POSITIVE DISPLACEMENT PUMPS MARKET ANALYSIS

Market Concentration and Competitive Landscape

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Growing Investments in Oil and Gas Exploration and Production

The oil and gas sector has been witnessing sizable investments over the past few years driven by rising energy demand worldwide coupled with volatility in crude oil prices. Significant capital is being channeled into upstream exploration and production activities aimed at replenishing depleting reserves and boosting existing output. The advent of unconventional oil and gas extraction technologies has opened up massive untapped reserves and revived investments in previously considered mature fields as well.

On the exploration front, oil companies supported by national oil companies are investing heavily into high-risk, deep-water and Arctic exploration projects to discover major new fields. Setting up offshore drilling rigs and platforms in remote ultra-deepwater locations involves deployment of an extensive network of sophisticated pumps for fluid transfer needs. Positive displacement pump varieties including plunger pumps and progressive cavity pumps have become indispensable for offshore drilling operations due to their fuel-efficiency, ability to handle slurries and greater reliability in corrosive marine environments.

For instance, in March 2023, KSB Limited, a prominent supplier of pumps, valves, and systems, acquired proprietary technology from Bharat Pumps and Compressors Ltd. (BP&CL), granting it exclusive ownership and rights to BP&CL's product line technology. This strategic acquisition enables KSB Limited to leverage its strengths and market potential, expanding its product offerings in both new pump systems and aftermarket markets. With this move, KSB Limited aims to enhance its service capabilities and support a wide range of industries, including oil and gas exploration and nuclear power plants, while contributing to the 'Make in India' initiative.