; ​​​​​​​Oil and Gas Pumps Market Size, Share, Trends 2034

Oil and Gas Pumps Market

Oil and Gas Pumps Market Size, Share, and Analysis, By Type (Submersible Pumps and Non-submersible Pumps), By Pump Type (Centrifugal Pump, Positive Displacement Pump, and Cryogenic Pump), By Application (Upstream, Midstream, and Downstream), and By Region (North America, Europe, Asia-Pacific, And Rest of the World) And Regional Forecast 2024-2034

Published on: Jun-2024
Report Code: FG EP 02017
No. of Pages: 170-350
Report Format: PDF

Oil and Gas Pumps Market is expected to grow at a CAGR of 5.2% in the forecast period (2024-2034), with the market size valued at USD 7.8 billion in 2023 and projected to reach USD 13.7 billion by 2034.

Product Overview

Oil and gas pumps are mechanical devices that are important for transporting crude oil, natural gas, and refined petroleum products from extraction sites to processing facilities. They come in various types, such as centrifugal, reciprocating, and rotary pumps, that are customized to meet diverse operational needs. In addition, centrifugal pumps use revolving impellers to transfer kinetic energy to fluids and push them through pipes. Reciprocating pumps use pistons or diaphragms to create a back-and-forth motion, whereas, rotary pumps, such as gear or screw pumps, use rotating mechanisms to move the fluid.  These pumps are important for the energy industry and ensure the continuous flow of oil and gas and improve operations. Furthermore, regular maintenance and monitoring are important for their efficiency and prevent costly disruptions. Thus, oil and gas pumps are essential components in the extraction and refining processes, that facilitate the global energy supply chain.

Market Highlights

Oil and Gas Pumps Market is expected to exhibit a CAGR of 5.2% during the forecast period, 2024-2034

Oil and Gas Pumps Market is expected to reach USD 13.7 billion, growing at a CAGR of 5.2% during the forecast period, driven by increasing global energy demands. This expansion is attributed to the rise in exploration and production activities in offshore and unconventional reserves. Innovations in the design and manufacturing operations of the pumps are improving their performance and attracting substantial investments. In addition, strict environmental regulations and the push for energy efficiency are promoting the adoption of modern pump technologies to reduce carbon emissions and enhance energy usage. The replacement and maintenance of aging infrastructure across existing oil & gas fields present lucrative opportunities for pump manufacturers and service providers. However, this growth may encounter several challenges due to the volatility of oil prices and the emergence of alternative energy sources.

Source: Fatpos Global

Oil and Gas Pumps Market Segmentation                                           

Submersible Pumps segment will dominate the market due to their compact design and less maintenance needs

Oil and Gas Pumps are distinguished based on Type into Submersible and Non-Submersible Pumps. The submersible pumps segment has been dominating the oil and gas pumps market as oil production consists of deep wells, high pressure, and corrosive fluids. Submersible pumps are designed to operate while being fully submerged, which directly protects the motor and other components. Moreover, unlike non-submersible pumps, submersible pumps don’t require priming as they are already submerged in liquids. These pumps are placed directly into the well, which eliminates any need for suction lines, and can be designed in a compact form, thus allowing them to fit into tight spaces within wellbores. Non-submersible pumps, on the other hand, are used on the surface for transfer and transportation purposes. Besides, several non-submersible pumps are designed to resist harsh environments, specifically surface operations in oil and gas installations.

Centrifugal Pumps segment Will Lead the Market Due to its Higher Flow Rates and Versatility

Oil and Gas Pumps Market, based on Pump Type, is segmented into Centrifugal pumps, Positive displacement pumps, and Cryogenic pumps. The centrifugal pumps segment holds the leading position as they are known for handling a wide range of flow rates, which makes them suitable for different applications in oil & gas. In addition, centrifugal pumps are capable of providing high flow rates, which is crucial for the transportation of large volumes of oil and gas over longer distances. Their simple design with fewer moving parts results in low maintenance costs with higher operational reliability in remote oil and gas operations. Conversely, other types such as positive displacement pumps play an essential role across different applications as they are being used for injecting high-viscosity fluids like drilling mud or artificial lifts.

Source: Fatpos Global

Market Dynamics

Growth Drivers

Increasing Demand for Oil and Gas Pumps to Meet Rising Energy Needs

High global energy consumption in developing nations across the Asia Pacific region is responsible for increasing the demand for oil & gas, along with the usage of oil and gas pumps. In the extraction process, more pumps are needed for the effective production of crude oil and natural gas from existing wells. In addition, transportation also depends on powerful pumps to maintain flow and overcome pressure drops in pipelines that carry oil & gas over long distances. Moreover, within refineries, pumps are important for treating crude oil into usable products such as gasoline and diesel. Furthermore, with rising energy costs, there is a growing focus on efficiency, which boosts the demand for advanced pump technologies that provide higher flow rates and lower operational costs.

Increasing Oil and Gas Exploration Operations Has Boosted the Growth of the Market

Development of oil and gas reserves is increasing exploratory activities across harsh and difficult locations. This includes deep-water exploration, which requires specialized pumps that can resist huge pressure and operate at great depths. In addition, to properly serve remote underwater operations, these pumps must be corrosion-resistant and reliable. The successful extraction of unconventional resources such as shale oil and gas frequently demands the use of special pumping equipment. This consists of high-pressure positive displacement pumps for operations or submersible pumps in horizontal wellbores. Therefore, as exploration activities in these challenging settings continue to increase, the requirement for powerful pump solutions that are designed to address these demands will also increase.


