The Global Value of Oil Refining Pumps Market Is Estimated To Be Worth over USD 6.2 Billion In 2022

The market for oil refining pumps is expected to reach USD 6.2 billion in 2022 and USD 8.6 billion by 2032, growing 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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According to the International Energy Agency's (Ikea's) Oil Market Report, demand for oil is expected to rise by more than 110 million b/d in 2022. Sales of oil refining pumps are being driven by the improvement of petroleum treatment facilities, which is being brought about by the rising power demand and significant reliance on oil in developing economies.

The Organization of the Petroleum Exporting Countries (OPEC) predicts that demand for OPEC raw petroleum will increase by more than 40 million b/d by the end of 2040, which is expected to fuel the energy demand. The OPEC member countries are concentrating their efforts on building pipelines and terminals, as well as expanding petroleum treatment facilities.

Submersible pumps, which are classified as centrifugal pumps, reciprocating pumps, and rotary pumps, are in high demand in the oil industry, with 1.3 times the demand. This is attributed to the ways in which fluid is moved from one location to another by oil refining pumps.

Additionally, the inclusion of different kinds of oil refining pumps in the refining system to fulfil a specific function of fluid purification and transportation is anticipated to spur market growth over the course of the forecast period.

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Key Learnings:

• The market for oil refining pumps in the Middle East and Africa (MEA) currently accounts for 32.3% of the global market.
• By 2032, the market for oil refinery pumps in Asia-Pacific is anticipated to expand at a CAGR of 3.3%.
• Centrifugal pumps, which account for 36.1% of all product sales, are the market leaders.
• The majority of the market is occupied by oil refinery pumps used in the process.

Growth Engines

• The oil refining pumps market is anticipated to grow as a result of rising oil demand.
• Investments in oil refineries as a result of increasing global demand for crude oil have propelled the market forward.

Important Restraints

• Governments all over the world are enacting strict emissions standards in the oil industry as global emissions levels rise. The market for oil refining pumps is suffering as a result.

Competitive Environment

The global market for oil refining pumps is incredibly fragmented and competitive due to the large number of local and regional competitors. Key players employ a range of marketing strategies, such as partnerships, expansions, mergers and acquisitions, and collaborations.

Leading businesses also employ new product development as a tactical strategy to increase consumer market share. These strategies led to the adoption of sophisticated oil refining pumps.

• A national oil company in the United Arab Emirates awarded Weir Group a three-year contract in 2020 for the maintenance and repair of motors and pumps.
• Alfa Laval was awarded a supply contract in 2020 to provide marine pumping systems for seawater and firewater lift service for two Floating Production Storage and Offloading (FPSO) vessels operating off the coast of Brazil.

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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Global Oil Refining Pumps Market by Category
• By Product Type :
o Centrifugal Pumps
• Single Stage
• Multi-Stage
• Axial and Mixed
• Submersible
• Seal less and Circular

o Reciprocating Pumps
• Piston
• Plunger
• Diaphragm

o Rotary Pumps
• Gear
• Vane
• Screw
• Lobe
• Progressive Cavity Pumps
• Piston
• Peristaltic

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

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This release was published on openPR.