Sep 24, 2018 SOURCE: BusinessWire

Oil & Gas Pumps (Centrifugal, Positive Displacement, Cryogenic) Market - Global Forecast to 2023 - ResearchAndMarkets.com

The "Oil & Gas Pumps Market by Type (Centrifugal, Positive Displacement (Screw Pumps, Reciprocating Pumps, Rotary & Gear Pumps, Progressive Cavity Pumps), Cryogenic), Application (Upstream, Midstream, Downstream), Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.

The global pumps market in oil & gas industry is projected to reach USD 10.36 billion by 2023 from an estimated USD 8.47 billion in 2018, at a CAGR of 4.12%.

This growth can be attributed to the increasing unconventional resources in the North American, South American, and Asia Pacific regions and development of gas terminals. Fluctuating crude oil prices along with growth in renewable energy can hinder the growth of the market.

The midstream segment is estimated to be the fastest growing during the forecast period. North America is estimated to hold the largest market in the midstream segment, followed by Asia Pacific. Growth of unconventional resources in these regions is creating the need for an expanded midstream network of pipelines, rail, tankers, and terminals, thus, driving the pumps market in oil & gas industry during the forecast period.

The Middle East & Africa region is expected to be the third largest pumps market by 2023 and is projected to grow at the highest CAGR during the forecast period. The pumps market in the oil & gas industry in this region is mainly driven by the investments in the oil & gas sectors. The government of Saudi Arabia is taking initiatives to control the oil & gas sector of the country by identifying new oil fields, expanding existing fields, and enhancing production.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Oil & Gas Pumps Market, By Type

7 Oil & Gas Pumps Market, By Application

8 Oil & Gas Pumps Market, By Region

9 Competitive Landscape

10 Company Profiles