Transparency Market Research has published a new report on the global pumps and valves market for the oil and gas industry. It is forecasted that the market will boom during 2023 because of increasing production of oil and gas. Pumps and valves are very essential for economical and safe operations. Pumps and valves are used in upstream, midstream and downstream operations.
The global pumps and valves market for oil and gas industry can be segmented on the basis of application into onshore and offshore. The pumps and valves used for offshore applications are exposed to harsh conditions such as high temperature and high pressure.
Hence, they should be able to withstand such harsh conditions for safe and reliable operations. Onshore segment is expected to dominate the global pumps and valves market for oil and gas industry due to large number of exploration activities and new pipeline projects are going on for production and transportation of oil and gas.
Moreover, the use of artificial lift for economical production of oil from wells is also boosting the global pumps and valves market. The market is expected to grow during the forecast period owing to these factors.
A large number of planned projects for production and transportation of oil and gas in the coming years provides a great opportunity to the global pumps and valves market for oil and gas industry.