Top 6 Players Account for Nearly 45% of Oil Refining Pumps Market Share
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.
Leading players in the market are also focusing on integrating new technologies in their products to meet the evolving need of end-users.
- Flowserve Corporation
- KSB SE & Co. KGaA
- Weir Group
- Sulzer Ltd.
are among the top players in the oil refining pumps market.
Surge in Global Oil Demand to Drive Oil Refining Pumps Market Growth
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.
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.
Refineries are also likely to produce more distillate fuels blended with off-spec fuel oil. Growth in the US natural gas liquid and crude oil in recent years is resulting in rise in direct capital investment in oil and gas infrastructure.
Spain, Italy, and Germany are home to crude oil refining industry in Europe, with high refining capacity.
Increasing demand for crude oil in these countries is also contributing to growing investment in oil refineries, resulting in increased demand for oil refining pumps.
Know More Details About the Report
Smart Oil Refining Pumps Gaining Traction
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.
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.
Shift to Electric Vehicles Can Impact Sales
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.
The demand for refinery products such as marine fuel, jet fuel, and other products used in petrochemicals with no credible low-carbon substitute is likely to remain positive, thereby resulting in growing demand for oil refining pumps used in refineries.
Avail customized purchase options for your needs
Expanding Oil Refinery Capacity in Developing Regions to Create Growth Opportunities
Fueled by growing demand from transportation and industrial sector, countries like India and China are focusing on increasing their refining capacity in the coming years.
Oil companies in Southeast Asia are also pumping billions in expansion of downstream refining capacity to meet energy security targets.
According to the Energy Information Administration (EIA), India will maintain its status quo as the fastest growing petroleum products market in Asia.
Steady demand from transportation industry is driving demand for crude oil in Southeast Asia.
New refining investments are being made by state-run companies in Malaysia, Thailand, and Indonesia. Vietnam is also moving towards major refinery expansions.
The Middle-East region is likely to emerge as the global refining hub in the coming years with refining capacity expansion and modernization of existing refineries.
Crude oil imports in India is also growing with increasing demand for heavier grades of crude by refineries in India.
The competitive landscape in the report on oil refining pumps market provide details on the leading players in the market.
This section includes compelling insights on the latest developments, key strategies, new product launches, and focus areas of the major players in the oil refining pumps market.
A dashboard view along with the SWOT analysis of companies in the oil refining pumps market is also included in the report.
An Adaptive Approach to Modern-day Research Needs
Key developments in oil refining pumps market by major players
- Xylem recently signed a MoU with Ethiopia’s Ministry of water, irrigation, and energy to improve water-security standards by providing additional sewage coverage and water-system optimization services.
- Grundfos is planning to open its third pump production unit in India by 2020. Meanwhile, the company has already opened a new facility in Florida to serve water and wastewater industry.
- KSB has added new submersible borehole pumps to its product portfolio. The newly launched pumps are capable of handling flow rate of up to 5000 m³ per hour.
- Alfa Laval has won two orders to supply pumping systems for oil platforms in North Sea. The combined value of the orders is approximately SEK 175 million. The order includes offshore pumping system for injection of seawater in production wells and for firewater.
- Gardner Denver Holdings Inc. has acquired DV systems. The acquisition will support the company to expand in Canadian market and leverage the company’s operational, commercial and R&D capabilities.
Different types of oil refining pumps are integrated in the refining system for a specific purpose and play an important role in purifying and transporting different fluids.
Have a report related query? Speak to us directly
About the Report
The report on oil refining pumps market provides key insights and forecast on the market. The important factors in the oil refining pumps market influencing the growth are also offered in the report.
The objective of the report is to offer authentic information on the oil refining pumps market, enabling the readers to plan business strategies accordingly.
The report also focuses on the challenges in the oil refining pumps market and growth opportunities for market participants.
Additional Questions Answered
The report on the oil refining pumps market also offers answers to some important questions.
- What will be the revenue share of centrifugal pumps in the oil refining pumps market?
- Which region is expected to dominate the oil refining pumps market?
- Which type of pumps based on capacity will witness highest growth in oil refining pumps market?
- Which country in APAC will witness significant growth in oil refining pumps market?
The report on the oil refining pumps market provides critical information on the market with the help of constructive research methodology.
The research methodology to gain actionable and valuable insights on the oil refining pumps market includes both primary and secondary research.
