The continued increase in the demand for oil owing to the increasing population and industrialization has fostered the growth in demand for the pumps for various applications in the oil & gas industry. The dynamic pumps are widely used in the oil & gas sector and centrifugal pumps dominates the oil and gas pumps market. These pumps are widely used for hydrocarbon processing, refineries, water injection, and pipeline services, and with the increase in the refining capacity in the coming years, the demand for the centrifugal pumps is likely to increase. Moreover, the technological development which has rendered the deep-water and ultra-deep-water exploration feasible and cost-effective is expected to increase oil production over the forecast period. This, in turn, is expected to create an opportunity for market growth in the near future.
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Continuous shale development activities is a key driver for the market.
Shale and oil sands are important energy sources in North America, Latin America, and Asia Pacific. In the past decade, North America witnessed enormous growth in the production of unconventional resources such as shale and tight oil. The growth was possible due to technological innovation in horizontal drilling and hydraulic fracturing. Shale is one of the fastest-growing energy sectors, with a series of discoveries and technological advances. Although drilling can extract a large amount of oil & natural gas from the reservoir rock, much of it remains trapped within the reservoir itself. Thus, shale reservoirs require more intervention processes to optimize oil production. The horizontal drilling done to extract shale oil & gas is very prone to water shutoffs and requires proper zonal isolation and cementing processes. Thus, the rising production of shale oil & gas is likely to increase the demand for oil & gas pumps.
Development of pipeline infrastructure in Asia Pacific & Middle East is a major boost for the market.
The midstream oil & gas sector requires widely distributed network as distances can range from many acres for an intermediate or end terminal tank farm, to entire continents for a pipeline system. SCADA systems, control systems, and safety system in storage facilities, control centers, and corporate offices as well a fast and reliable communication infrastructure are required to perform integration within and among intranets. This demand holds a high growth potential for midstream communication solutions. Such developments of midstream infrastructure are likely to offer lucrative opportunities for the players operating in the oil & gas pumps market.
Increasing Demand for Dynamic Pumps (Centrifugal pumps) from Refineries is also helping the market to prosper.
Centrifugal pumps have a vast application in refineries and is used to transport petroleum and its derived products in refineries. The increase in the refining capacity globally has increased the demand for centrifugal pumps in refineries and is expected to continue over the forecast period. Furthermore, with the IMO 2020 regulation being enforced from the 1st of January 2020, the increasing demand for the low sulfur fuel is expected to force major refiners to upgrade the existing infrastructure to produce low sulfur fuels. With the refineries expected to go through revamp, the demand for pumps is likely to increase over the next few years, further driving the growth of the market.
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Covid-19 Impact Analysis
- The coronavirus’s unfavorable global effects are already evident, and they will have a big impact on the Oil & Gas pumps market in 2020.
- The World Health Organization has declared a public health emergency after the COVID-19 virus outbreak in December 2019. The disease has spread to over 100 nations and resulted in massive deaths all across the world. Exports & Imports, global manufacturing, tourism, and financial sectors have all been heavily damaged.
- The downward pressure on the global economy, which had previously shown signs of improvement, has escalated once more. The outbreak of the virus has added danger factors to the international economy’s already sluggish development. Many international groups have stated that the global economy is experiencing its most difficult moment since the financial crisis.
- The lockdown has resulted in hampering the imports and exports of various goods. Also, the uncertainty created in the market in the consumers’ buying pattern has resulted in hampering of the Oil & Gas pumps market.
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