LONDON--(BUSINESS WIRE)--Technavio has been monitoring the global pumps market for oil and gas industry since 2016 and the market is poised to grow by USD 2.24 billion during 2019-2023, progressing at a CAGR of nearly 4% during the forecast period. Request Free Sample Pages
Read the 119-page research report with TOC on "Pumps Market for Oil and Gas Industry Analysis Report by Product (Centrifugal and PD pumps), by Geography (Americas, APAC, and EMEA), and Segment Forecasts, 2019 - 2023".
The growing need for energy-efficient pumps and development of 3D-printed impellers are factors anticipated to boost the growth of the market.
The demand for energy-efficient pumps is high in oil and gas industry because it reduces the operating expenses (OPEX) by improving the efficiency of production process. The major consumer of electricity in the oil and gas industry is pumps and motorized equipment. On an average, almost 70%-80% of operating cost of pumps is spent on electricity. This is driving regulatory authorities to necessitate the adoption of energy-efficient equipment. Applied research is being employed by vendors to improve the energy efficiency of electric motor technologies, including positive displacement (PD) pumps such as high-pressure plunger pumps. Thus, the growing need for energy-efficient pumps is expected to drive market growth during the forecast period.
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Major Five Pumps Market Companies for Oil and Gas Industry:
Flowserve is headquartered in the US and operates the business under various segments such as Engineered Product Division, Industrial Product Division, and Flow Control Division. The company offers overhung pumps, between bearing pumps, vertical pumps, PD pumps, and specialty products.
General Electric is headquartered in the US and offers products through the following business units: Power, Aviation, Lighting, Renewable Energy, Healthcare, Oil and Gas, Transportation, and Capital. The company offers DDHF pumps for heavy-duty refinery and petrochemical applications.
Grundfos is headquartered in Denmark and offers circulator pumps, SMART Digital dosing pumps, dosing pumps, submersible pumps, multi-stage pumps, and others. The company also provides CRFlex, a solar surface pump, and other centrifugal pumps.
Ingersoll-Rand is headquartered in Ireland and offers products through the following business segments: Climate and Industrial. The company offers pumps under the ARO brand. It also provides customized solutions such as MSG TURBO-AIR and MSG centrifugal compressed air systems.
ITT is headquartered in the US and offers products through the following business segments: Industrial process, Motion technologies, and Connect and Control Technologies. The company offers pumps under the brand names Goulds and Bornemann.
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Pumps Market for Oil and Gas Industry Product Outlook (Revenue, USD Million, 2019 - 2023)
- Centrifugal pumps
- PD pumps
Pumps Market for Oil and Gas Industry Regional Outlook (Revenue, USD Million, 2019 - 2023)
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