Oil and gas pumps are used extensively in the process of extracting oil and gas resources, either in processing or in delivering depending on the requirement. The most common type of pump used in oil & gas industry is the centrifugal pump and other variants of oils & gas pumps are petrochemical pumps, positive displacement pumps, and oil transfer pumps, among others. These type of pumps are also being used heavily in the oil and gas industry.
Strict Emission Regulations on Oil & Gas Poses as a Challenge
With an increase in global emission levels, governments from different nations are introducing stringent emission regulations in oil & gas industry. Oil & natural gas industry is the biggest source of methane & other volatile organic compounds. Reliance on oil & gas is relatively higher globally, mainly in the energy and transportation industry, this is leading to increase in discharge levels due to oil & gas production. Therefore, to address the emission standards, firms are concentrating on using renewable sources of energy that includes wind & solar energy.
Canada has launched first-ever carbon emission policy for oil & gas firms. This regulation prompts oil & gas firms in the country to control methane leaks & also demands high-emitting equipment like a compressor and oil & gas pumps to be substituted with zero or less-emitting alternatives.
Increased Investment in Innovation
The method of advancement in oil & gas industry is being driven by oil & gas pumps combined with new technology. Oil & gas pumps key players are concentrating on introducing Industrial Internet of Things (IIoT) integrated smart oil & gas pumps that includes data collection device, analysis/monitoring software, and sensors.
Moreover, key players are combining several types of sensors that include chemical sensors, magnetic sensors, temperature sensors, and gas sensors in oil & gas pumps to offer innovative monitoring system.
Oil and Gas Pumps Market: Summary of the Report
The market for oil and gas pumps is studied in a detailed manner to provide detailed predicted information about the oil and gas pumps market for the period 2018-2028. This study is a detailed collection of complete overview of oil and gas pumps market and studies the market on the basis of macro & micro-economic determinants, market dynamics that generate market growth, & offering insights on other essential factors that guide potential opportunities of the market trajectory.
Primary aim of the study is to provide clients with sufficient competitive advantages & proposals on restrictions faced by manufacturers to enter the market, depending on which potential new companies and established firms can drive profitable investment discretion. To help the clients in comprehending the research, report is methodically divided into various segments.
Oil and Gas Pumps Market: Competitive Landscape
This segment of study provides exhaustive data on leading firms existing in oil and gas pumps industry. Complete overview of every single of the mentioned firms complete with comprehensive information of their respective SWOT analysis combined with detailed study of their product portfolio, contribution to the market and recent advancements have been discussed to help clients in comprehending the level of competition in the market.
Request sample Report- https://www.factmr.com/connectus/sample?flag=S&rep_id=2435