Oil and Gas Pumps Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented, By Pump Type (Centrifugal Pumps, Positive Displacement Pumps, and Others), By Application (Upstream, Midstream, and Downstream), By Region, By Competition, 2021-2031F

Forecast Period	2027-2031
Market Size (2025)	USD 8.69 Billion
CAGR (2026-2031)	3.82%
Fastest Growing Segment	Positive Displacement Pumps
Largest Market	Middle East & Africa
Market Size (2031)	USD 10.88 Billion

Market Overview

The Global Oil and Gas Pumps Market will grow from USD 8.69 Billion in 2025 to USD 10.88 Billion by 2031 at a 3.82% CAGR. Oil and gas pumps are specialized mechanical devices engineered to transfer fluids and gases during the extraction, processing, and transportation phases of the hydrocarbon industry. The market is primarily propelled by escalating global energy demand which necessitates intensified exploration and production activities in both onshore and offshore fields. Furthermore, the expansion of midstream pipeline infrastructure and the revitalization of aging oilfields through enhanced oil recovery techniques are substantial factors supporting industry growth. According to the 'Organization of the Petroleum Exporting Countries', in '2025', global oil demand growth was forecast at 1.3 million barrels per day, underscoring the robust operational requirements that drive equipment procurement.

Despite these positive indicators, a significant challenge impeding market expansion is the volatility of crude oil prices which directly influences capital expenditure decisions. Fluctuations in valuation often cause operators to reduce spending on new equipment or delay major infrastructure projects, thereby creating uncertainty for manufacturers and stalling necessary upgrades to existing facilities.

Key Market Drivers

The resurgence of deepwater and ultra-deepwater offshore exploration projects stands as a primary catalyst for market acceleration, necessitating the deployment of high-pressure and corrosion-resistant pumping solutions. As easily accessible onshore reserves deplete, major operators are redirecting capital toward submerged frontiers that require complex subsea boosting systems and multiphase pumps to manage extraction in harsh environments. This shift is quantitatively supported by the industry's financial commitment; according to SLB, April 2024, in the 'First-Quarter 2024 Results', the company expects over $100 billion in global offshore final investment decisions across 2024 and 2025. Such substantial capital allocation directly correlates with increased procurement of specialized equipment to maintain flow assurance and operational efficiency in deep-sea reservoirs.

Concurrently, the growth in liquefied natural gas (LNG) transport and regasification terminals is reshaping the sector, driven by the global energy transition's reliance on gas as a bridge fuel. This expansion fuels demand for cryogenic pumps capable of handling liquefied gas at extremely low temperatures during loading, offloading, and regasification processes. According to Shell, February 2024, in the 'LNG Outlook 2024', global demand for liquefied natural gas is estimated to rise by more than 50% by 2040, creating a sustained requirement for infrastructure-critical pumping technology. Broader market confidence underpins these specific drivers, as evidenced by the overall investment climate; according to the International Energy Forum, in 2024, annual upstream capital expenditures were expected to surpass $600 billion, signaling a robust trajectory for equipment manufacturers catering to both traditional and transitional energy applications.

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Key Market Challenges

The volatility of crude oil prices constitutes a significant impediment to the growth of the Global Oil and Gas Pumps Market. When market valuations fluctuate unpredictably, operators in the upstream and midstream sectors frequently resort to strict capital discipline, delaying or cancelling large-scale infrastructure projects. This financial caution directly reduces the demand for pumping systems which are essential for extraction, transport, and refining processes. Consequently, manufacturers of these specialized devices face uncertain order pipelines and diminished revenue opportunities as their clients prioritize balance sheet stability over equipment upgrades.

This trend of reduced spending is evident in recent industry data. According to the 'International Energy Agency', in '2025', global upstream oil investment was forecast to fall by 6%, representing the first annual decline in spending since the 2020 downturn. This contraction in capital expenditure limits the funds available for procuring new heavy machinery, directly stalling market momentum. As energy companies scale back their operational budgets to mitigate price risks, the immediate requirement for new oil and gas pumps declines, thereby hampering overall market expansion.

Key Market Trends

The adoption of AI-driven predictive maintenance algorithms is fundamentally altering the Global Oil and Gas Pumps Market by shifting operational strategies from reactive repairs to proactive asset management. Operators are increasingly deploying sensor-equipped pumps that utilize machine learning to analyze vibration, temperature, and flow data in real-time, thereby predicting failures before they occur and optimizing operational uptime. This digital transformation is rapidly monetizing value for technology providers as companies prioritize software-defined efficiency; for instance, according to Egypt Oil & Gas, January 2025, in the 'SLB Achieves $36.29B in Revenues in 2024' article, SLB saw its digital revenue surge by 20% year-on-year to reach $2.44 billion, highlighting the aggressive industry spending on intelligent, data-centric asset solutions.

