Press release
Oil Refining Pumps Market Expected to Reach USD 8.6 Billion by 2032
Refinement pump installations are increasing at a never-before-seen rate in a variety of industry sectors, including mining, power production, oil and gas, and many more. Growing industrialization in emerging economies is creating a good sales environment for refining pumps and assisting industry participants in exploring new avenues for large profit margins. The search for superior pumping technologies with the best possible performance characteristics is also thought to present lucrative potential for refining pump manufacturers.
When it comes to the equipment involved, leading industries set the strictest requirements and criteria. Refining pump manufacturers are creating solutions that meet end-user needs by combining cutting-edge engineering and innovative technology. The fabrication of refining pumps is increasingly utilizing ductile materials due to the fact that some of the fluids they handle are extremely volatile or combustible. Refining pumps with explosion-proof motors is anticipated to present lucrative chances for market participants and ensure safe operations in harsh locations.
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Refining pumps with sensor integration make it easy to gather data focused on operations, which can then be used to monitor and improve current performance. Large-scale sensor integration in refining pumps is becoming increasingly possible due to the growing demand for internet-enabled operations. Moreover, effective failure detection is made possible by sensor-integrated mining pumps, which is essential for maintaining the status quo for refining pumps. The introduction of the internet of things (IoT) is probably going to lead to a high degree of product variety, with the goal of making products more operationally efficient.
List of Key Companies Profiled in The Report
Xylem
Flowserve Corporation
KSB SE & Co. KGaA
Weir Group
Sulzer Ltd.
GRUNDFOS
Gardner Denver
ITT, Inc.
March Pump
TechnipFMC
SPX Flow, Inc.
Alfa Laval
Others
Increasing Oil Demand Fuels Market Expansion
Rising oil demand is driving significant growth in the oil refining pumps market. According to the International Energy Agency's (IEA) Oil Market Report, oil demand is projected to increase by more than 110 million barrels per day (b/d) in 2022. This surge is primarily due to rising power demand and substantial reliance on oil in developing economies, prompting the development of new oil refineries and, consequently, boosting the sales of oil refining pumps. Additionally, the Organization of the Petroleum Exporting Countries (OPEC) forecasts that the demand for OPEC crude oil will increase by over 40 million b/d by 2040, further fueling energy demand. OPEC member countries are committed to expanding oil refineries and constructing new pipelines and terminals to meet this rising demand. Regions such as Latin America, the Middle East & Africa, and Asia-Pacific are expected to see significant refinery additions in the coming years, estimated to double the demand for oil refining pumps. The energy demand in developing Asian markets is projected to grow at an average rate of 1.9% per annum from 2015 to 2040, driven by a rising population.
The increasing need for more concentrated fuel blends and the growth in natural gas liquid and crude oil production in the United States are spurring investments in oil and gas infrastructure. European countries like Germany, Italy, and Spain, with their high refining capacities, continue to be key players in the crude oil refining industry. As global demand for crude oil rises, additional investments in oil refineries are becoming essential, providing a gain of 235 basis points (BPS) during the forecast period of 2022-2032. This trend underscores the critical role of oil refining pumps in meeting future energy needs and supporting the expansion of refining capacities worldwide.
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Competitive Landscape
The global oil refining pumps market is characterized by high fragmentation and intense competition, with numerous domestic and regional players vying for market share. Key industry players employ various marketing strategies such as mergers and acquisitions, expansions, collaborations, and partnerships to enhance their market presence. Additionally, leading companies focus on new product development to introduce advanced oil refining pumps, thereby strengthening their position among consumers.
Fact.MR's recent report offers comprehensive insights into the price points of top oil refining pump manufacturers across different regions, as well as their sales growth, production capacity, and anticipated technological advancements.
For example:
In 2020, Weir Group secured a three-year contract from a national oil company in the UAE to repair and service motors and pumps.
Alfa Laval, also in 2020, won a supply contract to provide Framo pumping systems for two Floating Production Storage and Offloading (FPSO) vessels. These systems, designed for seawater and firewater lift service, will operate off the coast of Brazil.
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