Oil & Gas Pumps Market Size & Outlook, 2026-2034

Oil & Gas Pumps Market Overview

The global oil & gas pumps market size was valued at USD 9.17 billion in 2025 and is estimated to reach USD 14.15 billion by 2034, growing at a CAGR of 5.07% during the forecast period (2026–2034). The market is driven by rising energy demand, expanding upstream and downstream operations, increasing crude oil and natural gas production, and ongoing infrastructure investments. Technological advancements and the need for efficient, reliable pumping systems further boost market growth.

Key Market Trends & Insights

• Asia-Pacific held the largest market share, over 35% of the global market.
• The Middle East and Africa are the fastest-growing regions, with a CAGR of 6.27%.
• By Pump Type, the centrifugal pumps segment held the highest market share of over 60%.
• By Applications, the midstream segment is expected to witness the fastest CAGR of 5.58%.
• By End-User, the oil & gas industry segment held the highest market share of over 60%.
• China’s oil & gas pumps market was valued at USD 1.75 billion in 2024 and reached USD 1.83 billion in 2025.

Graph: China’s Market Revenue Forecast (2023 – 2034)

Source: Straits Research

Market Size & Forecast

• 2025 Market Size: USD 9.17 billion
• 2034 Projected Market Size: USD 14.15 billion
• CAGR (2026-2034): 07%
• Asia-Pacific: Largest market
• The Middle East and Africa: Fastest-growing region

Oil & gas pumps are specialized mechanical devices designed to transport crude oil, natural gas, and refined petroleum products across various stages of production, processing, and distribution. They are widely used in upstream exploration, midstream transportation pipelines, and downstream refining and petrochemical operations. These pumps include centrifugal, positive displacement, and sealless types, catering to diverse pressure, flow, and fluid-handling requirements. Their applications ensure operational efficiency, safety, and reliability in challenging environments such as offshore rigs, refineries, and storage facilities.

The market is expanding due to increasing industrialization, rising energy infrastructure investments, and the need for cost-effective, reliable pumping solutions. Growing focus on energy efficiency, environmental compliance, and maintenance optimization presents opportunities for innovation in materials, pump design, and automation. Moreover, aftermarket services, digital integration, and modular pump systems offer significant potential for manufacturers to enhance performance, reduce operational costs, and strengthen long-term client relationships across the sector.

Latest Market Trends

Shift toward electric submersible pumps (ESPs) in deepwater and shale drilling

The market is witnessing a rapid shift toward electric submersible pumps (ESPs) as producers aim to enhance extraction efficiency in challenging reservoirs. ESPs offer high lifting capacity, stable flow rates, and superior performance in extreme underground conditions, making them ideal for deepwater and unconventional shale formations where traditional methods struggle.

This transition is driven by the need to maximize output from mature wells and reduce operational costs across high-pressure environments. ESPs also support automation and remote monitoring technologies, enabling predictive maintenance and extended equipment life. As exploration expands into ultra-deepwater fields, ESP adoption is expected to push significantly.

Growing upstream exploration and production (E&P) activities

Growing upstream E&P activities are significantly shaping the demand for oil and gas pumps worldwide. As energy companies expand drilling operations into deepwater, offshore, and unconventional shale reserves, the need for high-performance pumping solutions continues to rise. Pumps are essential for maintaining pressure, transporting extracted fluids, and supporting artificial lift systems in complex drilling environments.

As per Straits Research, increasing investments in upstream development, particularly in regions such as the Middle East, North America, and West Africa, are expected to drive the steady adoption of technologically advanced pumps. These include high-pressure, corrosion-resistant, and automated solutions designed to improve production output and reduce operational downtime.

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Market Drivers

Rising Global Demand for Crude Oil and Natural Gas

The oil & gas pumps market continues to grow steadily as the demand for crude oil and natural gas remains strong worldwide. Increasing energy consumption across industrial, commercial, and residential sectors is driving continuous exploration, production, and transportation activities, which in turn boost the need for efficient pumping systems across upstream, midstream, and downstream operations.

