Oil & gas pumps are used in process of extracting oil and gas resources, in processing or in delivering as per the requirement. The centrifugal pump is the most common type of pump used in the oil & gas industry. Other types of oil & gas pumps including positive displacement pumps, petrochemical pumps, oil transfer pumps, etc., are also finding large application in the oil and gas industry.
Stringent Emission Regulations on Oil & Gas to Remain Longstanding Challenge
With the rise in global emission levels, governments across various countries are introducing strict emission regulations in the oil & gas industry. The oil and natural gas industry is the largest source of methane and other volatile organic compounds (VOCs). The worldwide dependency on oil & gas is higher, especially for transportation and energy, this is resulting in the increase in emission levels due to oil and gas production. Hence, to meet the emission standards, companies are focusing on using renewable sources of energy including solar and wind energy.
With the reduction in gas flaring, the World Bank Group has also introduced the Global Gas Flaring Reduction Partnership, including majority of the companies trying to set flaring targets to eliminate emission of harmful chemicals.
Meanwhile, Canada has also introduced first-ever carbon emission regulation for the oil & gas companies. The regulation forces oil and gas companies in Canada to monitor methane leaks and also require high-emitting equipment such as compressor and oil & gas pumps to be replaced with zero or low-emitting alternatives.
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In Europe, the oil and gas companies are under constant pressure by the government to reduce downstream and upstream CO2 emissions in the coming years. Moreover, the gas industry in the EU is promoting and implementing measures and good practices to reduce methane emissions.
Centrifugal Pumps Witness Extensive Demand in Oil & Gas Industry
Centrifugal pumps are widely used across oil and gas industry worldwide. The demand for electric submersible pumps is growing especially as the water and oil separator. With the increasing demand for crude oil across various countries, centrifugal pumps are finding wide application in the crude oil transportation.
Oil & gas pump manufacturers are focusing on modifying the centrifugal pumps to improve performance and save significant amount of energy. Centrifugal pumps are also finding large application in Australia’s oil and gas industry. Gas is generally dehydrated before transporting it via high-pressure gas pipelines. Hence, this process involves the use of centrifugal pumps to recycle and separate glycol.
On account of increasing use of oil in fuels and other consumer goods, the demand for oil is likely to grow in the foreseeable future and this is expected to result in a dramatic increase in oil prices. This, in turn, is likely to increase demand for centrifugal pumps used widely in upstream activities.
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The range of specialized centrifugal and high-speed centrifugal pumps are gaining popularity in LNG plants. The centrifugal pump design optimization with advanced technology to improve head and efficiency is also one of the key focus areas of manufacturers in the oil & gas pumps market.