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Oil Trunk Pump Market Segmented By application such as Upstream, Midstream, Downstream
In oil & gas industry, most of the volume of the oil transfer accounts for the transportation through pipelines. Almost 97% of the produced oil transported and pumped from the oil trunk pipelines with the help of oil trunk pumps. For the oil pipeline equipment higher necessities are set with respect to the environmental compatibility of applied skills and pipelines safety solutions, including temperature drop resistance and high corrosion protection.
These oil trunk pumps form an important tool for the effective transportation of the oil through the pipelines in the oil & gas industry. The oil trunk pumps are used to pump the oil as well as the gas to various equipment for functions usually in the midstream stage.
The Oil & Gas industry has experienced lots of changes in last few years along with inconsistent demand and weak crude oil prices. This inconsistent demand and changing crude oil prices has a ripple effect on several end use industries. Hence, enormous research, development and innovation is going on in the oil & gas industries; for developing more efficient and competent equipment such as the oil trunk pump in the global market.
Additionally, one of the important factors escalating the growth of the oil trunk pump market is the rising use of advanced electronic technologies and use of sensors in oil trunk pump as well as the pipelines which will observe and regulate the operating conditions and consequently, reduce damage from internal factors such as excessive strain, stress, corrosion, etc.
The oil trunk pump market has evolved over the years to feature a multitude of advantages such as good longevity, ease in maintenance enhanced reliability and cost effectiveness.
The global demand of oil trunk pump is directly proportional to the increasing production and infrastructural development of oil & gas industry. The oil producing as well as the consuming nations are the target markets for the manufacturers and suppliers of oil truck pumps in the global market.
The ability of these oil trunk pumps to pump and effectively transport enough oil to the desired location is one of the foremost drivers to fuel its demand of oil trunk pumps over the forecast period. The global oil trunk pump market is estimated to grow with a healthy CAGR over the stipulated time period.
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The global oil pump market can be segmented into seven different geographical regions/countries such as North America, Latin America, Europe, China, Japan, SEA (South East Asia) & Pacific and MEA (Middle East & Africa). MEA and North America have vast oil fields and also have dominant presence of chemical industries & refineries, hence transportation of oil & gas through pipelines is often common here.
Owing to this, the oil trunk pumps market is forecasted to grow rapidly in the aforementioned regions. The oil production is increasing day-by-day particularly in the Latin America and Easter Europe countries thus giving prominent impetus to the growth of oil trunk pumps market.
Most of the oil is imported by Asian countries such as India and China, these countries are also expected to show significant growth in the near future and estimated to contribute heavily towards the global growth of the oil trunk pumps market.
The oil trunk pump market is estimated to grow with a noteworthy CAGR over the forecast period due to its increasing applications in the petrochemicals industries globally. Besides, new technologies and inventions in oil trunk pumps market will bolster the growth.
The manufacturers and suppliers are intensive on long-term partnerships with oil & gas majors to increase their market share in the global as well as the regional markets. Moreover, product development is expected to remain the significant area of key market participants in the global market. Some of the key market participants reported in this study of the global oil trunk pump market include HMS Group, PumpWorks, Wastecorp Pumps, Sulzer, KSB, Weir Group, Grundfos, amongst others.
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