Technavio, a tech-focused market research firm, has published a new report on the global pumps market for the oil and gas industry, which is expected to grow at a CAGR of close to 4% during the forecast period of 2016-2020.
Based on geographical segmentation, Technavio market researchers categorize the global pumps market for the oil and gas industry into the following key regions: the Americas, APAC, and EMEA.
Source: Technavio
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Top three contributors for the global pumps market for the oil and gas industry are
Pumps market for the oil and gas industry in the Americas: The market in this region is thriving owing to factors such as high crude oil and natural gas E&P, the ongoing expansion of crude oil and natural gas pipeline, and new refining capacity addition. The US and Canada are the prominent countries in the region backed by Brazil with its deepwater E&P activities.
According to Thanikachalam Chandrasekaran, a lead analyst at Technavio, specializing in research on unit operations, “Innovations in pump technology such as the use of pump vibration spectra in real time are being leveraged to ascertain characteristics in industries segments including oil and gas drilling.”
Pumps market for the oil and gas industry in EMEA: The market in Europe is likely to experience substantial growth during the forecast period driven by the growth from new fields which balances the declines from older fields. Russia accounts for a majority of the revenue generated through the sale of pumps for the oil and gas industry in EMEA.
Pumps market for the oil and gas industry in APAC: The pumps market for the oil and gas industry in APAC was led by China and India, the world’s fourth and 20th biggest oil-producing nations, respectively. China is the biggest oil producer in the region by a substantial margin.
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The top vendors operating in the global pumps market for the oil and gas industry are:
- Flowserve
- Grundfos
- ITT
- KSB
- Sulzer
Other prominent vendors in the market include HMS Group, Schmitt-Kreiselpumpen GmbH & Co.KG, GE Oil and Gas, Alfa Laval, Gardner Denver, Weir Group, LEWA, and Xylem.
A more detailed analysis is available in the Technavio report titled, ‘Global Pumps Market for the Oil and Gas Industry 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Pumps Market 2016-2020
- Global Centrifugal Pumps Market 2016-2020
- Global Artificial Lift Pumps Market 2016-2020
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