Report Code: A15972 | Pages: NA | Jul 2023 | 1473 Views | ||
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Oil & Gas Pumps Market
Request Now !Oil & Gas industry is crucial for the global economy. The oil & gas industry are not only responsible for the majority of primary energy generation but also acts as a significant supplier of raw materials for chemical products which include pharmaceuticals, solvents, fertilizers, pesticides, and plastics. For a reliable and stable operation of the oil & gas industry, pumps play an essential role. Efficient pumping decreases operating cost and increase profitability. Pumps play a crucial role in the oil & gas industry.
Pumps are used in every step of the oil & gas industry; right from oil & gas exploration to refinery — a different type of pumps in each stage of the oil & gas industry. Use of smart pumping has increased due to the failure of conventional pumping systems.
Use of sensors, for monitoring and controlling performance of pumps, has enhanced the performance of pumps. Emerging IOT technology is integrated into modern pumping systems. New pumping technology, like multi-phase pumping and separation, has reduced capital as well as operational costs. However, increasing focus on use of renewable energy is a major restraint for the market.
Covid-19 Impact AnalysisÂ
Top Impacting Factors
The continued increase in the demand for oil owing to the increasing population and industrialization has fostered the growth in demand for the pumps for various applications in the oil & gas industry. The dynamic pumps are widely used in the oil & gas sector and centrifugal pumps dominates the market. These pumps are widely used for hydrocarbon processing, refineries, water injection, and pipeline services, and with the increase in the refining capacity in the coming years, the demand for the centrifugal pumps is likely to increase. Moreover, the technological development which has rendered the deep-water and ultra-deep-water exploration feasible and cost-effective is expected to increase oil production over the forecast period. This, in turn, is expected to create an opportunity for market growth in the near future.
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Oil & Gas Pumps Market Report Highlights
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