Need good news for the global pumps market?
We all do. Luckily, a recent analysis shows that the pumps market for the oil and gas industry is expected to grow by a compound annual growth rate (CAGR) of 3.69 percent.
The analysis, released by Technavio market research this month, shows that the United States, Mexico, Saudi Arabia, Russian Federation and China will have the highest revenue share globally for the forecast period from this year through 2024. According to the report, these countries should remain the largest markets for the pumps market for oil and gas.
From 2020-2024, the market is positioned to show an accelerating growth of $2.23 billion.
Because the pumps market for the oil and gas industry market is fragmented, if some vendors exit the market, or the market structure changes due to consolidation, then the market growth would be expected to change, the analysis states.
Geography as well as product segments this market, including centrifugal and positive displacement pumps. The analysis shows that development of 3D-printed impellers will be a key driving force through 2024.
The analysis included approximately 25 vendors for the pumps market for oil and gas industry market. These vendors vary from having a dominant to a weak presence in the market, the report states. A dominant vendor can be influential in various ways including product/service launches, lobbying for regulations, M&A or geographical expansion. Weaker players would generally have a lower market share or only be present in a few geographical markets.