• For instance, in 2025, International Energy Agency (IEA) data show global liquid fuel demand, including crude oil, is increasing again after earlier slowdowns. During the third quarter of 2025, demand growth rebounded to about 920,000 barrels/day year-on-year, largely driven by consumption in key markets such as Asia and the United States.

This sustained demand reinforces ongoing pipeline expansions, refinery modernization initiatives, and enhanced oil recovery projects, collectively strengthening market growth.

Market Restraints

Environmental Regulations and Sustainability Pressures

Stringent environmental regulations and rising sustainability expectations are increasingly restraining the growth of the global oil and gas pumps market. Governments worldwide are imposing stricter rules on emissions, wastewater disposal, and energy consumption, compelling companies to adopt cleaner technologies and limit drilling activities.

This regulatory pressure often delays project approvals and increases compliance costs for oil producers. Moreover, the accelerating shift toward renewable energy sources is reducing long-term investment confidence in fossil fuel infrastructure, impacting demand for conventional pumping systems and slowing overall market expansion.

Market Opportunities

Technological Upgrades, Including Ai-based Real-time Monitoring and Remote Diagnostics

The oil & gas pumps market is witnessing significant opportunities fueled by rapid technological advancements, particularly in digitalization, automation, and artificial intelligence. Oilfield operators are increasingly shifting toward smart pumping solutions that integrate real-time monitoring, remote diagnostics, and predictive analytics to optimize asset performance and minimize costly equipment failures.

• In 2025, Jereh, an oilfield-services equipment provider, introduced its AI·R FRAC solution, a fully integrated AI-driven fracturing platform that combines real-time monitoring, predictive maintenance modules, automated control, and remote diagnostics. It achieved an impressive around 97.8% in predicting pump failures and 100% in detecting anomalies under high-pressure operating environments.

Such breakthroughs demonstrate how digital technology is transforming pump operations, enabling higher efficiency, improved safety, and reduced downtime, ultimately unlocking substantial value for oil & gas companies.

Regional Analysis

The Asia-Pacific oil & gas pumps market is dominant with a market share of over 35%, driven by expanding upstream exploration, rising offshore investments, and growing refinery capacity additions. The industry is witnessing a shift toward energy security and infrastructure expansion, resulting in increased demand for advanced pumping technologies that enhance operational efficiency, safety, and reliability. Companies are investing in digital monitoring systems, corrosion-resistant materials, and energy-efficient pumping solutions to support long-term sustainability goals. Moreover, the increasing number of pipeline projects, LNG terminal development, and industrial modernization further strengthen the regional market outlook, positioning the Asia-Pacific as the key revenue generator.

China’s oil & gas pumps market is experiencing strong growth, supported by companies such as Sinopec, CNPC, and Shenyang Pump Co., which are working on large pipeline expansions and refinery upgrades. Local manufacturers are increasingly developing technologically advanced pumps with improved corrosion-resistant alloys and digital diagnostics to reduce downtime and maintenance costs.

India’s oil & gas pumps market is growing steadily, with companies like Kirloskar Brothers Limited, Flowserve India, and Shakti Pumps focusing on energy-efficient pump technologies for upstream and midstream applications. These firms are working on expanding product portfolios, including API-certified centrifugal pumps, multistage pipeline pumps, and high-pressure systems built for harsh operational environments.

Middle East and Africa Market Insights

The Middle East and Africa oil & gas pumps market is the fastest growing with a CAGR of 6.27%, supported by expanding offshore drilling, refinery development, and large-scale oilfield modernization programs. Strong government investment in enhancing production capacity and diversifying energy operations is elevating demand for technologically advanced oil & gas pump systems. The market is shifting toward high-efficiency pumps, predictive maintenance technologies, and equipment solutions optimized for extreme climatic and fluid conditions. Moreover, collaboration between regional producers and global OEMs is strengthening supply chains and enabling faster adoption of automated pumping systems across upstream, midstream, and downstream segments.

