The global oil refining pumps market is estimated to be worth USD 6.2 billion in 2022 and is expected to exceed USD 8.6 billion by 2032, growing at a CAGR of 3.3 percent between 2022 and 2032.
In 2022, the global oil refining pumps market will account for 10% of the global industrial pumps market. During the assessment period of 2022-2032, the global oil refining pumps market is expected to have an absolute $ opportunity of USD 2.4 billion.
Manufacturers in the oil and gas industry are focusing on the process of innovation and digitalization, which results in cost-effective and profitable goods. New technology-integrated oil refining pumps are gaining popularity in oil refineries.
Smart oil refining pumps based on the Industrial Internet of Things (IIoT) that can collect data from devices, monitor pipe thickness, pressure, and flow rate, have sensors and monitoring software, and are energy-efficient are expected to increase market demand for oil refining pumps by 1.2X over the next few years.
Key Takeaways:
Middle East & Africa (MEA) oil refining pumps market currently holds 32.3% of the global market share.Asia-Pacific oil refining pumps market is expected to grow at a CAGR of 3.3% by 2032.By product type, centrifugal pumps to dominate the market with holding 36.1% market share.Application of oil refining pumps for refinery process holds highest market share.
Growth Drivers:
The rising demand for oil is expected to drive the growth of the oil refining pumps market.Rising global demand for crude oil has resulted in investments in oil refineries, propelling the market forward.
Key Restraints:
As global emissions levels rise, governments around the world are enacting strict emissions standards in the oil industry. This is hampering the oil refining pumps market.
Competitive Landscape:
Because of the presence of numerous domestic and regional players, the global oil refining pumps market is highly fragmented and competitive. Key players use a variety of marketing strategies, including mergers and acquisitions, expansions, collaborations, and partnerships.
In addition, leading companies use new product development as a strategic approach to increase their market presence among consumers. As a result of these strategies, advanced oil refining pumps have been incorporated.
In a recently published report, Fact.MR provided detailed information about the price points of top manufacturers of oil refining pumps market positioned across regions, sales growth, production capacity, and speculative technological expansion.
Weir Group was awarded a three-year contract to repair and service motors and pumps by a national oil company in the UAE in 2020.In 2020, Alfa Laval was awarded a contract to supply Framo pumping systems for two Floating Production Storage and Offloading (FPSO) vessels, which include marine pumping systems for seawater and firewater lift service and operate outside of Brazil’s coast.
