Oil and Gas Pumps Market size is valued at USD 7,012.3 Million in 2021 and is expected to grow at a significant CAGR of 5.3% during the forecast period 2022 to 2028. The global market provides a detailed overview of Oil and Gas Pumps Market and that can be segmented by Product Type, Pump Type, and Application. By product type, the oil and gas pumps market has been segmented into Submersible Pumps, Non-submersible Pumps. The submersible pumps segment is likely to be the largest and fastest-growing segment in terms of type. Based on pump type oil and gas pumps market is segmented into Centrifugal Pump, Positive Displacement Pump, and Cryogenic Pump. Among these, the centrifugal pump segment is expected to have the fastest-growing market during the forecast period 2022-2028. Based on application, oil and gas pumps market is segmented into Upstream, Midstream, and Downstream. The upstream segment accounts for the largest share in 2021. Midstream is the second-largest share during the forecast period 2021-2028 according to Precision Business Insights.
In September 2020, Alfa Laval won a contract to supply Framo pumping systems for two FPSO (Floating Production, Storage and Offloading) vessels to operate outside the coast of Brazil. The orders have a total value of approximately USD 16.5 million (SEK 155 million), with deliveries scheduled for 2021. The two orders comprise marine pumping systems for firewater and seawater lift service.