Oil and Gas Pumps Market expected to reach $10.9 billion by 2028, driven by industry demand.

From GlobeNewswire: 2025-03-31 08:30:00

The Oil and Gas Pumps Market is set to grow from $8.7 billion in 2023 to $10.9 billion by 2028, with a CAGR of 4.7%. Pumps play a critical role in the industry, with variable-speed electric motors replacing fixed-speed ones to reduce downtime and equipment failure. Demand is driven by the global need for oil and new oilfield discoveries.

The market includes major pump types like centrifugal pumps, positive displacement pumps, and cryogenic pumps. Centrifugal pumps are expected to have the highest CAGR, especially in managing fluids with low viscosity and high flow rates in various industrial applications. The midstream sector is projected to dominate the market due to the transportation and storage of hydrocarbons, driven by the increasing production of shale oil and gas in the US.

North America is anticipated to lead the Oil and Gas Pumps Market, with the US being the largest global crude oil producer in 2022 and Canada contributing significantly to crude oil production. The region’s growth is fueled by the exploitation of unconventional resources and the demand from onshore and offshore fields in the Gulf of Mexico. The forecast predicts the initiation of 594 operational projects in North America between 2023 and 2027.

Key players in the global Oil & Gas Pumps Market include Atlas Copco AB, Flowserve Corporation, Sulzer Ltd, KSB SE & Co. KGaA, and Nikkiso Co., Ltd. These market leaders are driving innovation and growth in the industry. For further information and inquiries, visit the provided link to access the full report and related market analyses.



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