Pumps and Valves Market Segment Forecasts up to 2023
Increasing production of oil and gas coupled with the need to transport and refined them is expected to fuel the global pump and valves market for oil and gas industry. Hence, the global pumps and valves market is anticipated to experience a boom during the forecast period.
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A device used to move fluids using mechanical fore is known as a pump. A valve is used to control and directs the flow of fluids through a pipe. Pumps and valves are very essential for economical and safe operations. Pumps and valves are used in upstream, midstream and downstream operations. In upstream operations, pumps can be used for artificial lift, pumping drilling fluids, etc. in midstream and downstream operations, pumps are used to increase the pressure of crude oil or refined products in pipelines. Valves are used for flow control of crude oil or refined products in upstream, midstream and downstream operations. The type and size of pump and valves used for a particular application depends upon the type of fluids and operating as well as environmental conditions. For example, pumps and valves used in subsea operations have to withstand harsh subsea conditions whereas in onshore operations, the conditions are less severe.
The global pumps and valves market for oil and gas industry can be segmented on the basis of application into onshore and offshore. The pumps and valves used for offshore applications are exposed to harsh conditions such as high temperature and high pressure. Hence, they should be able to withstand such harsh conditions for safe and reliable operations. Onshore segment is expected to dominate the global pumps and valves market for oil and gas industry due to large number of exploration activities and new pipeline projects are going on for production and transportation of oil and gas. On the basis of pump type, the global pumps and valves market for oil and gas industry can be segmented into positive displacement pump and centrifugal pumps. The global pumps and valves market for oil and gas industry can be segmented on the basis of type of valves into needle valve, ball valve, gate valve, check valve, and others.
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Growing energy demand has force oil and gas industry to increase the production of oil and gas. These produced fluids need to be transported over long distance. This has resulted into construction of long distance pipelines for oil and gas. This ultimately increases the demand of pumps and valves. Moreover, the use of artificial lift for economical production of oil from wells is also boosting the global pumps and valves market. The market is expected to grow during the forecast period owing to these factors. A large number of planned projects for production and transportation of oil and gas in the coming years provides a great opportunity to the global pumps and valves market for oil and gas industry.
Some of the key players in the global pumps and valves market for oil and gas industry are SPP Pumps, Flowserve Corporation, CORTEC, LLC, The Weir Group PLC, DAFRAM S.p.A., LEWA GmbH, Cameron, Cornell Pump Company, Oliver Valves Limited, PetrolValves, BuTech, FMC Technologies Inc., PERAR s.p.a, Sulzer Ltd. and L.B. Bentley Limited among others.
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