Saudi Arabia’s market is witnessing strong activity from companies such as Saudi Aramco, Sulzer Saudi Arabia, and Grundfos, focusing on high-performance pump systems for refinery expansion and enhanced oil recovery projects. These players are investing in digital monitoring and smart pumping solutions to increase asset reliability and reduce operational downtimes.

South Africa’s market growth is supported by companies like Weir Minerals Africa, Sulzer South Africa, and Grundfos working on customized pump solutions for petrochemical processing and fuel distribution networks. These firms are enhancing their product capabilities with wear-resistant materials, modular pump designs, and service-based maintenance programs.

Regional Market Share, 2025

Source: Straits Research

North America Market Insights

North America’s oil & gas pumps market is witnessing steady growth, driven by rising investments in shale production, the expansion of midstream pipeline networks, and the modernization of refineries. The region is shifting toward digitally integrated pump systems and energy-efficient equipment designed to support long-duration extraction and transportation. Adoption of IoT-enabled monitoring, predictive maintenance, and automated control systems is reshaping operational reliability and safety standards. Increasing offshore exploration in deepwater basins and upgrades to aging oil infrastructure are further driving demand for equipment across upstream, midstream, and downstream operations.

The United States oil & gas pumps market is led by companies such as Flowserve Corporation, Xylem, and Schlumberger, focusing on advanced pump technologies for shale reservoirs and LNG infrastructure projects. These firms are developing high-performance centrifugal and reciprocating pumps with real-time performance tracking to increase production efficiency and reduce energy consumption.

Europe Market Insights

Europe’s oil & gas pumps market is driven by increasing investments in offshore exploration activities, particularly in the North Sea basin, and the transition toward low-carbon energy solutions. The region is adopting pumps with enhanced energy efficiency, corrosion resistance, and digital integration to meet strict sustainability and emission-reduction targets. Refinery modernization and the development of LNG terminals to strengthen energy security are promoting the demand for advanced pumping systems. As per Straits Research, the rising technological collaborations and retrofitting initiatives are further supporting market acceleration across the region.

Norway’s market benefits from activity by companies such as Aker Solutions, Baker Hughes, and Sulzer, which focus on subsea and offshore pumping solutions for deepwater operations. These companies are working on electrically driven multiphase pumps and high-pressure offshore systems that enhance recovery and reduce operational footprint.

Latin America Market Insights

The Latin American oil & gas pumps market is accelerating as offshore discoveries and deep-water developments attract substantial investment. The region is seeing growth in demand for robust, corrosion-resistant pumps, multiphase boosting systems, and remote-compatible pumping units tailored for FPSOs and subsea operations. Expanding refinery upgrades and midstream pipeline enhancements are driving procurement of high-capacity centrifugal and API-certified pumps. Moreover, integration of digital monitoring and reliability-centered maintenance tools is improving uptime across aging and new fields alike, reinforcing Latin America’s emergence as a critical growth hub.

Brazil’s market is supported by companies such as Petrobras, Weir Group, and Grundfos, focusing on multiphase pumps and deepwater boosting technologies for pre-salt basin developments. These players are investing in reliability-focused pump designs and integrated control systems that support remote monitoring across offshore platforms.

Pump Type Insights

Centrifugal pumps hold a dominant position in the market with over 60% share, widely utilized for fluid transfer across upstream, midstream, and downstream activities. Their ability to handle large flow volumes with consistent pressure, low maintenance needs, and suitability for harsh operating environments strengthens adoption. Extensive deployment in refineries, pipeline networks, and offshore platforms sustains centrifugal pumps as the primary pumping solution supporting global oil and gas infrastructure.

Positive displacement pumps represent the fastest-growing segment, projected to expand at a CAGR of 5.46% due to their efficiency in handling high-viscosity fluids and maintaining constant flow regardless of pressure variations. The increasing deployment of enhanced oil recovery, chemical injection, and unconventional resource development drives demand. Their precision performance in offshore and shale fields positions them as essential technology supporting production optimization and cost-efficient extraction operations.

