The study opines that the onshore oil & gas pumps are likely to witness a rapid growth in the coming years. Demand for onshore oil & gas exceeded 4,800,000 units in 2018. With rise in energy demand from various sectors and growth in the transportation industry, many countries, especially in Asia Pacific, are moving towards development of new oil & gas projects.
India, China, and Indonesia are expected to significantly contribute to the growth of oil and gas industry in the region.
Upgradation of existing onshore oil and gas facilities and development of new facilities is also accelerating in Southeast Asia.
The oil & gas pumps market is expected to witness sluggish growth, with the demand expected to reach 3.2% CAGR in terms of volume during 2018-2028, according to the Fact.MR report.
