Oil Refining Pumps Market is expected to reach 2.9% CAGR during 2018-2028 from Margo Trobbie's blog
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.
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.
For more insights into the Market,
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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.
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.
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