Global oil & gas pumps industry to reach $9 Bn by 2025

By OEM Update Editorial December 7, 2020 2:42 pm

The global oil & gas pumps market is projected to reach USD 9 billion by 2025 from an estimated USD 6.6 billion in 2020, growing at a CAGR of 6.4 percent, finds a recent research report published by ResearchAndMarkets.

Continuous shale development activities and the development of gas terminals are the key factors driving the growth of the oil & gas pumps market. Likewise, the development of pipeline infrastructure in Asia Pacific and the Middle East and the discovery of new reservoirs in the African region are expected to offer lucrative opportunities for the oil & gas pumps market during the forecast period. However, the growing usage of renewable energy and managing lead time of product are expected to hinder the growth of the market.

Submersible pump, by type, to be fastest-growing market
Submersible pumps, as the name implies, can be submersed within a tank, well, or other containers. These pumps are designed to be suitable for immersion. Submersible pumps find applications in oil production and in supplying water for agriculture and industry. The type most widely used in the Soviet Union is the submersible centrifugal pump with electric drive for oil production and vertical pumping of water. In other countries, submersible pumps of the piston type with hydraulic drive are also used. According to the ResearchAndMarkets report, the increasing offshore oil & gas activities are expected to boost the demand for submersible pumps in the oil and gas industry

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