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Oil & Gas Pumps Market is expected to grow at a rapid pace, reaching USD 10.80 billion by 2028
The market for oil and gas pumps is anticipated to grow from an estimated USD 6.6 billion in 2020 to USD 10.80 billion in 2028, at a CAGR of 6.4%.
The global economy depends heavily on the oil and gas sector. In addition to producing the bulk of the world’s main energy, the oil and gas sector also contributes significantly as a provider of raw materials for chemical products such as medicines, cleaners, fertilisers, insecticides, and plastics. Pumps are crucial for the oil and gas sector’s dependable and stable functioning. Pumping that is efficient lowers operating expenses and boosts revenue. Pumps play a crucial role in the oil and gas sector. In a variety of settings, including inside oil drilling rigs and refineries, they are used to remove oil. They are employed for steam stripping, chemical transfers, gasoline transfers, and injection activities. Pumps made expressly for the oil and gas industry are essential to its operation.
From oil and gas exploration to refining, pumps are needed at every stage of the oil and gas business. Each stage uses a different type of pump. The failure of traditional pumping systems has led to a rise in the use of smart pumping. The use of sensors to monitor and manage pump performance has improved pump performance. Modern pumping systems integrate burgeoning IOT technology. Both the capital and operating expenses of pumping have decreased thanks to new pumping technologies including multi-phase pumping and separation.
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