Study reveals top five leading pump vendors for oil and gas market
Technavio has announced the top five leading vendors in its recent global pumps market for the oil and gas industry report until 2020.
Flowserve, ITT, KSB, Sulzer, and Grundofs are expected to have the largest impact on the market during the forecast period.
The oil industry is currently in need of improved and enhanced oil recovery processes.
The global crude production increased significantly due to the emergence of innovations such as horizontal drilling, hydraulic fracturing, and seismic imaging.
Companies in the oil and gas industry are emphasising on increasing productivity from existing wells, which is creating new demand for pumps and driving market growth.
“Additionally, refining capacity additions, the opening of new avenues for natural gas markets, and expansion of crude oil pipelines are also pushing the global pumps market for the oil and gas industry,” said Anju Ajaykumar, one of the lead analysts at Technavio for unit operations research.
“With the rectified crude oil prices expected to have sufficiently trickled down, the market is expected to witness significant growth in the second half of the forecast period. The upstream players are expected to bolster up their production volumes, thereby leading to the growth of this market space,” she added.
Competitive vendor landscape
The uncertain scenario of the oil and gas industry is expected to lead to a tight price war among the larger players in the market.
The decline in oil prices is leading to consolidation of various activities, and the industry is experiencing a shift to innovative operational procedures.
The advent of the internet of things (IoT) will increase operational efficiency by nearly 45%, which will create an opportunity for vendors to widen application and scope.
Moreover, the market in Asia Pacific is providing vendors with many opportunities to add to their refinery capacities projected during the forecast period.
Pump manufacturers are looking to tap this potential through sustained focus on innovation, by increasing adoption of remote monitoring and proactive maintenance.
