New investments expected to boost the Oil-trunk Pumps Market between 2019 and 2027

16 day(s) ago

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.
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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.
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