AP NEWS

Global Pumps Market for Oil and Gas Industry 2019-2023|Growth Analysis and Forecast| Technavio

November 20, 2018

LONDON--(BUSINESS WIRE)--Nov 20, 2018--’s research report for the global pumps market for the oil and gas industry forecasts the market to grow at a CAGR of almost 4% during the forecast period.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181120005457/en/

Technavio has released a new market research report on the global pumps market for the oil and gas industry for the period 2019-2023. (Graphic: Business Wire)

The rising focus on Big Data analytics in the oil and gas industry will be one of the major trends in the during 2019-2023. The increasing adoption of Industrial Internet of Things (IIoT) In the oil and gas industry has assisted in enhancing productivity. Pumps used in the oil and gas industry require periodic maintenance and operators face many challenges such as the harsh environment of operations and offshore location inspection on a real-time basis. The use of wireless sensors to monitor the working condition of equipment helps in simplifying the maintenance.

This report is available at a USD 1,000 discount for a limited time only:

According to Technavio’s analysts, one of the key drivers for the global pumps market for the oil and gas industry is the growing need for energy-efficient pumps:

Global pumps market for the oil and gas industry: Growing need for energy-efficient pumps

The need for energy-efficient pumps has increased owing to the increasing focus on improving production efficiency to reduce operating expenses due to the volatile environment of the oil and gas industry. Thus, the vendors who manufacture pumps for the oil and gas industry have been concentrating on developing energy-efficient pumps that can improve operational efficiency.

According to a senior analyst at Technavio for research on engineering tools, “Several technological advancements have been witnessed in PD pumps, which have assisted in enhancing the energy efficiency. For instance, high-pressure plunger pumps can automatically control the drive speed to adapt to the flow requirement. Thus, such pumps can replace many small pumps owing to their variable frequency drive. The use of such pumps improves energy efficiency.”

Global pumps market for the oil and gas industry: Segmentation analysis

The report on the global pumps market for the oil and gas industry provides market segmentation by product (centrifugal pumps and PD pumps) and by region (the Americas, APAC, and EMEA). This report provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.

Of the two products, the centrifugal pumps market segment held the largest global pumps market share in 2018, contributing to over 80% of the market. This product segment will dominate the global market throughout the forecast period.

The Americas held the largest share of the market in 2018, accounting for over 45% share. It was followed by EMEA and APAC respectively. The Americas is expected to dominate the market throughout the period 2019-2023.

Looking for more information on this market?

Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.

Some of the key topics covered in the report include:

Market Landscape

Market ecosystem Market characteristics Market segmentation analysis

Market Sizing

Market definition Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

Regional comparison Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

Vendors covered Vendor classification Market positioning of vendors Competitive scenario

About Technavio

is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at .

View source version on businesswire.com:https://www.businesswire.com/news/home/20181120005457/en/

CONTACT: Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

www.technavio.com

KEYWORD:

INDUSTRY KEYWORD: ENERGY OIL/GAS MANUFACTURING ENGINEERING STEEL OTHER MANUFACTURING

SOURCE: Technavio Research

Copyright Business Wire 2018.

PUB: 11/20/2018 09:42 AM/DISC: 11/20/2018 09:42 AM

http://www.businesswire.com/news/home/20181120005457/en

AP RADIO
Update hourly