Oil Refining Pumps Market

Global Oil Refining Pumps Market Snapshot

The global oil refining pumps market is estimated at USD 6.2 Billion in 2022 and is forecast to surpass USD 8.6 Billion by 2032, growing at a CAGR of 3.3% from 2022 to 2032.

Report Attributes	Details
Base Year Value (2021A)	USD 6.0 Billion
Estimated Year Value (2022E)	USD 6.2 Billion
Projected Year Value (2032F)	USD 8.6 Billion
Global Growth Rate (2022-2032)	CAGR 3.3%
Middle East & Africa (MEA) Market Share in 2021	~32%
Middle East & Africa (MEA) Growth Rate (2022-2032)	CAGR 4.3%
Collective Value Share (Saudi Arabia, UAE, Iraq) 2021: Top 3 Countries	~21%
Top 5 Companies Market Share in 2021	~42%
Key Companies Profiled	Xylem Flowserve Corporation KSB SE & Co. KGaA Weir Group Sulzer Ltd. GRUNDFOS Gardner Denver ITT, Inc. March Pump TechnipFMC SPX Flow, Inc. Alfa Laval

The global oil refining pumps market accounts for ~10% of the global industrial pumps market in 2022. The global oil refining pumps market is estimated to have an absolute $ opportunity of USD 2.4 Billion during the assessment period of 2022-2032.

2017-2021 Global Oil Refining Pumps Market Outlook in Comparison to 2022-2032 Growth Forecast

The demand for submersible pumps under centrifugal pumps, reciprocating pumps and rotary pumps are witnessing 1.3X demand in the oil industry. This is attributed to the functions of oil refining pumps used to transfer fluid from one location to another.

Additionally, incorporation of different types of oil refining pumps in the refining system to fulfill a specific purpose to purify and transport fluids is estimated to boost market growth during the assessment period.

Fact.MR projects the oil refining pumps market is expected to witness exhibiting growth at 3.3% CAGR during 2022 and 2032 in comparison to a CAGR of 2.1% with which it grew from 2017 to 2021.

Rising Oil Demand Driving Market Growth

Oil demand is projected to increase by more than 110 million b/d in 2022, according to the International Energy Agency’s (IKEA’s) Oil Market Report. The rising power demand and substantial reliance on oil in developing economies is resulting in the development of oil refineries, thereby driving the sales of oil refining pumps.

According to the Organization of the Petroleum Exporting Countries (OPEC), the demand for OPEC crude oil is estimated to increase by more than 40 million b/d by the end of 2040, which is expected to fuel the energy demand. The member countries of OPEC are committed to investing in expanding oil refineries and constructing pipelines and terminals.

Latin America, Middle East & Africa, and Asia-Pacific are expected to witness refinery additions in coming years. This is estimated to fuel demand for oil refining pumps by 2.1X. Additionally, the demand for energy is projected to grow at an average rate of 1.9% p.a. during the years of 2015-2040 in developing markets of Asian region, owing to enhanced demand placed on table by the rising population.

Oil refineries are expected to produce more concentrated blend of fuels with off-spec fuel oil. The growth in natural gas liquid and crude oil in United States, is resulting in rise in investment in oil and gas infrastructure. Germany, Italy, and Spain in Europe have high refining capacity and are home to crude oil refining industry.

Owing to the rising demand for crude oil worldwide, is leading to additional investment in oil refineries. This is estimated to provide a gain of 235 BPS during the assessment years of 2022-2032.

Smart Oil Refining Pumps Gaining Traction

Manufacturers are focusing on the process of innovation and digitalization in oil & gas sector, leading to cost-saving and profitable products. Oil refining pumps integrated with new technology are gaining popularity in oil refineries.

Industrial Internet of Things (IIoT) based smart oil refining pumps which are able to collect data on devices, monitors pipe thickness, pressure, flow rate, have sensors and monitors software’s, and are energy-efficient as well, is expected to raise the oil refining pumps market demand by 1.2X in coming years.

Additionally, failure of pumps impacts safety, therefore, oil refining pumps manufactures are integrating pumps with smart pumping technology and IIoT, to avoid unplanned outages, optimize operations, and reduce processing costs. Strict regulation in accordance with energy consumption are leading to enhanced adoption of oil refining pumps, thus, enhancing market growth by 1/4th i.e. ~25% of current demand levels.

