Oil & Gas Pumps Market: Stringent Emission Regulations on Oil & Gas to Remain Longstanding Challenge

Posted on 2019-07-02 by Mark Hub in Industrial // 0 Comments

Rockville, USA, 2019-Jul-02 — /EPR Network/ — The report by Fact.MR on the oil & gas pumps market offers valuable insights on the oil & gas pumps market in the near future. The latest report also provides historical data along with the forecast on the oil & gas pumps market. The study also includes comprehensive analysis of the important factors in the oil & gas pumps market including latest trends, driving factors, key opportunities, and restraints. The report on the oil & gas pumps market also provide information on the factors likely to impact the development, and growth in the oil & gas pumps market in the near future.

The oil & gas pumps market is likely to witness sluggish growth, with global demand surpassing 9 million units by the end of 2018, according to a latest report by Fact.MR. Rising demand for oil and gas is resulting in the growing demand for equipment such as oil & gas pumps. End-users in oil and gas industries are demanding efficient oil & gas pumps to ensure smooth operation and to meet stringent emission standards.

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Investment in Innovation Growing

The process of innovation in the oil & gas industry is being driven by the oil & gas pumps integrated with new technology. Manufacturers in the oil & gas pumps market are focusing on developing Industrial Internet of Things (IIoT) integrated smart oil & gas pumps including data collection device, sensors, and analysis/monitoring software.

Failure of pumps, compressors, and other equipment is significantly impacting safety, field operations, and revenues in the oil & gas industry worldwide. Hence, the demand for smart pumping technology is growing in the oil & gas industry to ensure pumps are operating effectively and efficiently.

The shift from conventional oil & gas production to multi-phase pumping is also on a rise. The multi-phase pumping eliminates the need to separate oil, gas, or water, thereby directly transporting the production from field to the central processing unit. Multi-phase oil & gas pumps available in both low-pressure and high-pressure designs are witnessing growing demand from onshore, offshore, and subsea installations.

Stringent Emission Regulations on Oil & Gas to Remain Longstanding Challenge

With the rise in global emission levels, governments across various countries are introducing strict emission regulations in the oil & gas industry. The oil and natural gas industry is the largest source of methane and other volatile organic compounds (VOCs). The worldwide dependency on oil & gas is higher, especially for transportation and energy, this is resulting in the increase in emission levels due to oil and gas production. Hence, to meet the emission standards, companies are focusing on using renewable sources of energy including solar and wind energy.

With the reduction in gas flaring, the World Bank Group has also introduced the Global Gas Flaring Reduction Partnership, including majority of the companies trying to set flaring targets to eliminate emission of harmful chemicals.

Competitive Landscape

The report on the oil & gas pumps market offers detailed profiles of all the key companies operating in the oil & gas pumps market. The study also includes a dashboard view of the players in the oil & gas pumps market. The report also provides information on the key strategies by the leading players, along with the SWOT analysis of each player in the oil & gas pumps market. Global expansion is one of the main focus areas of the companies in the oil & gas pumps market, this has led to the rise in partnerships and mergers and acquisitions activities.

Grundfos plans to build its third pump production unit by 2020 in India. It is also planning to invest around 25 crores towards preliminary study for new plant and other facilities. Meanwhile, Grundfos has also opened a new facility in Florida, US, to serve the water and wastewater industry.

Gardner Denver Holdings Inc. has acquired Ontario-based DV Systems Inc. The newly acquired company will be the part of Gardner’s industrial segment.

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