Reciprocating pumps market is projected to witness a significant growth. The market growth is being influenced by rising demand for oil and gas worldwide, especially in the petrochemical industry. The growing oil and gas demand is creating substantial opportunities for a range of industrial goods, including reciprocating pumps.
Reciprocating pumps are also being deployed for pumping fluid in wells at high pressure for fracking process and to transfer extracted oil and gas to the processing facility.
The demand for reciprocating pumps is likely to grow significantly in the APEJ region, with total sales expected to surpass US$ 1,000 million by the end of 2018. China and India are among the most attractive markets for reciprocating pumps in APEJ, according to a latest report by Fact.MR .
Reciprocating pump sales in APEJ are likely to benefit from macroeconomic trends, notably growing investment in energy generation. The Government of India is adopting several policies to meet the increasing demand for oil and gas in the country. The gas pipeline infrastructure is also growing with the rise in manufacturing units and facilities in India. With the government allowing 100% FDI in natural gas, refineries, and petroleum products, foreign investors have started investing in refineries and petrochemicals projects in India.
Growing emphasis on developing unconventional resources in the US and Canada is driving the demand for oil and gas pumps including reciprocating pumps in North America.
The demand for plunger pumps is increasing in oilfield applications, especially, in petroleum transfer operations, in secondary and tertiary injection wells, and at refineries.