Rockville, MD -- (SBWIRE) -- 07/08/2019 -- The report on oil refining pumps market provides key insights and forecast on the market. The important factors in the oil refining pumps market influencing the growth are also offered in the report. The objective of the report is to offer authentic information on the oil refining pumps market, enabling the readers to plan business strategies accordingly. The report also focuses on the challenges in the oil refining pumps market and growth opportunities for market participants.
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.
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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.
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 oil refining pumps market is segmented on the basis capacity, product type, application, and pumps characteristics. These major segments are further divided into sub-segments to offer clear picture on the oil refining pumps market.
Based on the capacity, the market is segmented into small (upto 500 gpm), medium (500-1000 gpm), and high (more than 1000 gpm). On the basis of product type, oil refining pumps market is segmented into reciprocating pumps, centrifugal pumps, and rotary pumps.
By application, the oil refining pumps market is segmented into refinery process, water circulating, special purpose, and water/wastewater. Based on pump characteristics, the oil refining market segment includes standard pumps, engineered pumps, and special purpose pump.
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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