Worldwide Analysis on Oil Refining Pumps Market Strategies and Forecasts, 2018 to 2030
Key Insights of Oil Refining Pumps Market:
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. Xylem, Flowserve Corporation, KSB SE & Co. KGaA, Weir Group, Sulzer Ltd., and GRUNDFOS are among the top players in the oil refining pumps market.
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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. Moreover, 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.
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.
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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.
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.
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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Detailed TOC of Oil Refining Pumps Market 2018 by Manufacturers, Regions, Type and Application, Forecast to 2028
1. Oil Refining Pumps Market- Executive Summary
1.1. Market Overview
1.2. FMR Analyzed
1.3. Oil Refining Pumps Market Opportunity Assessment
1.3.1. Winning and Losing Components
1.4. Market White Spaces Analysis and Wheel of Fortune Opportunity Analysis
2. Global Oil Refining Pumps Market Introduction
2.1. Introduction & Definition
2.2. Market Taxonomy
3. Market Dynamics
3.1. Key Market Trends and Drivers
3.2. Key Challenges
4. Associated Industry Assessment
4.1. Global Pumps Market Overview
4.1.1. Global Pumps Market Analysis (US$ Mn and Units) and Forecast, 2013-2028
4.1.2. Global Pumps Market Analysis and Forecast by Region, 2018 & 2028
4.1.3. Global Pumps Market Analysis and Forecast by Product Type, 2018 & 2028
4.1.3.1. Centrifugal Pumps
4.1.3.2. Reciprocating Pumps
4.1.3.3. Rotary Pumps
4.1.4. Market Attractiveness Analysis by Product Type
5. Key Indicator Assessment
5.1. Supply Chain
5.1.1. Oil Refining Pumps Manufacturers
5.1.2. Pumps Manufacturers
5.1.3. Distributors/Suppliers
5.1.4. End Users
5.2. Cost Structure
5.3. Macro-Economic Factors Influencing Demand
And Continue…
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