The global oil refining pumps market sized USD 6.2 billion in 2022 and is likely to cross over USD 8.6 billion by 2032, growing at a CAGR of 3.3% from 2022 to 2032.

It is already being said that refinement pump installations are happening at a pace never seen before in most industry sectors, such as mining, power production, oil and gas, among others. Industrialization in emerging economies is proving conducive to good sales of refinement pumps and helping the industry participants probe new routes for hefty profit margins. The quest for better pumping technologies with the most desirable performance characteristics is also expected to offer rich opportunities to the manufacturers of refinement pumps.

On the equipment involved, leading industries set the strictest requirements and criteria. Manufacturers of refining pumps combine pioneering engineering with innovative technology to come up with solutions that answer their end-users' needs. Fabrication of pumps is increasingly tending to the use of ductile materials because some of the fluids handled by the pumps are extremely volatile or combustible. The players are expected to provide opportunities and safety during operations in extreme locations through refining pumps equipped with explosion-proof motors.

Sensors fitted in refining pumps make it easy to collect information that is operation-centric and can be further used in monitoring and enhancing current performance. The large-scale integration of sensors in refining pumps is gradually becoming possible due to the increasing demand for internet-enabled operations. Moreover, failure can be effectively detected by sensor-integrated mining pumps, which is necessary for the status-quo of refining pumps. The introduction of the internet of things probably is going to usher in a high degree of product variety with the goal of making products more operationally efficient.

List of Key Companies Profiled in The Report

Xylem
Flowserve Corporation
KSB SE & Co. KGaA
Weir Group
Sulzer Ltd.
GRUNDFOS
Gardner Denver
ITT, Inc.
March Pump
TechnipFMC
SPX Flow, Inc.
Alfa Laval
Others

Competitive Landscape

The global oil refining pumps market exhibits high fragmentation. The market consists of numerous domestic and regional players who compete vigorously. The leading companies in this industry employ certain key strategies such as merger and acquisition, expansion, collaboration, and partnership that help them to strengthen their goodwill. Geographically, key companies are engaged in developing new products for introducing advanced oil refining pumps among the consumers.

A recent report from Fact.MR entails price point analysis of major oil refining pump manufacturers across different regions, their sales growth, capacity production, and new technology adoptions.

For example:

Weir Group was awarded a three-year contract in 2020 by the national oil company of the UAE pertaining to repair services and maintenance of motors and pumps.

In 2020, Alfa Laval also won a supply contract for Framo pumping systems to two FPSO vessels; these systems will be operating in seawater and firewater lift service off the coast of Brazil.

How big is the oil refining pumps market?

The global oil refining pumps market was valued at USD 6.2 billion in 2022 and is likely to reach more than USD 8.6 billion by 2032, at a CAGR of 3.3% during the period from 2022 to 2032.

What pumps are used in oil refineries?

A variety of pumps, including centrifugal, reciprocating, and rotary pumps, are in use at refineries for a range of applications, from fluid transfer to refining processes.

What are the three main types of oil pumps?

The centrifugal, reciprocating, and rotary pumps are the three general types. Each type is carrying out certain functions of the oil-refining process to handle different viscosities and flow rates.