Simultaneously, the transition to electrified pumping systems is gaining momentum as energy companies strive to decarbonize upstream activities and meet stringent environmental, social, and governance (ESG) targets. This trend involves replacing traditional diesel-driven pumps with high-horsepower electric units that utilize grid power or on-site microgrids, significantly reducing carbon footprints and fuel costs during intensive fracturing or transfer operations. Illustrating this shift, according to VoltaGrid, December 2024, in the 'Diamondback Energy, Halliburton, and VoltaGrid Sign Agreement for Four Electric Simul-Frac Fleets in the Permian Basin' press release, the companies committed to a project delivering approximately 200 megawatts of electric power to support the deployment of advanced electric fracturing pump fleets, underscoring the scale of investment in low-carbon infrastructure.

Segmental Insights

The Positive Displacement Pumps segment is projected to experience the most rapid growth within the Global Oil and Gas Pumps Market due to the increasing exploration of unconventional reserves. As the industry targets heavy crude and shale formations, operators require equipment capable of handling high viscosity fluids and maintaining flow stability at elevated pressures. These pumps provide essential efficiency for such rigorous applications, including hydraulic fracturing and enhanced oil recovery. This specific ability to manage challenging fluid properties ensures their continued demand across expanding upstream projects globally.

Regional Insights

The Middle East and Africa region commands the leading position in the global oil and gas pumps market due to its extensive petroleum reserves and high production volumes. Member nations of the Organization of the Petroleum Exporting Countries drive consistent demand through significant investments in upstream extraction and downstream refining infrastructure. This continuous development necessitates the deployment of industrial pumps for essential exploration, transportation, and processing activities. Additionally, national oil companies are actively expanding their processing capabilities to maximize resource utilization, which further sustains the requirement for pumping systems throughout the region.

Recent Developments

• In December 2025, Baker Hughes announced that it had received a major multi-year award from the Kuwait Oil Company to provide advanced artificial lift systems for oil and gas fields in Kuwait. Under the terms of the agreement, the company will supply its portfolio of electrical submersible pumps (ESPs) along with comprehensive installation, surveillance, and maintenance services. To enhance operational reliability and reduce non-productive time, the deployed systems will be integrated with the company's FusionPro intelligent production drive and Leucipa automated field production solution. This contract reinforces the company's long-standing relationship with the Kuwaiti energy sector and its focus on optimizing production efficiency.
• In January 2025, Flowserve Corporation was awarded a significant contract to supply dry gas seals and systems to the Abu Dhabi National Oil Company (ADNOC) for a major carbon capture project. This initiative, undertaken in collaboration with Celeros Flow Technology, involves the development of high-pressure injection packages designed to capture and store approximately 1.5 million tons of carbon dioxide annually. The project will be integrated into ADNOC’s Habshan gas plant and aims to pioneer the market's first continuous supercritical CO2 pump injection services for enhanced oil recovery. This development underscores the company's commitment to supporting decarbonization efforts within the energy sector through advanced flow control solutions.
• In June 2024, Sulzer Flow Equipment was selected by TechnipFMC to collaborate on the development of new subsea CO2 pump solutions for Petrobras’ innovative HISEP technology. This high-pressure separation technology enables the separation of CO2-rich natural gas from oil directly at the seabed, which can then be reinjected into the reservoir to boost efficiency and reduce emissions. As part of this partnership, the company is supplying three customized 6 MW high-pressure centrifugal pumps for a pilot project in the Brazilian pre-salt oil region. The pumps are designed to operate 2,000 meters underwater, demonstrating the company's capability to deliver specialized equipment for complex offshore environments.
• In March 2024, ITT Inc. announced an investment of approximately $11 million to expand the pump testing capabilities at its Industrial Process sites in Germany, India, and Saudi Arabia. This strategic move was designed to increase power capacity for testing pumps, motors, and control systems, enabling the company to locally validate larger and more complex pump packages. The expansion at the Obernkirchen facility in Germany specifically focuses on replicating field conditions for multiphase fluid testing, targeting pump packages used in global carbon capture and decarbonization applications. These upgrades aim to support the growing demand for large-scale flow projects in the energy and industrial sectors.

Key Market Players

• Atlas Copco AB
• Flowserve Corporation
• Sulzer Ltd
• Nikkiso Co., Ltd.
• ITT INC.
• Tsurumi Manufacturing Co., Ltd.
• Halliburton Energy Services, Inc.
• Baker Hughes Company
• Gorman-Rupp Company
• Ebara Corporation

By Pump Type	By Application	By Region
Centrifugal Pumps Positive Displacement Pumps Others	Upstream Midstream Downstream	North America Europe Asia Pacific South America Middle East & Africa

Report Scope:

In this report, the Global Oil and Gas Pumps Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Oil and Gas Pumps Market, By Pump Type:

• Centrifugal Pumps
• Positive Displacement Pumps
• Others

• Oil and Gas Pumps Market, By Application:

• Upstream
• Midstream
• Downstream

• Oil and Gas Pumps Market, By Region:

• North America
• United States
• Canada
• Mexico
• Europe
• France
• United Kingdom
• Italy
• Germany
• Spain
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• South America
• Brazil
• Argentina
• Colombia
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE