Oil Refining Pumps Market to Surpass USD 8.6 Billion by 2032 - Exclusive Fact.MR Report

NEW YORK, Jan. 28, 2022 /PRNewswire/ -- The global oil refining pumps market is assessed at USD 6.2 Billion in 2022 and is gauge to outperform USD 8.6 Billion by 2032, growing at a CAGR of 3.3% during 2022-2032.

In the oil and gas industry, manufacturers are focusing on the process of innovation and digitalization, which leads to cost-effective and profitable goods. In oil refineries, new technology-integrated oil refining pumps are gaining favor.

Smart oil refining pumps based on the Industrial Internet of Things (IIoT), which can collect data from devices, monitor pipe thickness, pressure, and flow rate, have sensors and monitor software, and are energy-efficient, are expected to increase the market demand for oil refining pumps by 1.2X in the coming years.

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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.

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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

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
• 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.

Explore Fact.MR's Coverage on the Industrial Goods Domain –

Reciprocating Pumps Market Forecast - The market for reciprocating pumps is expected to rise significantly. The global need for oil and gas, particularly in the petrochemical industry, is influencing the expansion of the reciprocating pumps market.

Rotary Pumps Market Insights - In most developing countries, increasing access to water and the importance of sanitation is creating various chances for rotary pump market players. Furthermore, rising consumer disposable income is causing an increase in discretionary expenditure, particularly on chemicals and fuel, which is driving up demand for rotary pumps in developing countries.

Canned Motor Pumps Market Scope - Due to interrupted operations in end-use sectors, demand for canned motor pumps has decreased dramatically. In the worldwide canned motor pumps market, reverse circulation canned motor pumps had the majority of the market share.

Oil and Gas Pumps Market Forecast - The market for oil and gas pumps is expected to increase slowly. As the need for oil and gas rises, so does the demand for equipment like oil and gas pumps. Centrifugal pumps are widely used by oil and gas end customers due to their cheap product and maintenance costs, as well as their superior load and pressure handling capabilities.

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