250 Pages Oil Refining Pumps Market Survey by Fact MR, A Leading Business and Competitive Intelligence Provider
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The report offers actionable and valuable market insights of Oil Refining Pumps. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Oil Refining Pumps Market across various industries and regions.
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The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Oil Refining Pumps market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Oil Refining Pumps
This newly published and insightful report sheds light on Market Insights of Oil Refining Pumps, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Oil Refining Pumps Market.
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.
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.
Oil Refining Pumps Market Report Scope
The oil refining pumps market has been systematically analyzed in the latest research report offered by Fact.MR on oil refining pumps market. The study includes valuable insights along with the factors impacting the growth of the oil refining pumps market growth.
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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.
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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More Valuable Insights on Oil Refining Pumps Market
Fact.MR, in its new report, offers an unbiased Market Analysis of Oil Refining Pumps, Sales and Demand of Oil Refining Pumps, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.
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