Oil and Gas Pumps Market Size is Anticipated to Reach $10.9 Billion by 2028 | CAGR 4.7% – Report by MarketsandMarkets™

Delray Beach, FL, March 31, 2025 (GLOBE NEWSWIRE) -- Oil and Gas Pumps Market size is projected to grow from USD 8.7 billion in 2023 to USD 10.9 billion by 2028, at a CAGR of 4.7% according to a new report by MarketsandMarkets™. Pumps have a critical role in the oil & gas industry. They are used in upstream drilling sites, crude oil pipelines, and LNG export terminals to transport fluids from one process or location to another. In the past, pumps were operated with fixed-speed electric motors. However, variable-speed electric motors have replaced them nowadays. Pumps that are driven by variable-speed drive systems reduce the likelihood of equipment failure by minimizing electrical and mechanical stresses, thereby reducing downtime. Oil and gas pumps are used in upstream, midstream, and downstream applications. The market for oil and gas pumps includes revenues generated by global companies from pump sales. The current study focuses on major pump types such as centrifugal pumps, positive displacement pumps, and cryogenic pumps. The increasing global demand for oil is likely to propel the demand for oil and gas pumps. Moreover, discoveries of new oilfield, will boost the demand for oil and gas pumps.

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Scope of the Report

This report segments the Oil and Gas Pumps Market based on application into three categories: upstream, midstream, and downstream. Midstream is expected to hold the largest market share in the Oil and Gas Pumps Market during the forecast period. The midstream sector in the oil and gas industry plays a vital role in handling the transportation and storage of hydrocarbons. The increasing production of shale oil and gas in the US market is demanding an enlargement of the midstream network, involving pipelines, tankers, and terminals are the factors that are expected to drive the growth of midstream segment during the forecast period.

The centrifugal pumps, by pump type

Based on pump type, the oil and gas pumps market has been split into into Centrifugal Pumps, Positive Displacement Pumps and Cryogenic Pumps. Centrifugal pumps are expected to grow at the highest CAGR during the forecasted period. Centrifugal pumps are preferred for managing fluids with low viscosity and high flow rates, especially in environments free from air, vapor, or excessive solids. They hold significant importance in upstream operations, particularly in scenarios involving multiple phases. Different variants of these pumps are tailored to meet diverse application needs. Take, for instance, electrical submersible pumps that excel in efficiently separating water and oil. This functionality permits the reintroduction of water into reservoirs without necessitating surface lifting. The adaptability of centrifugal pumps underscores their continual expansion and acceptance across various industrial applications.

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The centrifugal pumps, by pump type

Based on pump type, the oil and gas pumps market has been split into into Centrifugal Pumps, Positive Displacement Pumps and Cryogenic Pumps. Centrifugal pumps are expected to grow at the highest CAGR during the forecasted period. Centrifugal pumps are preferred for managing fluids with low viscosity and high flow rates, especially in environments free from air, vapor, or excessive solids. They hold significant importance in upstream operations, particularly in scenarios involving multiple phases. Different variants of these pumps are tailored to meet diverse application needs. Take, for instance, electrical submersible pumps that excel in efficiently separating water and oil. This functionality permits the reintroduction of water into reservoirs without necessitating surface lifting. The adaptability of centrifugal pumps underscores their continual expansion and acceptance across various industrial applications.

Regional Analysis

North America is expected to be the largest Oil and Gas Pumps Market during the forecast period. The North America region comprises major economies such as US, Canada and Mexico. As per the report from the US Energy Information Administration, the United States claimed the title of the largest global crude oil producer in 2022, representing 14% of the world's total crude oil production. Similarly, Canada contributed to approximately 5.6% of the world's crude oil production in the same period. The expansion of the Oil and Gas Pumps Market is propelled by the increasing exploitation of unconventional resources in both the US and Canada. Additionally, the demand emanating from onshore and offshore fields in the Gulf of Mexico is anticipated to be a significant factor fostering market growth throughout the forecast period. Projections indicate that North America is poised to experience the initiation of 594 operational projects between 2023 and 2027.

Key Players

Atlas Copco AB (Sweden); Flowserve Corporation (US); Sulzer Ltd (Switzerland); KSB SE & Co. KGaA (Germany); Nikkiso Co., Ltd. (Japan) are the market leaders in the global Oil & Gas Pumps Market.

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