The increased exploration activities for oil and gas has the most prominent impact on the global market for pumps and valves. The growing need for the transportation and refining of oil and gas is also fueling the demand for pump and valves across the world and is projected to continue to drive this market over the forthcoming years.
Broadly, the global market for pumps and valves used in the oil and gas industry can be analyzed on the basis of the type of pump, type of valve, application, and the geography. Based on the type of pump, the market can be classified into centrifugal pumps and positive displacement pump. Based on the type of valve, the market can be categorized into needle valve, gate valve, ball valve, and check valve.
By application, the worldwide market for pumps and valves used in the oil and gas industry can be segmented into onshore and offshore. Based on geography, the market can be studied on the basis of its spread into North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa.
This research study on the global market for pumps and valves used in the oil and gas industry attempts to present a detailed market evaluation, taking its past and current performance in consideration. Key trends and growth opportunities of this market have also been studied at length in this report to determine its future status.
Global Pumps and Valves Market: Trends and Opportunities
Of late, the whole world has been witnessing a tremendous rise in the demand for energy. Oil and gas producers are compelled to increase their production and transport them to distant places in order to meet the escalating demand of consumers across the world. As a result, the need for long distance pipelines for oil and gas has emerged globally, which is consequently leading to a significant rise in the demand for pumps and valves.
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In addition, the rising usage of artificial lifts for the economical production of oil from wells is expected to propel the global market for pumps and valves considerably in the near future. The increasing number of upcoming projects for the production and transportation of oil and gas is also anticipated to create lucrative opportunities for players in this market over the next few years.
The demand for pumps and valves is higher in onshore projects compared to offshore ones. The segment will continue to lead the demand, thanks to the increase in exploration activities and new pipeline projects for the production and transportation of oil and gas, worldwide.
Geographically, the Middle East and Africa is likely to dominate the global market due to a number of ongoing and upcoming oil exploration projects.
While the global market for pumps and valves is forecast to grow steadily, the slowdown in exploration activities, on account of the recent decline in oil prices, is likely to limit the demand for pumps and valves across the world.