Technavio has been monitoring the pumps market for oil and gas industry and it is poised to grow by US$2.23 billion during 2020 - 2024, progressing at a CAGR of almost 4% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19.
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period.
Danfoss AS, Enerpac Tool Group Corp., Flowserve Corp., General Electric Co., Grundfos Holding AS, Ingersoll Rand Co., ITT Inc., Robert Bosch GmbH, Sulzer Management Ltd., and The Weir Group Plc are some of the major market participants.
To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The growing need for energy-efficient pumps has been instrumental in driving the growth of the market.
Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customised report will also help clients keep up with new product launches in direct and indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.
This study identifies the development of 3D-printed impellers as one of the prime reasons driving the pumps market for oil and gas industry growth during the next few years.
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Read the article online at: https://www.worldpipelines.com/business-news/10062020/new-report-on-covid-19-impact-on-pumps-market/