LONDON--(BUSINESS WIRE)--The global pumps market for oil and gas industry is poised to grow by USD 2.23 billion during 2020-2024, progressing at a CAGR of almost 4% during the forecast period. Request free sample pages
Read the 120-page report with TOC on "Pumps Market for Oil and Gas Industry Analysis Report by Product (centrifugal and PD), and Geographic segmentation (APAC, Europe, MEA, North America and South America), and the Segment Forecasts, 2020-2024".
The market is driven by the growing need for energy-efficient pumps. In addition, the development of 3D-printed impellers is anticipated to boost the growth of the pumps market for oil and gas industry.
Most oil and gas companies have a large installed base of different types of pumps. However, the aging of infrastructure has necessitated the need for new pumps. The focus on improving production efficiency to reduce operating expenses (OPEX) due to the volatile environment of the oil and gas industry has increased the need for energy-efficient pumps. Therefore, vendors that offer pumps for the oil and gas industry are focusing on developing energy-efficient pumps that can improve operational efficiency. The governments of several countries are also focusing on improving the energy efficiency of electric motor technologies through applied research and science. There have been several technological advances in PD pumps, which have improved energy efficiency. All these factors are increasing the need for energy-efficient pumps, which will drive the growth of the global pumps market for the oil and gas industry during the forecast period.
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Major Five Pumps Companies for Oil and Gas Industry:
Danfoss AS operates its business under various segments such as Danfoss power solutions, Danfoss cooling, Danfoss drives, and Danfoss heating. The company offers engineered hydraulic, electric and electronic components optimized for total machine management such as hydrostatic pumps and motors, electronic components and software, orbital motors, steering solutions, hydraulic and electro-hydraulic proportional valves, and electric motors, converters and storage.
Enerpac Tool Group Corp.
Enerpac Tool Group Corp. operates its business under two segments, which include products and services, and rental. The company offers hydraulic and mechanical tools such as pumps, valves, cylinders, and specialty tools for oil & gas industry.
Flowserve Corp. has business operations under various segments, namely oil and gas, general industries, chemical, power generation, and water management. The company offers varieties of pumps including overhung pumps, between bearings pumps, vertical pumps, positive displacement pumps, side channel, vacuum pumps, nuclear products, and specialty products.
General Electric Co.
General Electric Co. operates its business under seven segments, which include power, renewable energy, aviation, oil & gas, healthcare, transportation, and lighting. The company’s key offerings include oilfield equipment.
Grundfos Holding AS
Grundfos Holding AS operates its businesses under the following segment: manufacture and sale of pumps. The company offers a variety of pumps including DMH hydraulic piston diaphragm dosing pump, CIM/CIU fieldbus - control of pumps and pump systems, specialty pumps, ATEX and others.
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Pumps Market for Oil and Gas Industry Product Outlook (Revenue, USD Billion, 2020-2024)
Pumps Market for Oil and Gas Industry Geographic Outlook (Revenue, USD Billion, 2020-2024)
- North America
- South America
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