Rising Environmental Concerns Have Presented Major Challenges for the Oil and Gas Pump Sector

Environmental organizations across the world are influencing public opinion toward environmental sustainability and forcing governments to adapt to cleaner resources. This has resulted in strong market rules for the oil and gas industry, which directly limits production and technology usage, and lowers the demand for oil and gas pumps. On the other hand, the rise of renewables, which are aided by government subsidies, is diverting investment away from traditional oil and gas exploration. These issues translate into lower demand for oil and gas pumps, forcing a shift toward eco-friendly technology to lessen environmental effects.

Recent Developments

  • In 2023, Sulzer Ltd., introduced the XJ900 API 610 certified high-pressure centrifugal pump for demanding applications like water injection and high-pressure fluid transfer. The corporation has announced its focus on expanding its offerings for existing oil & gas pump installations, for better lifecycle management and digitalization solutions.
  • In 2023, Xylem acquired Watts Water Company, a leading provider of plumbing, heating, and ventilation products, possibly expanding their reach in industrial pumps used in oil & gas processing.
  • In 2023, Baker Hughes Company formed a joint venture with CNOOC Oil & Gas (China) to develop and manufacture next-generation artificial lift technologies, including advanced pumps for enhanced oil recovery. They have also introduced NOV CentriQuip QE artificial lift electric submersible pumps (ESPs) designed for high-efficiency production in challenging well conditions.
  • In 2023, Flowserve acquired OTECH, a provider of specialty valves and pumps used in the refining and petrochemical sectors, potentially strengthening their downstream oil & gas pump portfolio.
  • In 2023, Schlumberger Limited, launched the ESPClear completion system, an integrated ESP solution designed for improved wellbore cleanout and reduced production downtime.

Oil and Gas Pumps Market

Key Players:

  • Sulzer Ltd.
  • Xylem Inc.
  • Baker Hughes Company
  • Flowserve Corporation
  • Schlumberger Limited
  • Halliburton Company
  • Weir Group PLC
  • Grundfos Holding A/S
  • SPX Flow Inc.
  • Gardner Denver Holdings Inc.
  • KSB SE & Co. KGaA
  • Dover Corporation
  • National Oilwell Varco, Inc.
  • Weatherford International plc
  • Ebara Corporation
  • Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)

Regional Analysis

Oil and Gas Pump Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. The North American region holds a dominating position in the oil and gas pump market due to its large set of reserves and strong energy sector. The well-established extraction and production capabilities of the region, combined with major investments in technology and equipment, are contributing to the dominance of the oil and gas pump market. Additionally, environmental laws are pushing for the adoption of efficient pump technologies and strengthening the leadership of North American industry.

Conversely, the Asia Pacific region emerges as the fastest-growing market due to industrialization and increasing energy demands. Nations like China and India are witnessing major economic growth, which results in high consumption of oil and gas. This requires high investments in exploration and transportation infrastructure, which propels the demand for oil and gas pumps.

Source: Fatpos Global

Impact of Covid-19 on Oil and Gas Pumps Market

COVID-19 pandemic had a severe impact on the Oil and Gas Pumps Market, due to a demand reduction, along with pricing instability and project delays. Moreover, low industrial activity and drops in oil prices resulted in low demand for pumps, while shutdowns interrupted supply chains and caused delays in manufacturing. Positively, the focus on efficiency during the pandemic stimulated the demand for advanced pumps. Furthermore, as economic activity restarted, the market began to show indications of recovery. Thus, the long-term impact on the industry remains uncertain, although there is a shift toward a more balanced market and possible growth in the renewable energy sector.

Oil and Gas Pumps Market is further segmented by region into:

  • North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
  • Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
  • Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
  • Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
  • Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA

Oil and Gas Pumps Market Scope and Segments:



Study Period


Base Year


Forecast Period


Historical Period


Growth Rate

CAGR of 5.2% from 2024-2034


Value (USD Billion)


Main Segments List

By Type

  • Submersible Pumps
  • Non-submersible Pumps

By Pump Type

  • Centrifugal Pump
  • Positive Displacement Pump
  • Cryogenic Pump

By Application

  • Upstream
  • Midstream
  • Downstream

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of the Middle East & Africa

Frequently Asked Questions (FAQ):

Oil and Gas Pumps Market size was valued at USD 7.8 billion in 2023 and is projected to reach the value of USD 13.7 billion in 2034, exhibiting a CAGR of 5.2% during the forecast period.

Oil and gas pumps are known for playing an important role in the extraction, processing, and transportation of crude oil and natural gas in the energy sector.

The Submersible Pumps segment and Centrifugal Pump segment accounted for the largest Oil and Gas Pumps Market share.

Key players in the Oil and Gas Pumps Market include Sulzer Ltd., Xylem Inc., Baker Hughes Company, Flowserve Corporation, Schlumberger Limited, Halliburton Company, Weir Group PLC, Grundfos Holding A/S, SPX Flow Inc., Gardner Denver Holdings Inc., KSB SE & Co. KGaA, Dover Corporation, National Oilwell Varco, Inc., Weatherford International plc, Ebara Corporation, and Other Prominent Players.

The oil and gas pumps market is being driven by rising demand for oil and gas pumps as well as increased oil and gas exploration activities.

Select License Type


Report accessible by 1 user only

In case you require a hard copy, there will be an additional charge of $500. Please email us at info@fatposglobal.com with your request

Call us

Research Assistance

US : +1 (716) 218-3733
UK : +44 (208) 1235555

Select License Type


Report accessible by 1 user only

Sample Request

Client Testimonials