Asia-Pacific Emerges as Major Oil & Gas Player in 2018

Global demand for the oil and gas pumps market surpassed 9 million units by the end of 2018, according to a report published late last year by Fact.MR. Rising demand for oil and gas is resulting in the growing demand for equipment such as oil and gas pumps. End users in oil and gas industries are demanding efficient oil and gas pumps to ensure smooth operation and meet stringent emission standards, Fact.MR reported. Users of oil and gas pumps are using centrifugal pumps on a large scale. The demand for centrifugal pumps is healthy in the upstream oil and gas industry as part of multiphase pumping application, according to the report. The demand for submersible pumps is also likely to grow in the near future, Fact.MR reported. Electric submersible pumps are being used on a large scale as water and oil separators. Centrifugal pumps are also expected to witness increasing demand for crude oil transportation. According to the report, manufacturers in the oil and gas pumps market are focusing on pump modification to save significant amount of energy and improve performance. Projects Around the World Fact.MR reports that the onshore oil and gas pumps are likely to witness a rapid growth in the coming years. Demand for onshore oil and gas pumps was expected to exceed 4.8 million units in 2018. With rise in energy demand from various sectors and growth in the transportation industry, many countries, especially in the Asia-Pacific region, are moving toward development of new oil and gas projects. India, China and Indonesia are expected to significantly contribute to the growth of the oil and gas industry in the region. With the signs of recovery in oil prices, many state-owned oil companies in Asia-Pacific are spending on onshore oil and gas production to ensure energy security. Upgrading existing onshore oil and gas facilities and developing new facilities is also accelerating in Southeast Asia. In recent years, regulation in the United Kingdom has removed legal hurdles in the development of onshore petroleum resources. In terms of gas transportation by the onshore gas producers in the U.K., the government has removed the requirement to hold a gas transporter license, and a class exemption has been introduced to cover all types of onshore gas production. MEA To Continue Dominance, Followed by APAC Fact.MR’s market study estimated that the Middle East and Africa was the most lucrative market for the oil and gas pumps market, with demand surpassing 3 million units at 2018 end. UAE, Qatar and Saudi Arabia emerged as the major natural gas producing countries. Major oil and gas companies in Middle East are focusing on increasing oil and gas production to meet the growing demand. Middle East and North Africa are expected to emerge as the global suppliers of oil and gas. Moreover, gas is likely to surpass oil as the largest energy source in the near future. The leading oil and gas companies in the region are also focusing on using advanced technologies and equipment to ensure faster and cost-effective oil and gas production. In the Asia-Pacific region, China, India, Malaysia and Indonesia are expected to witness significant growth in the oil and natural gas projects.