Pump is a mechanical device used to raise or move liquids, compress or force gas and slurry to flow in a particular direction. The increasing adoption of oil & gas pumps to conquer rising demand of unconventional resources and gas terminals are major factors expected to drive growth of the global oil & gas pumps market. However, fluctuating prices of crude oil is a major factor may hamper the pumps and restrain growth of the target market over the forecast period to certain extent.
The target market is segmented on the basis of type, application, and region. On the basis of product type, the target market is segmented into centrifugal pumps, positive displacement pumps, and cryogenic pumps. The centrifugal segment is expected to register major revenue share in the target market over the forecast period.
On the basis of application, the target market is segmented into upstream, midstream, and downstream. The midstream segment is projected to witness a highest share in terms of revenue in the target market over the forecast period.
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On the basis of region, the global oil & gas pumps market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North America market accounted for the major share in terms of revenue in the global oil & gas pumps market and is expected to maintain its dominance over the forecast period. This dominance is attributed to the growing unconventional resources in countries such as US and Canada in the region. The Middle East & Africa market is projected to witness a fastest growth in the target market during the forecast period. Asia Pacific oil & gas pumps market is estimated to register significant growth rate and is anticipated to register significant share in the target market in next coming years.
Some of the key players in the target market include Alfa Laval Corporate AB, Flowserve Corporation, Gardner Denver, Inc., General Electric Company, Grundfos Holding AG, HMS Group, KSB SE & Co. KGaA, Sulzer Ltd, The Weir Group PLC, and Xylem Inc.