Segmentation by Pump Type in 2025 (%)

Source: Straits Research

Applications Insights

Upstream operations dominate the market, capturing over 40% share as advanced pumping systems are vital for drilling, extraction, well stimulation, and reservoir pressure maintenance. Growing investments in deepwater and ultra-deepwater projects strengthen pump utilization. Technological upgrades supporting higher efficiency and durability ensure continuous reliance on pump systems, reinforcing upstream as the core application segment driving stable long-term consumption across global oil and gas value chains.

The midstream segment is the fastest growing, expanding at a CAGR of 5.58%, driven by rising global crude oil and natural gas transportation requirements. Pumping systems play a critical role in pipeline boosting, storage logistics, and LNG transfer. Increased infrastructure development, cross-border pipeline expansion, and energy security initiatives accelerate demand. Midstream growth is further supported by the modernization of transmission networks and investments aimed at pipeline capacity enhancement.

End-User Insights

The oil and gas industry leads the market with over 60% share, relying extensively on high-performance pump systems for extraction, refining, distribution, and processing operations. From wellbore pressure control to petrochemical feedstock transfer, pumps ensure reliable operational continuity. Rising production activities and facility expansions across the Middle East, North America, and offshore basins sustain pump demand, reinforcing the industry’s long-standing dominance in overall market consumption.

The chemical industry is the fastest-growing end-user segment, advancing at a CAGR of 5.80%, driven by rising demand for precise fluid handling, metering, and transfer of corrosive chemicals. Pumping technologies supporting high accuracy, contamination prevention, and energy efficiency enable strong adoption across specialty chemicals, fertilizers, and polymer manufacturing. Moreover, capacity expansion in the Asia-Pacific and increased global output of industrial chemicals fuel rapid growth within this segment.

Company Market Share

Leading pump manufacturers are focusing on smart, IoT‑enabled, and energy‑efficient pump systems, remote monitoring, and predictive‑maintenance solutions to meet growing demand across upstream, midstream, and downstream operations. Some firms are expanding their footprint through aftermarket service contracts and comprehensive maintenance packages rather than just equipment sales. Meanwhile, aggressive R&D in high‑pressure, cryogenic, and sealless pump technologies is allowing certain players to outperform competitors.

KSB Group

KSB Group was established in 1871 in Frankenthal, Germany, as a pump and valve manufacturing company. Over the years, it has grown into a global leader in pumps, valves, and related systems, serving industries such as oil & gas, water, energy, and chemical sectors. KSB is known for its innovative, energy-efficient solutions and extensive service network, providing high-performance pumping systems worldwide while emphasizing reliability, sustainability, and advanced engineering technologies.

List of key players in Oil & Gas Pumps Market

1. Flowserve Corporation
2. Sulzer Ltd.
3. KSB Group
4. Grundfos
5. Weir Group
6. Ebara Corporation
7. Baker Hughes
8. Schlumberger
9. NOV Inc.
10. Xylem Inc.
11. ITT Inc.
12. Ruhrpumpen
13. SPX FLOW
14. Gardner Denver
15. Pentair
16. Ariel Corporation
17. Kirloskar Brothers
18. Alfa Laval
19. CAT Pumps
20. DXP Enterprises

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Strategic Initiatives

• April 2025 - ITT Goulds Pumps introduced its new 3430 large double‑suction pump line, engineered for demanding industrial and oil & gas applications. The 3430 series delivers enhanced hydraulics, efficiency, and robust performance for high‑capacity pumping needs, representing a significant upgrade in pump technology.
• March 2025 - Flowserve Corporation launched the INNOMAG TB‑MAG Dual Drive Pump. This is described as the world’s first sealless pump with true secondary containment. It uses a magnetic drive and a double‑hermetically sealed design to eliminate leaks and enhance safety and environmental protection.
• January 2025 - Liberty Energy Inc. and Cummins Inc. announced that they will deploy the industry’s first variable-speed, large-displacement natural-gas engine to power Liberty’s digiPrime hydraulic-fracturing platform. The new pump utilizes a 3,000-horsepower Cummins HSK78G gas engine, which offers high thermal efficiency, reduced fuel costs, lower emissions, and up to four times longer overhaul intervals.