Oil Refining Pumps Market: Smart Oil Refining Pumps Gaining TractionPosted by Preet on February 3rd, 2020 Fact.MR has adopted multi-disciplinary approach to shed light on the evolution of the global oil refining pumps market during the historical period of 2013 – 2017. The study presents a deep-dive assessment of the current growth dynamics, major avenues in the estimation year of 2019, and key prospects over the forecast period 2018 – 2028. The global demand for oil refining pumps is expected to surpass 3,000,000 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. After reading the oil refining pumps market report, readers get insight into:
The oil refining pumps market report offers assessment of prevailing opportunities in various regions and evaluates their shares of revenue by the end of different years of the assessment period. Key regions covered comprise:
Request for Report Methodology: https://www.factmr.com/connectus/sample?flag=RM&rep_id=2434 The evaluation of the competitive landscape in the oil refining pumps market covers the profile of the following top players:
To expand the understanding of opportunities in the global oil refining pumps market report looks at close quarters into the opportunities and new avenues in following key segments:
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. In addition to understanding the demand patterns of various end users, the report on the oil refining pumps market also enumerates trends expected to attract investments by other various associated industries. On the basis of product types, the oil refining pumps market report offers insight into major adoption trends for the following segments:
The global oil refining pumps market report offers detailed assessments and quantitative evaluations that shed light on numerous key aspects that have shaped its evolution over the historical period. In coming years, some of the key aspects that will shape the growth prospects during the forecast period are objectively covered in the study. Some important questions that the oil refining pumps market report tries to answer exhaustively are:
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