Expanding Capacity Creating Growth Opportunities

The growing demand for transportation and industries, is fueling the increase in refining capacity in countries like China and India in coming years. India is likely to maintain the position of fastest growing petroleum products market in Asia-Pacific, according to Energy Information Administration (EIA).

Moreover, oil companies in Southeast Asia are investing in expanding refining capacity to fulfill steady demand from transportation industry. Companies in Indonesia, Thailand, Malaysia, are undertaking refinery expansions. This is expected to boost market demand of smart pumps by 2.1X in coming years.

Stringent Regulations Poses Challenges

Governments across countries are imposing strict emission regulations in the oil industry owing to the rise in global emission levels. Major companies in oil industry are focusing on investing in low-carbon and non-fossil fuel based energy sources.

For instance, Europe is undertaking a rapid shift from oil and coal-based energy system to renewables sources of energy. The adoption of electric vehicles (EVs) in multiple countries is likely to impact oil refineries. Moreover, countries such as UK and France are planning to stop the sale of gasoline and diesel based vehicles by the end of 2040, thus constraining market demand by 0.6X.

However, demand for refinery products such as marine fuel, jet fuel etc. for use in petrochemicals is likely to gain traction in coming years, thereby resulting in escalating demand for oil refining pumps.

Region-wise Insights

Which region accounts for more enhanced demand for Oil Refining Pumps Market?

Middle East & Africa (MEA) oil refining pumps market is the most lucrative market and is expected to maintain dominance in the region, which currently holds 32.3% of the overall market share. As many oil companies are located in Middle East, the demand for oil refining pumps in UAE, Qatar, and Saudi Arabia is projected to grow at a CAGR of 3.1% over the assessment years of 2022-2032. Additionally, investments in oil & gas sector in high crude oil producing regions is expected to trigger market growth in coming years.

What is the market scenario in Asia-Pacific?

The Asia-Pacific oil refining pumps market consisting of East Asia and South Asia, holds 31.5% of the overall market share together and is projected to grow at a CAGR of 3.3% in coming years. This is attributed to the escalating demand for gasoline and diesel in countries of China and India.

The Asia-Pacific region is bound to create growth advances for oil refining pumps manufacturers owing to the investment in construction of new oil refineries and amelioration of existing oil refineries. This is powering the growth in oil refining pumps market in the Asia-Pacific region in coming years.

Category-wise Insights

Which type of pump is expected to be the largest contributor during the forecast period in Oil Refining Pumps Market?

Centrifugal pumps are used widely for multiple application and often preferred for processes that are able to handle low viscosity, and high flow rates. The segment holds 36.1% market share of the oil refining pumps market. The demand is expected to boost by 1.7X owing to their enhanced usage in upstream oil & gas industry in multi-phase or tri-phase pumping applications. Additionally, transporting a large amount of liquid to fulfill the augmenting demand for oil in developing economies is projected to drive the market demand by 23% in coming years.

Which segment under application type is holds more market share and is poised to show more growth in Oil Refining Pumps Market?

The application of oil refining pumps for refinery process accounts for largest market share by contributing nearly 37.6% to the overall market share. The segment is projected to grow at a CAGR of 2.9% during the forecast years of 2022-2032. This is attributed to pumps being a necessary component in oil drilling. Their functionality of accelerating the transfer of liquid from one location to another, is contributing to enhanced demand.

Competitive Landscape: Top Companies in Oil Refining Pumps Market

The global oil refining pumps market is highly fragmented and competitive owing to the existence of many domestic and regional players. Various marketing strategies are adopted by key players such as mergers and acquisitions, expansions, collaborations and partnerships.

Also, new product development as a strategic approach is adopted by the leading companies to upscale their market presence among consumers. These strategies have resulted in the incorporation of advanced oil refining pumps.

Fact.MR has provided detailed information about price points of top manufacturers of oil refining pumps market positioned across regions, sales growth, production capacity, and speculative technological expansion in the recently published report.

For instance:

• Weir Group won a 3-year contract in 2020, from a national oil company in the UAE to repair and service motor and pumps.
• Alfa Laval in 2020, won a supply contract to supply Framo pumping systems for two Floating Production Storage and Offloading (FPSO) vessels which comprises marine pumping systems for seawater and firewater lift service, operating outside the coast of Brazil

Global Oil Refining Pumps Market by Category

• 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