Press release
Oil Refining Pumps Market Forecast Based on Future Trends and Developments till 2028 | Key Players are Flowserve Corporation, KSB SE & Co. KGaA, Weir Group, Sulzer Ltd., and GRUNDFOS
Top 6 Players Account for Nearly 45% of Oil Refining Pumps Market Share: The top 6 players in the oil refining pumps market account for nearly 45% share. With diverse product portfolio, leading players in oil refining pumps market are planning to consolidate their position globally. New product launches, acquisitions, and strategic partnerships are some of the key strategies of the leading players. Leading players in the market are also focusing on integrating new technologies in their products to meet the evolving need of end-users. Xylem, Flowserve Corporation, KSB SE & Co. KGaA, Weir Group, Sulzer Ltd., and GRUNDFOS are among the top players in the oil refining pumps market.To Get Sample Copy of Current Report, Visit here - https://www.factmr.com/connectus/sample?flag=S&rep_id=2434
According to the International Energy Agency (IEA), the global demand for oil is likely to rise 1.5 million b/d to 99.3 million b/d in 2018. Moreover, the demand for power is growing in developing regions, and heavy dependence on oil to meet the demand is likely to result in development of oil refineries, thereby, driving oil refining pumps sales.
As per the World Oil Outlook 2040 report by Organization of Petroleum Exporting Countries, OPEC member countries remain committed to supporting investment in construction of pipelines and building expansion of oil refineries and terminals. Moreover, energy demand in developing countries is likely to grow at an average rate of 1.9% p.a. during 2015-2040.
Refineries are also likely to produce more distillate fuels blended with off-spec fuel oil. Growth in the US natural gas liquid and crude oil in recent years is resulting in rise in direct capital investment in oil and gas infrastructure.
Spain, Italy, and Germany are home to crude oil refining industry in Europe, with high refining capacity. Increasing demand for crude oil in these countries is also contributing to growing investment in oil refineries, resulting in increased demand for oil refining pumps.
Smart Oil Refining Pumps Gaining Traction
Digitization is steadily gaining traction in the oil and gas sector leading to cost-saving and profitability. Smart pumps are gaining popularity in the oil refineries across the globe. Industrial Internet of Things (IIoT) -enabled pumps and energy-efficient oil refining pumps are being introduced in the oil refining pumps market.
Pump manufacturers are integrating IIoT in their products to help oil refineries optimize operations and avoid unplanned outages. Players are focusing on adding smart technology to avoid outages and reduce processing costs. This trend is more pronounced in emerging nations.
Stringent regulations on energy consumption and pollution are also accelerating the adoption of intelligent oil refining pumps. Of particular significance is the growing adoption of wireless technology in data collection and data optimization. The demand for smart oil refinery pumps in oil refineries is growing to monitor flow rate, pipe thickness, pressure, and more.
Read Complete Factors about Global Market Report from Here - https://www.factmr.com/report/2434/oil-refining-pumps-market
With the strict regulation of emissions worldwide, major oil companies are focusing on increasing their investments in low-carbon and non-fossil fuel energy sources. A significant percentage of oil-based power production comes from oil refineries. However, with few exceptions in the OECD countries, the use of petroleum products in power generation is declining.
Europe is witnessing a rapid transformation of energy system from oil and coal-based to renewables. Petroleum products from oil refineries are used on a large scale in the transportation sector. However, Electric Vehicles (EV) going mainstream in various countries will impact the oil refineries. Moreover, countries like the UK and France are planning to stop selling diesel and gasoline vehicles by 2040. A projected decline in petroleum demand is likely to impact the production, which in turn, is likely to impede sales of oil refining pumps.
The demand for refinery products such as marine fuel, jet fuel, and other products used in petrochemicals with no credible low-carbon substitute is likely to remain positive, thereby resulting in growing demand for oil refining pumps used in refineries.
Fueled by growing demand from transportation and industrial sector, countries like India and China are focusing on increasing their refining capacity in the coming years. Oil companies in Southeast Asia are also pumping billions in expansion of downstream refining capacity to meet energy security targets. According to the Energy Information Administration (EIA), India will maintain its status quo as the fastest growing petroleum products market in Asia.
Steady demand from transportation industry is driving demand for crude oil in Southeast Asia. New refining investments are being made by state-run companies in Malaysia, Thailand, and Indonesia. Vietnam is also moving towards major refinery expansions. The Middle-East region is likely to emerge as the global refining hub in the coming years with refining capacity expansion and modernization of existing refineries. Crude oil imports in India is also growing with increasing demand for heavier grades of crude by refineries in India.
Buy online this Report from Here - https://www.factmr.com/checkout/2396/S
About FactMR
FactMR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized market research reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that's why we publish multi-industry global, regional, and country-specific research reports.
