Thursday, 02 May 2024
Rising Demand for Dynamic Pumps across Oil & Gas, Petrochemical, and Refinery Sectors
According to our latest market study on " Europe Dynamic Pumps Market Forecast to 2030 – Regional Analysis – by Type and End-use Industry," the market is expected to grow from US$ 11,171.20 million in 2022 to US$ 16,415.00 million by 2030; it is anticipated to grow at a CAGR of 4.9% from 2022 to 2030.
Dynamic pumps are widely used in the petrochemical & chemicals industry for the extraction and transportation of fluids from one place to another. Dynamic pumps are an essential component in the petrochemical plants in the EU countries. There is a rise in investment in the petrochemical, oil & gas, and refinery sectors in EU countries. For instance, in 2021, the European Union increased investment toward the production of oil and petroleum products by 6.0% compared to 2020. Crude oil and petroleum products are still considered the most significant energy sources for the European economy despite a long-term downward trend. At the same time, natural gas remains the second-largest energy source.
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Further, oil and natural gas production increased by 5.3% and 4.0 %, respectively, in 2021 compared with 2020. The production of crude oil in 2021 in the European Union (EU) reached ~17.5 million tons. The major oil-producing countries in Europe include Italy, with 4.8 million tons of production, while Denmark had 3.2 million tons and Romania had 3.2 million tons. Further, in 2021, the EU refinery industries produced ~521.0 million tons of equivalent petroleum products; this represents a slight increase in production by 3.2% compared to 2020. Such oil production activities require dynamic pumps to carry fluid from one place to another. Thus, rising demand for dynamic pumps across oil & gas, petrochemical, and refinery sectors boosts the dynamic pumps market growth in Europe.
Dynamic pumps are an essential component in the petrochemical plants in the EU countries. Growing investment toward the petrochemical, oil & gas, and refineries in EU countries is a major driving factor for the dynamic pump market. For instance, in 2021, the European Union increased investment toward the production of oil and petroleum products by 6.0% compared to 2020. Crude oil and petroleum products remained the most significant energy sources for the European economy despite a long-term downward trend. At the same time, natural gas has been the second-largest energy source.
The Europe dynamic pumps market is segmented on the basis of type and end-use industry. On the basis of type, the Europe dynamic pumps market is classified as centrifugal pumps, submersible pumps, and axial pumps. Centrifugal pumps are a highly versatile pump system that is widely used in several industries for residential, industrial, and commercial applications. Approximately 90% of pumps used in the oil & gas industry use centrifugal pumps owing to their high energy efficiency and low maintenance requirements. Rising demand for centrifugal pumps across several industries, including wastewater treatment, chemical, food & beverages, pharmaceutical, and heavy-duty, drives the market growth in Europe.
A few of the major players operating in the Europe dynamic pumps market are Robert Rontgen GmbH, SNA Europe, Wispa Metallsagenfabrik Simonds Industries, Koll & Cie GmbH & Co. KG., Saw and Tool Factory WAPIENICA Spy Zoo, RUKO GmbH, FABA SA, Aspi Spolka ZOO Spolka Komandytowa, Kanefusa Europe BV, Pilana Wood SRO, Ake Knebel GmbH & Co KG, Ledermann GmbH & Co KG, Metabowerke GmbH, GDA SRL, TKM Austria GmbH, and Leitz GmbH & Co KG. Many companies are investing in the dynamic pumps market owing to the potential improvements related to accuracy, operational efficiency, and timely order fulfillment of the dynamic pumps market.
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