Oil and Gas Pumps Market worth $10.9 billion by 2028 - Exclusive Report by MarketsandMarkets™

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North America is expected to be the largest region in the Oil and Gas Pumps Industry.

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 Market Players:

Some of the major players in the Oil and Gas Pumps Companies are including Atlas Copco AB (Sweden); Flowserve Corporation (US); Sulzer Ltd (Switzerland); KSB SE & Co. KGaA (Germany); Nikkiso Co., Ltd. (Japan). The major strategies adopted by these players include contracts, agreements, partnership, collaborations, and expansions.

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Recent Developments

In May 2023, KSB SE & Co. KGaA added 19 sizes to its MegaCPK type series. The new seal chamber design allows the installation of gland packings, all common mechanical seals compliant with EN 12756, as well as a large number of cartridge-type mechanical seals. This expansion will ensure a high degree of reliability and improves the availability of an entire system.In August 2022, Atlas Copco acquired LEWA GmbH, a German manufacturer of diaphragm metering pumps, process pumps, and complete metering systems, including its subsidiaries, and Geveke B.V., an expert in pump systems, compressors, and associated services, including its subsidiaries, to strengthen its industrial pumps business.In April 2022, Atlas Copco acquired Pumpenfabrik Wangen GmbHGerman, a manufacturer of progressive cavity pumps, especially for transferring fluids in the biogas and wastewater sectors, and twin-screw pumps for food & beverages and cosmetics industries. This acquisition is likely to help Atlas Copco create a solid foundation for further growth in new industrial pump segments.

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