Contact Us
FactMR
11140 Rockville Pike
Suite 400, Rockville, MD 20852
United States
Email: sales@factmr.com
Web: https://www.factmr.com/
Blog: https://factmrblog.com/
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Oil Refining Pumps Market Forecast Based on Future Trends and Developments till 2028 | Key Players are Flowserve Corporation, KSB SE & Co. KGaA, Weir Group, Sulzer Ltd., and GRUNDFOS here
News-ID: 1595928 • Views: …
More Releases from Fact.MR
Agricultural Film Market is forecasted to reach US$ 21 billion with 5.9% CAGR by …
Fact.MR, a market research and competitive intelligence service, states that historically, the use of Agricultural Films grew at a 3.5% CAGR from 2016 to 2020, with the United States, China, India, and Japan holding a sizable portion of the global market. by 2021, the greenhouse film industry is expected to have grown to a valuation of over US$ 10 billion, largely due to price increases in agricultural films.
For More Insights…
Medical Equipment Rental Market is projected to expand at a CAGR of 5.5% to reac …
The latest industry analysis from Fact.MR, a company that offers competitive intelligence and market research, projects that the global Medical Equipment Rental Market will grow at a 5.5% CAGR and reach US$ 98 billion in size by the end of 2033.
The industry that deals with the short-term rental or lease of medical equipment to healthcare facilities, organizations, and individuals is known as the "medical equipment rental market." The goal of…
Craft Beer Market is forecasted to reach a value of US$ 174.68 Billion by 2032
The worldwide craft beer market was expected to be worth $76.3 billion in 2020 and $81.64 billion in 2021. The market will grow at a steady CAGR of 6.9% between 2022 and 2032. By the end of 2032, this market is predicted to have a global valuation of US$174.68 billion.
The surge in demand for more beer styles coupled with increase in per capita income among the target customers has triggered…
Window Blinds Market Forecasted to Achieve US$ 4.69 Billion by 2034
The global window blinds market is expected to reach $2.99 billion in 2024, growing at a 5.8% CAGR to $4.69 billion by the end of 2034.
Window blinds are adjustable window coverings made of slats or vanes, allowing for versatile control over light and privacy. They come in various materials, including wood, metal, or plastic, and can be easily adjusted to regulate sunlight and maintain privacy. Unlike heavy curtains, blinds are…
More Releases for Oil
Transformer Oil Market, Transformer Oil Market Size, Transformer Oil Market Shar …
The Transformer Oil Market research report consists of a detailed study of the market and the market dynamics that are related to the same. The in-depth data on the development of the market is presented in the Research report. Not only this but also the detailed data on the performance of the market for the forecast period are presented in the Transformer Oil Market research report. The performance analysis is…
Apricot Oil, Apricot Kernel Oil Supplier, Co2 Apricot Oil Manufacturer
The seed inside every apricot contains thin oil, which is extracted from the kernel of the seed after eating the delectable fruit. Apricot oil is also known as apricot kernel oil. This oil has been the interest of many experts for research purposes due to its infinite health benefits. It has been found that the oil could cure some serious health conditions (like cancer). Apricot oil has a profound nutty…
Cooking Oil Market by Region - North America,Latin America,Europe,Japan,APEJ,MEA …
According to Fact.MR, the sales of cooking oils are expected to increase at a steady pace during the forecast period. The global cooking oil market is projected to expand at a value CAGR of 5.5% during the period of assessment (2017-2026). Also, Fact.MR analysis has revealed that the volume sales of cooking oils is estimated to surpass 250,000,000 tons by the end of the year of assessment (2026). Health advantages associated with…
Cooking Oil Market by Region - North America,Latin America,Europe,Japan,APEJ,MEA …
Since several years, cooking oil section in supermarkets and hypermarkets has been a crowded spot, where individuals keep choosing on several cooking oil options available that are healthy to consume. Cooking oil is an essential component in daily cooking activity, be it a restaurant or home. This, in combination with increasing population percentage, especially in emerging economies, is expected to fuel the consumption of cooking oils. However, aspects related to…
Specialty Fats and Oils Market (Product Type - Specialty Oils (Corn Oil, Sun Flo …
The global Specialty fats and Oils Market expected to reach a value of US$ 142.1 Bn by 2026. The market projected to grow at a CAGR of 6.6 % in terms of revenue during the forecast period from 2018 to 2026, according to a new research report by Transparency Market Research (TMR). The product manufactured may vary according to the end use application of processing by specialty fats and oils.…
Europe Mosquito Repellent Candles Market by Raw Material Type : Citronella Oil, …
Albany, New York, July 17, 2017 : Recent research and the current scenario as well as future market potential of "Mosquito Repellent Candles Market - Europe Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021" globally.
Mosquito repellent candles are having huge untapped potential for growth. In contrast to the other categories of mosquito repellent products that are available in the market such as mosquito creams, liquids, coils, and…
