Oil-trunk Pumps Market: Introduction
Oil-trunk pumps form a very essential tool for effective transportation of oil and gas through pipelines in the oil & gas industry. Oil-trunk pumps are used to pump oil as well as gas to various equipment.
In the oil & gas industry, large volume of oil is transported through pipelines. More than 90% of the produced oil is transported and pumped from oil-trunk pipelines with the help of oil-trunk pumps.
Companies are trying to find out more efficient solutions and competent equipment to pump oil and gas easily by investing in research & development for more advanced version of oil-trunk pumps.
Key Drivers and Restraints of Oil-trunk Pumps Market
Rapid globalization and industrialization is one of the drivers of the oil-trunk pumps market. Significant increase in demand for oil and gas across the globe has lead companies to increase the production and upgrade the existing infrastructure. Hence, rise in demand for fuel is one of the major drivers of the oil-trunk pumps market.
Increase in use of advanced electronic technologies and sensors in oil-trunk pump and pipelines is another key driver of the oil-trunk pumps market as these technologies observe and regulate operating conditions and consequently, reduce damage from internal factors such as excessive strain, stress, and corrosion
Geopolitical uncertainties and volatile prices are major restraints for the oil-trunk pumps market. Inconsistent demand and changing crude oil prices due to unstable geopolitical issues are expected to affect the oil-trunk pumps market.
Use of renewable energy reduces the cost of power generation and rise in concerns on carbon emission. Increase in use of renewable energy is expected to restrain oil & gas industry. This, in turn, is likely to be one of the key restraining factors of the oil-trunk pumps market.
Global Oil-trunk Pumps Market: Segmentation
The oil-trunk pumps market can be segmented in terms of application as upstream, midstream, and downstream. The midstream segment is expected to expand at a high CAGR during the forecast period, due to high demand from the oil and gas processing unit.
Global Oil-trunk Pumps Market: Regional Segmentation
Based on region, the global oil-trunk pumps market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
North America dominated the global oil-trunk pumps market in 2018. This trend is projected to continue during the forecast period, due to increased capacity of oil and gas production in the U.S. and Canada. Furthermore, presence of a large number of private oil companies in North America is likely to drive the oil-trunk pumps market in the region during the forecast period. The U.S. is expected to add more trunk pipelines during the forecast period, thereby dominating the global oil-trunk pumps market. According to General Electric Company’s Baker Hughes Inc., the oil rig count in the U.S. increased by approximate 42% in 2017 compared to that in 2016 due to the recovery in crude oil prices.
Middle East & Africa is a major oil producer region in the world. Offshore developments and discoveries of new oil and gas fields by countries such as Qatar, the UAE, and Saudi Arabia are anticipated to dominate the oil-trunk pumps market in the Middle East during the forecast period.
The market in Latin America, Europe, and Asia Pacific is estimated to expand at a considerable pace during the forecast period. Increase in investment in offshore exploration activities by developing counties such as China, India, and Brazil is expected to drive the oil-trunk pumps market during the forecast period.
Key Developments
In August 2019, PumpWorks introduced PWA-SL Sealless horizontal process pump. This pump is designed to take on all applications of a typical ANSI pump, while eliminating the need for mechanical seals and seal support systems.
In December 2018, HMS Group signed a contract to deliver main and auxiliary equipment worth US$ 80 Mn for a gas booster station at an oil and gas condensate field in Russia
In February 2017, SPX expanded production capabilities by opening a new manufacturing campus in Poland. This plant is a multi-million dollar investment, established in 28,000 square meter area.
Comments