The market for oil refining pumps is expected to reach USD 6.2 billion in 2022 and USD 8.6 billion by 2032, increasing at a CAGR of 3.3% from 2022 to 2032. Manufacturers in the oil and gas sector are concentrating on the innovation and digitalization process, which produces affordable and successful products. New technology-integrated oil refining pumps are becoming more popular in oil refineries.
The demand for oil refining pumps is anticipated to rise by 1.2X in the coming years thanks to smart oil refining pumps based on the Industrial Internet of Things (IIoT), which can gather data from devices, monitor pipe thickness, pressure, and flow rate, have sensors and monitor software, and are energy-efficient.
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Demand for oil is projected to increment by in excess of 110 million b/d in 2022, as indicated by the International Energy Agency’s (Ikea’s) Oil Market Report. The rising power demand and significant dependence on oil in creating economies is bringing about the improvement of petroleum treatment facilities, in this way driving the oil refining pumps sales.
As indicated by the Organization of the Petroleum Exporting Countries (OPEC), the interest for OPEC raw petroleum is assessed to increment by in excess of 40 million b/d before the finish of 2040, which is relied upon to fuel the energy interest. The part nations of OPEC are focused on putting resources into extending petroleum treatment facilities and developing pipelines and terminals.
The demand for submersible pumps which comes under centrifugal pumps, reciprocating pumps and rotary pumps are witnessing 1.3 times demand in the oil industry. This is ascribed to the functions of oil refining pumps used to transfer fluid from one place to another.
Moreover, the incorporation of various types of oil refining pumps in the refining system to serve a specific purpose of purifying and transporting fluids is expected to boost market growth over the forecast period.
Key Takeaways:
- Middle East & Africa (MEA) oil refining pumps market currently holds 32.3% of the global market share.
- Asia-Pacific oil refining pumps market is expected to grow at a CAGR of 3.3% by 2032.
- By product type, centrifugal pumps to dominate the market with holding 36.1% market share.
- Application of oil refining pumps for refinery process holds highest market share.
Growth Drivers:
- Increasing demand for oil is expected to propel the oil refining pumps market growth.
- Rising demand for crude oil globally has resulted in investments in oil refineries, hence stimulating the market forward.
Key Restraints:
- As global emissions levels rise, governments around the world are enacting strict emissions standards in the oil industry. This is hampering the oil refining pumps market.
Competitive Landscape
As there are so many local and regional competitors, the worldwide oil refining pumps market is extremely fragmented and competitive. Key players use a variety of marketing techniques, including mergers & acquisitions, expansions, collaborations, and partnerships.
Leading companies also use new product development as a strategic approach to expand their market presence among consumers. As a result of these tactics, advanced oil refining pumps have been implemented.
- In 2020, Weir Group was awarded a three-year contract to repair and service motors and pumps by a national oil company in the United Arab Emirates.
- In 2020, Alfa Laval received a supply contract to deliver Framo pumping systems for two Floating Production Storage and Offloading (FPSO) vessels operating outside of Brazil’s coast, which includes marine pumping systems for seawater and firewater lift service.
Key Companies Profiled by Fact.MR are:
- Xylem
- Flowserve Corporation
- KSB SE & Co. KGaA
- Weir Group
- Sulzer Ltd.
- GRUNDFOS
- Gardner Denver
- ITT, Inc.
- March Pump
- TechnipFMC
- SPX Flow, Inc.
- Alfa Laval
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More Valuable Insights on Oil Refining Pumps Market
Fact.MR provides an unbiased analysis of the oil refining pumps market, presenting forecast statistics for the period from 2022-2032. The study divulges compelling insights on the global oil refining pumps market with a detailed segmentation on the basis of:
- By Product Type :
- Centrifugal Pumps
- Single Stage
- Multi-Stage
- Axial and Mixed
- Submersible
- Seal less and Circular
- Reciprocating Pumps
- Piston
- Plunger
- Diaphragm
- Rotary Pumps
- Gear
- Vane
- Screw
- Lobe
- Progressive Cavity Pumps
- Piston
- Peristaltic
- Centrifugal Pumps
- By Capacity :
- Small (Up to 500 gpm)
- Medium (500-1,000 gpm)
- High (More than 1,000 gpm)
- By Application :
- Refinery Process Oil Refining Pumps
- Water Circulating Oil Refining Pumps
- Special Purpose Oil Refining Pumps
- Water/Wastewater Oil Refining Pumps
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
Key Questions Covered in Oil Refining Pumps Market Report
- The report offers insight into the oil refining pumps market demand outlook for 2022-2032.
- The market study also highlights projected sales growth for oil refining pumps market between 2022 and 2032.
- Oil refining pumps market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry.
- Oil refining pumps market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.
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