Interviews were conducted with the oil refining pumps market experts to gain important information on the growth of the oil refining pumps market along with the forecast.
The insights garnered in the report are also cross-validated by interactions with industry experts during primary research.
The oil refining pumps market is segmented on the basis capacity, product type, application, and pumps characteristics.
These major segments are further divided into sub-segments to offer clear picture on the oil refining pumps market.
Based on the capacity, the market is segmented into small (upto 500 gpm), medium (500-1000 gpm), and high (more than 1000 gpm).
On the basis of product type, oil refining pumps market is segmented into reciprocating pumps, centrifugal pumps, and rotary pumps.
By application, the oil refining pumps market is segmented into refinery process, water circulating, special purpose, and water/wastewater.
Based on pump characteristics, the oil refining market segment includes standard pumps, engineered pumps, and special purpose pump.
Oil Refining Pumps Market Report Scope
The oil refining pumps market has been systematically analyzed in the latest research report offered by Fact.MR on oil refining pumps market. The study includes valuable insights along with the factors impacting the growth of the oil refining pumps market growth.
The report also provides historical data along with the forecast on the oil refining pumps market. The data and information provided in the report is based on the primary and secondary research. The information on the competitive landscape in oil refining pumps market is also offered in the report.
Chapter 1- Executive Summary
This chapter in the report includes market overview along with the opportunity assessment of the oil refining pumps market.
Chapter 2- Oil Refining Pumps Market Introduction
This chapter offers a brief introduction on the oil refining pumps market. The report also provides product specific definition of oil refining pumps along with the market taxonomy.
Chapter 3- Market Dynamics
This section in the report provides details on market dynamics including growth opportunities, drivers, latest trends, and challenges in the oil refining pumps market.
Chapter 4- Associated Industry Assessment
This chapter in the report provides pumps market overview along with the analysis and forecast on region and product type. The report also includes market attractiveness analysis based on the product type.
Chapter 5- Key Indicator Assessment
This section of the report focuses on supply chain, cost structure, and macro-economic factors influencing the demand in the oil refining pumps market.
Chapter 6- Oil Refining Pumps Market Analysis and Forecast
This chapter provides market outlook, pricing analysis, and forecast scenario of the oil refining pumps market.
The chapter also includes segment-wise analysis on basis of capacity, product type, pump characteristics, and application. These segments are further bifurcated into sub-segments in the report.
Chapter 7- North America Oil Refining Pumps Market Analysis
This chapter in the report provides key insights on the oil refining pumps market in North America. Country-wise analysis along with the market share and BPS analysis is also offered in the report.
Chapter 8- Oil Refining Pumps Market in Latin America
This chapter in the report offers important information on the growth opportunities for the manufacturers in the oil refining pumps market in Latin America. The report also focuses on all the important factors influencing the growth in the oil refining pumps market in Latin America along with the growth in key countries.
Chapter 9- Western Europe Oil Refining Pumps Market Analysis
This chapter in the report provides oil refining pumps market outlook in Western Europe. Important numbers in the form of year-on-year growth, value and volume is also provided in the report on oil refining pumps market in Western Europe.
Chapter 10- Oil Refining Pumps Market in Eastern Europe
The chapter offers analysis of the oil refining pumps market in Eastern Europe based on the key countries. Market share, BPS analysis, and year-on-year growth is also provided in the report on oil refining pumps market in Eastern Europe.
Chapter 11- APAC Oil Refining Pumps Market Analysis
This chapter in the report provides historical data and forecast on the oil refining pumps market in the APAC region. The report also highlights the latest trends, drivers, and challenges in the oil refining pumps market in APAC.
Chapter 12- MEA Oil Refining Pumps Market
This section in the report focuses on the growth opportunities for key manufacturers in the oil refining market in MEA. Country-wise analysis is also provided in the report.
Chapter 13- Competitive Assessment
This chapter includes market structure and a dashboard view of the major players in the oil refining pumps market. The chapter also offers oil refining pumps market company share analysis.
Chapter 14- Company Profiles
This chapter offers a detailed profiles of the leading companies in the oil refining market. The report also focuses on latest developments, new products, key strategies adopted by the key players in the oil refining pumps market.
Need an Exclusive Report for your Unique Requirement?
- Our Clients -
- Evaluate How Fact.MR's Report Can Help. -
Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
Who are the respondents for primary research?
Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.
Is a sample of this report available for evaluation?
Yes, you can request a sample, and it will be sent to you through an email.