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Oil Refining Pumps Market Foraying into Emerging Economies 2018 to 2028 | Key players are Flowserve Corporation, KSB SE & Co. KGaA, Weir Group, etc.
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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.
Surge in Global Oil Demand to Drive Oil Refining Pumps Market Growth
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.
Shift to Electric Vehicles Can Impact Sales
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.
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