Increasing Oil Production is Driving Smart Oil Refining Pump Innovations

The market for oil refining pumps is anticipated to grow rapidly owing to the rising oil production. The United States is one of the largest producers of oil in the world. According to the U.S. Energy Information Administration’s December 2022 report, followed by the 8% downfall in oil production in 2020, the United States produced 18.98 million barrels per day in 2021. This accounted for 20% of the world’s total oil production which consists of crude oil, other petroleum liquids, and biofuels. The United States was followed by Saudi Arabia in terms of oil production. In 2021, Saudi Arabia produced 10.84 million barrels per day which accounted for 11% of the total oil production. However, in April 2023, OPEC and its allies (OPEC+) declared intentions to reduce crude oil output by 1.2 million barrels per day (b/d) until the end of 2023. These production cuts were in addition to the 0.5 million b/d reduction in Russia's output that the country had previously stated would start in March. Despite this declaration, the effect on Russia's exports and production of liquids has been less significant than anticipated according to the most recent data.

Although it is predicted that the production will decline in OPEC and Russia, a 1.5 million b/d increase is also anticipated in global liquid fuel production in 2023 due to non-OPEC nations' robust growth driven by the North and South American nations. Therefore, in consequence of the rising oil production manufacturers are concentrating on the innovation and digitalization processes in the oil and gas sector, resulting in cost-effective and lucrative products. New technology-integrated oil refinery pumps are becoming more common in oil refineries. Oil refining pump manufacturers are combining pumps with smart pumping technology and IIoT in order to prevent unplanned outages, optimize operations, and lower processing costs. The demand for oil refining pumps is anticipated to increase over the forecast period owing to smart, industrial Internet of Things (IoT)-based pumps that monitor pipe thickness, pressure, and flow rate, have sensors and monitoring software, and are also energy-efficient. Besides, the incredibly competitive oil and gas sector must deal with shifting market trends, challenging projects, and rapidly growing data quantities.
Oil Refining Pumps Market Report

Incorporation of IoT and Automation is Accelerating the Oil Refining Pumps Market

Pumps are crucial to the efficient and consistent operation of the oil and gas sector. Efficient pumping reduces operating costs and boosts profitability. In the oil and gas sector, pumps are extremely important as they are employed at every stage of the oil and gas business, from oil and gas exploration to refining – a different kind of pump is used at each stage. Due to the failure of traditional pumping systems, the use of smart pumping has increased. Furthermore, the performance of pumps has improved owing to the use of sensors for monitoring and adjusting performance. Modern pumping systems incorporate emerging Internet of Things technology. As a result, both capital and operating expenses have decreased owing to the use of new pumping technologies including multi-phase pumping and separation.

Additionally, the need for modernization, renovation, and upgrade of the pumping infrastructure in the oil and gas industry is the main market driver for the global market for oil and gas pumps. Pumping systems using loT and automation increase efficiency and are profitable for investors. Besides this, the market for pumps is anticipated to benefit from rising global demand for gas and oil, expansion of downstream industries, and cost-effective shale gas extraction. The development of long-distance surface pipelines and subsea pipes for the transportation of crude and natural oil also opens up new possibilities for pumping infrastructure.

Recent Trends in the Oil Refining Pumps Industry

  • Growing demand for sustainable and energy-efficient pump technologies.
  • Emphasis on compact and space-saving pump designs for installation flexibility.
  • Integration of IoT and predictive maintenance for enhanced reliability.
  • Rising focus on corrosion-resistant materials for durability and longevity.
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Collaborations & New Product Launches Provide Traction to the Oil Refining Pumps Market

Key players employ a range of marketing strategies, such as partnerships, mergers and acquisitions, expansions, collaborations, and joint ventures. Leading organizations also employ new product development as a strategic way to increase consumer awareness of their brand. For instance, Alfa Laval was awarded a supply contract in 2020 to provide marine pumping systems for seawater and firewater lift service for two Floating Production Storage and Offloading (FPSO) vessels operating off the coast of Brazil. Again, the WEDA S50, a new addition to Atlas Copco's line of submersible dewatering pumps, was introduced in April 2020. The WEDA S series is made for mixtures that are equivalent to thick, soft, wet mud. These pumps are perfect for industrial, dewatering, and refining applications.

Additionally, a national oil corporation in the UAE awarded a three-year contract to Weir Oil & Gas Dubai in August 2020 for the maintenance and repair of pumps and motors. The contract covers all of the services provided by Weir Oil & Gas Rotating Equipment, as well as machine shop services, emergency manufacturing, and site work. Earlier, Enpro Subsea and DASS Can-K Pumps signed an agreement in 2019 to combine their expertise to provide multiphase pumping solutions for topside and subsea well-boosting.

Growing Adoption of Renewable Energy Sources is Anticipated to Hamper the Market Growth

Over the past ten years, the use of renewable energy has increased significantly in places like Asia Pacific, Europe, and North America. This has also been supported by decreasing power generation costs and rising carbon emission concerns. Additionally, due to the rise in global carbon emission levels, governments globally are enforcing strict emission rules in the oil industry. Moreover, oil industry market players are concentrating their investments on low-carbon and non-fossil fuel-based energy sources. For instance, the use of electric cars (EVs) is anticipated to have an effect on oil refineries in many different nations. Additionally, nations are also intending to end the sale of automobiles powered by petrol and diesel in the near future, which will reduce market demand. Moreover, owing to the decreasing cost of crude oil, a significant reduction in the investments in oil and gas industries is experienced which is anticipated to limit the growth of the oil refining pumps market.

