Fact.MR latest study projects a bullish growth trajectory of the refining pumps market. Installation of refining pumps is rising at an unprecedented rate across diverse industry sectors including mining, power generation, oil and gas, and many more. Rapid industrialization across emerging economies is generating favorable scope for refining pumps sales and is aiding the market players to foray into new opportunities for high profit margins. The quest for high-grade pumping technologies with optimal performance attributes is also identified to offer profit-making opportunities for the market players of refining pumps.
Long-term Cost Savings and High Operating Reliability Remain Highly Valued by End Users
Prominent industries come up with the toughest of demands and specifications when it comes to the equipment involved. Manufacturers of refining pumps are offering advanced technologies, combined with cutting-edge engineering, to craft products serving end-user purposes. As some of the fluids handled by refining pumps are highly flammable or volatile in nature, use of ductile materials is gaining prominence in the refining pumps manufacturing landscape. Refining pumps with explosion-proof motors, for safe operations amid challenging environments is also foreseen to offer profitable opportunities for the market players.
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“Rising demand for refining pumps that offer long-term cost savings and high operating reliability, regardless of the application, is fostering research and development activities. Incorporation of sensors has evolved as a major trend in refining pumps market space.”, Senior Analyst, Fact.MR
Sensor-integrated refining pumps offer the convenience of collecting operation-centric data, which can be further be leveraged for monitoring and optimizing the performance quo. Rising demand for internet-enabled operations is further paving grounds for large-scale integration of sensors in refining pumps. Furthermore, sensor-integrated mining pumps also enable efficient fault detection, which is a crucial aspect in terms of retaining the performance quo of refining pumps. Advent of the internet of things (IoT) is likely to result in high-scale product diversification, aimed at increasing the operational efficiency of products.
Rising Vigor of Oil Refining Activities Intensify Large Scale Adoption
As per the report, key countries of the APAC region, backed by a healthy industrial growth and rapid urbanization, are offering market players of refining pumps with untapped opportunities to capitalize on. Refining pump manufacturers are looking forward to tapping into new customer segments via sustained focus on product innovation and rising adoption of remote monitoring as well as proactive maintenance.
The increasing attempts of countries across the globe to boost their oil refining capacities are fuelling the adoption of oil refining pumps, one of the prominent refining pumps varieties. Burgeoned energy demand across emerging economies, such as India and China, is escalating at a meteoric pace owing to three major factors- industrialization, population, and urbanization. Attempts of various countries to solidify their infrastructures and facilitate uniform distribution of energy resources are pushing the vigor of oil refining activities, creating favorable circumstances for oil refining pumps demand. The rising reliance of emerging countries on oil refining activities to compensate for the overwhelming use of oil resources is likely to trigger the adoption of oil refining pumps.
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Manufacturers of refining pumps remain focused on upgrading product reliability, by mapping out theoretical limits of their products. Manufacturers are achieving it by comparing current performance with the theoretically ideal equation, which helps them identify the areas of their existing systems where the losses are huge and enables them to improve them. Moreover, manufacturing companies also remain focused on tailoring refining pumping to meet unique and unique challenges associated with every application.