Oil Refining Pumps Market Growth Overview and Predictions on Size, Share and Trend Through 2028

Posted on 2019-10-07 by Mark Hub in Industrial // 0 Comments

The global demand for oil refining pumps is expected to surpass 3 million 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 demand for centrifugal pumps is constantly rising in upstream oil and gas industry in multiphase or tri-phase pumping application. With the increasing demand for oil, especially in developing regions, transporting a large amount of liquid has become necessary to ensure operational efficiency. This is driving the demand for centrifugal pumps to transport a significant amount of liquid in a short period.

APAC to Continue Strong Position in Oil Refining Pumps Market

The 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 positive outlook in the region can be attributed to the growing demand for diesel and gasoline in emerging nations like India and China.

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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. Rising oil demand and faced with strict emission regulations, India is also moving towards development of new and modern refineries.

According to the International Energy Agency (IEA’s) latest World Outlook Projection, India’s refining capacity is likely to grow by two-thirds in the next 25 years. This is expected to make India world’s third largest refining center by 2040, following the US and China.

Major oil companies in Southeast Asia are also investing in increasing their refining capacity. Malaysia, Indonesia, Vietnam, and Thailand are likely to see growth in new refining capacity in the coming years. The development of new and advanced oil refineries in APAC is expected to create growth opportunities for oil refining pumps manufacturers.

Energy Transition Emerging as Serious Challenge for Oil Companies and Oil Exporting Countries

Global oil companies and oil exporting countries are likely to face a challenge with the rise in energy transition. The biggest challenge for oil companies make changes in their business model and integrating low-carbon assets in their portfolios. With the growing trend of renewable energy sources, oil exporting countries with good reserves-to-production ration are facing the risk of loss in export revenues and monetizing their large reserve base.

Penetration of renewables has increased in Europe to meet the energy demand, resulting in reduced oil demand. Moreover, regulation by national governments and European Union is likely to further reduce refined oil demand in the region. Oil refineries in Europe are unable to find buyers, resulting in constant drop in profit margins. Inability to find buyers and drop in profit margins is forcing oil refinery operators to shut down the plants.

More refinery plants shutdown expected in the coming years in Europe is likely to impact the oil refining pumps market in the region. Moreover, key oil companies across various regions are also planning to invest more in low-carbon energy sources with aim to reduce carbon footprints.

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.

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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.

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.

Competitive Landscape

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.

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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.

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