Increasing Oil Production is Driving Smart Oil Refining Pump Innovations
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.
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Incorporation of IoT and Automation is Accelerating the Oil Refining Pumps Market
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
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
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
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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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