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.
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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.
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.
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.
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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.
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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The global demand for oil refining pumps is expected to surpass 3,000,000 tons by 2018 end, according to a latest Fact.MR report on oil refining pumps market.
Rising oil and gas production, and increase in petroleum-based power generation are driving oil refining pumps demand.
The oil supply has sharply increased from Russia, Middle East, and the US, compensating for fall in oil production in Iran and Venezuela.
The Fact.MR report tracks the oil refining pumps market for the period 2018-2028.
According to the report, the oil refining pumps market is expected to reach 2.9% CAGR during 2018-2028.Competitive Assessment: The oil refining pumps market report includes global as well as emerging players:GRUNDFOSFlowserve CorporationKSB SE & Co. KGaASulzer Ltd.OthersAPAC to Continue Strong Position in Oil Refining Pumps MarketThe Fact.MR study projects that APAC continues to register significant growth in the oil refining pumps market and is likely to account for over 40% of total demand by 2018 end.
The upgradation of existing oil refineries and robust investment in the construction of new oil refineries is fueling the growth in the oil refining pumps market in the region.
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