Albany - NY, Oct. 20, 2015 (GLOBE NEWSWIRE) -- The global oil and gas industry is the backbone of some of the most important industries in the world, take for instance fuel and power generation. The mounting global demand for oil and gas has led to several new exploration and production projects. The added transport and refinement processes needed to complement the rising volumes of oil and gas are expected to fuel the global pumps and valves market.
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All the operations in oil and gas industry are segmented into three broad sectors: upstream, downstream, and exploration. Exploration activities however, are usually considered a part of upstream processes. The upstream sector includes activities such as searching for potential oil and gas fields, drilling of oil and gas wells, and operating the wells for recovering and bringing crude oil and/or unprocessed natural gas to the surface.
The downstream sector includes activities such as refining, processing, storing, and distributing treated and/or untreated products. The downstream sector serves consumers with thousands of products such as diesel, gasoline, lubricants, plastic, rubber, asphalt, jet fuel, etc.
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Popular Varieties of Pumps and Valves Employed in Oil and Gas Industry
A wide variety of pumps and valves form a critical part of these systems, making the processes of storing, marketing, and transporting raw, intermediate, and final oil and gas products safe and economical. Pumps are the machines used for moving fluids with the help of mechanical force. Valves are the devices that control and direct the flow of fluids running through pipes.
The oil and gas industry uses two major types of pumps: centrifugal pumps and positive displacement pumps. Types of valves mainly used in the oil and gas industry include varieties such as ball valve, needle valve, gate valve, and check valve.
The rising awareness about the functional and economic benefits of positive displacement pumps is steadily shifting customers away from centrifugal pumps. It has being projected that positive displacement pumps will prove indispensible in enhanced oil and gas recovery mechanisms such as hydraulic fracturing in the coming years. As a result, the market for positive displacement pumps will expand significantly in the near future.
The market for valves is expected to benefit from the rising adoption of artificial lifts for economical production of oil from oil wells as well as the numerous research activities aiding the development of more efficient and reliable valves.
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