Alfa Laval, Weir Group, Xylem, KSB SE & Co. KGaA, GRUNDFOS, Gardner Denver, ITT, Inc., March Pump, Flowserve Corporation, Sulzer Ltd., TechnipFMC, SPX Flow, Inc. are some of the prominent market players operating in the global oil refining pumps market.
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Improvements in the Oil Refining Pumps Infrastructure is Impacting the Market Expansion

North America's development of economical shale gas exploration and extraction technology is anticipated to have a beneficial impact on the market for oil refining pumps. The construction of new pipelines in Europe and North America, as well as the restoration and modernization of deteriorating oil and gas pipelines, are all expected to boost the market for oil refining pumps.  Furthermore, the Middle East & Africa accounts for a significant share of the oil refining pumps market and is a lucrative market owing to the presence of many oil companies in the region.

Additionally, market growth is anticipated in the upcoming years as a result of investments in the oil and gas sector in high-crude oil-producing regions. Besides this, the rising demand for petrol and diesel in countries like China and India is anticipated to drive the market for oil refining pumps in the region. Moreover, due to investments in the construction of new oil refineries and the upgrading of existing oil refineries, the Asia-Pacific region is anticipated to increase the demand for producers of oil refining pumps. In the upcoming years, this will fuel the market for oil refining pumps in the Asia-Pacific region. Additionally, as a result of recently proposed pipelines in the Asia-Pacific, Middle East, and Africa, it is projected that the use of pumps in the mid-stream sector will rise. Thus, the market for oil and petrol pumps may be stimulated by the modernization and improvement of infrastructure.
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The report provides a detailed overview of the oil refining pumps market insights in regions including North America, Latin America, Europe, Asia-Pacific, Oceania, and the Middle East and Africa. The country-specific assessment for the oil refining pumps market has been offered for all regional market shares, along with forecasts, market scope estimates, price point assessment, and impact analysis of prominent countries and regions. Throughout this market research report, Y-o-Y growth and CAGR estimates are also incorporated for every country and region, to provide a detailed view of the oil refining pumps market. These Y-o-Y projections on regional and country-level markets brighten the political, economic, and business environment outlook, which is anticipated to have a substantial impact on the growth of the oil refining pumps market. Some key countries and regions included in the oil refining pumps market report are as follows:
Regions Countries
North America United States, Canada
Latin America Brazil, Mexico, Argentina, Colombia, Chile, Rest of Latin America
Europe Germany, United Kingdom, France, Italy, Spain, Russia, Poland, Netherlands, Switzerland, Belgium, Sweden, Austria, Norway, Denmark, Finland, Czech Republic, Rest of Europe
Asia Pacific China, India, Japan, South Korea, Australia & New Zealand, Indonesia, Singapore, Malaysia, Vietnam, Thailand, Rest of Asia Pacific
Middle East and Africa GCC Countries, South Africa, Nigeria, Egypt, Turkey, Morocco, Algeria, Israel, Iran, Kenya, Rest of MEA

Oil Refining Pumps Market Research Report Covers In-depth Analysis on:

  • Oil refining pumps market detailed segments and segment-wise market breakdown
  • Oil refining pumps market dynamics (Recent industry trends, drivers, restraints, growth potential, opportunities in oil refining pumps industry)
  • Current, historical, and forthcoming 10 years market valuation in terms of oil refining pumps market size (US$ Mn), volume (Units), share (%), Y-o-Y growth rate, CAGR (%) analysis
  • Oil refining pumps market demand analysis
  • Oil refining pumps market pricing analysis over the forecast period (by key segment and by region)
  • Oil refining pumps market regional insights with region-wise market breakdown
  • Competitive analysis – key companies profiling including their market share, product offerings, and competitive strategies.
  • Latest developments and innovations in oil refining pumps market
  • Regulatory landscape by key regions and key countries
  • Supply chain and value chain analysis in oil refining pumps market
  • Oil refining pumps market sales and distribution strategies
  • A comprehensive overview of the parent market
  • A detailed viewpoint on oil refining pumps market forecast by countries
  • Mergers and acquisitions in the oil refining pumps market
  • Essential information to enhance market position
  • Robust research methodology

- Frequently Asked Questions -

What are the key factors driving the oil refining pumps market?

The oil refining pumps market is driven by technological advancements, rising energy demand, and the need for efficient and reliable pumping solutions in refining processes to meet global energy requirements.

What are the latest trends in the oil refining pumps market?

Emerging trends include the integration of IoT in pump systems, advancements in energy-efficient technologies, and the adoption of automated solutions for optimized refinery operations.

Which regions dominate the oil refining pumps market?

Regions with significant oil refining activities, such as the Middle East, North America, and Asia-Pacific, are major contributors to the market, supported by large-scale infrastructure and industrial operations.