Market Forecast: O&G Pump Market on Track to Expand
14 May 2020
A new global oil and gas pumps market forecast issued by Frost & Sullivan indicates the global oil and gas pumps market is likely to experience marginal growth. Rising at a compound annual growth rate (CAGR) of 3%, the market is estimated to reach $10.43 billion by 2026, up from $8.46 billion in 2019.
Momentary disruption in the global supply chain and deceleration in China’s production volume due to COVID-19 and economic slowdown, trade tension, and change in political governance to reduce new investments in exploration and production activities are likely to restrain the growth of pump sales. However, modernization of asset infrastructure by oil and gas companies will be key to drive the demand for pumps, presenting growth opportunities.
The study covers the geographic markets of North America, Europe, Asia-Pacific (APAC), the Middle East and Africa, and Latin America. APAC is expected to serve as the global hotspot for investments with higher growth opportunities for pump sales during the forecast period. By 2026, the region is estimated to witness growth at a CAGR of 3.6%, followed by the Middle East and Africa at 3.5%.
Energy consumption reduction remains a priority for end users, thereby promoting the demand for energy-efficient pumps. The growing requirement to improve compressor performance and durability drives the need for insights on asset condition.
Details Courtesy of Frost & Sullivan.