valves and actuators. The company's products and solutions find various oil and gas industrial applications such as offshore, synfuels, pipelines and terminals, and refining.
KSB designs, develops, and produces a variety of pumps, valves, and related systems. The company's products find application in various areas such as water treatment, water transport, mining, energy conversion, building services, automation, process engineering, and transportation.
Through the pumps division, the company offers a broad range of products such as submersible pumps, single and multistage pumps, and automation and drive systems. Its single stage pumps include standardized pumps, process pumps, circulator pumps, service water pumps and slurry pumps. The segment’s multistage pumps include boiler feed pumps, booster pumps, pressure booster pumps, boiler circulating pumps, high-pressure pumps for reverse osmosis applications and water transport pumps.
Sulzer is an industrial engineering and manufacturing company. The company specializes in pumping solutions, rotating equipment maintenance and services and separation, reaction, and mixing technology. Sulzer serves various key industries, including power, oil and gas, and water industries.
Sulzer is one of the leading producers of pumps. The company established its presence in global pump market with its wide range of offerings. It also engages in research and innovation to create technological solutions and services.
Grundfos develops, manufactures, and sells pumps worldwide. The company offers its products to various industries, including automotive, beverage, biofuel, commercial buildings, district energy, drinking water treatment, and family homes. Their customers also include food, industrial boilers, industrial utilities, irrigation and agriculture, marine, metal, and equipment manufacturers.
Grundfos offers a broad range of pumps that are made entirely of corrosion-resistant stainless steel and are used for various applications. These pumps provide low long-term costs and high operating reliability regardless of the application. Also, these offer high efficiency and high resistance to sand and other abrasives.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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