ROCKVILLE, Maryland, March 1, 2019 /PRNewswire/ -- In the recent past, the demand for oil has surged which has resulted in considerable growth for associated equipment such as oil & gas pumps. According to International Energy Agency's (IEA's) Oil Market Report, the demand for oil is likely to rise to 99.3 million b/d in 2018. It has been revealed that growing oil supply from Russia, Saudi Arabia and the U.S is projected to create sustained prospects for oil & gas pumps manufacturers. Fact.MR has actively published a new research study titled "Oil & Gas Pumps Market Forecast, Trend Analysis & Competition Tracking - Global Market Insights 2018 to 2028", which carefully discourse the crucial market factors such as revenue, market dynamics, value chain etc., linked to the global oil & gas pumps market.
Rising Investment towards Innovation Fueling Development of Oil & Gas Pumps Market
As per study specifics, the innovative processes involved in the oil & gas industry are primarily driven by the oil & gas pumps combined with new technology. Several manufacturers from the oil & gas pumps market have enhanced their focus towards the development of Industrial Internet of Things (IIoT) incorporated smart oil & gas pumps that further comprise of sensors, data collection device and analysis/monitoring software.
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The demand for smart pumping technology is on a rise due to failure of conventional pumps, compressors and other devices that aren't successful in ensuring safety standards. In addition, the transformation from conventional oil & gas production to multi-phase pumping has become the latest trend in the oil & gas industry. With the implementation of a multi-phase pump the requirement to separate oil, water or gas is eliminated. Hence, manufacturers can directly transport the output from arena to the central processing unit. This demand for multi-phase oil & gas pumps focused at both high-pressure and low-pressure designs is climbing concerned with offshore, onshore and subsea installations.
Soaring Demand for Centrifugal Pumps Steering Market Growth
The large scale utility of centrifugal pumps by end-users is one of the primary market drivers for the oil & gas pumps market during the forecast period, 2018-2028. This popularity is driven due to the low product and maintenance cost associated to centrifugal pumps. Further, they are known for their load and pressure handling abilities.
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This assessment also highlights that demand for submersible pumps is also estimated to grow in the coming years. Furthermore, benefits of electric submersible pumps are actively been utilized for water and oil separators; all of which is strongly going to escalate the revenue share in the global oil & gas pumps market.
Dominance by MEA in the Oil & Gas Pumps Market Reaches a Higher Milestone
This Fact.MR study indicates that Middle East and Africa would act as the most lucrative market for oil & gas pumps sector, since the demand surpassed 3 million units by the end of 2018. The primary nations contributing to this mounting share are UAE, Saudi Arabia and Qatar, which have appeared as the foremost natural gas producing countries.
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It has been analyzed that major oil and gas companies across the Middle East are concentrating on increasing oil and gas production so as to fulfill the growing demand. At the global level, Middle East and North Africa are projected to emerge as the primer suppliers of oil and gas. These projections are indeed impacting the market growth for oil & gas pumps and will continue to stay throughout the forecast period.
Some of the major players from the oil & gas pumps market include names like Xylem, Weir Group, GRUNDFOS, Flowserve Corporation, Sulzer Ltd. and KSB SE & Co. KGaA, which are assessed in terms of partnerships, mergers and acquisitions.
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