MOUNTAIN VIEW, Calif., Jan. 13, 2015 /PRNewswire/ -- Escalating investments in the exploration and production of conventional oil and gas is propelling the adoption of pumps around the world. The Western hemisphere will lead the way in uptake as production surges owing to the shale oil and gas boom in North America, oil sands in Canada, and conventional reserves in Brazil, Venezuela and Mexico. New deep-water and ultra-deep-water reserves in Asia-Pacific will contribute further towards oil and gas production, and in turn, the sale of pumps.
New analysis from Frost & Sullivan, Global Pumps Market in the Oil and Gas Industry, finds that the market earned revenues of about $10 billion in 2013 and estimates this to reach more than $14 billion in 2020. The study covers centrifugal and positive displacement (PD) pumps.
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"Increasing awareness on the economical and functional advantages of PD pumps is prompting customers to slowly but steadily shift away from centrifugal pumps," said Frost & Sullivan Industrial Automation and Process Control Research Analyst Sakthi Sobana Pandian. "PD pumps will prove indispensable in various applications such as hydraulic fracturing, the mixing and injecting of chemicals, and the mixing of solid proppants with water."
The need for water and wastewater management during the extraction of gas and oil from shale has added to the demand for pumps. However, as environmental concerns threaten market growth, efficient pumps are gaining importance.
In North America and Europe, refinery closures affect pumps sales, yet opportunities have opened up for pump manufacturers in the Middle East and Asia-Pacific. Rising midstream investments in pipelines, railcars and trucks in these regions add to market potential.
"The aftermarket sales and services segment will evolve into another gold mine in terms of revenue generation as need for replacements and retrofits rises," noted Pandian. "Offering integrated solutions, services and asset-management technology will also quicken development in the global pumps market."
Global Pumps Market in the Oil and Gas Industry is part of the Industrial Automation & Process Control Growth Partnership Service program. Frost & Sullivan's related studies include: Analysis of the Global Pumps Market in the Chemicals Industry, Analysis of the Chinese Industrial Valves and Actuators Market, Chinese Positive Displacement Pumps Market, Latin American Positive Displacement Pump Market, and Analysis of the Global Sanitary Pump Market in the Food and Beverage Industry. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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Global Pumps Market in the Oil and Gas Industry
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SOURCE Frost & Sullivan