Global Pumps Market for Oil and Gas Industry 2019-2023|Growth Analysis and Forecast| Technavio
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.
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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.
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.
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 LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
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SOURCE: Technavio Research
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PUB: 11/20/2018 09:42 AM/DISC: 11/20/2018 09:42 AM