The global oil and gas industry, a significant user of fluid handling systems, continues to drive market demand with its vast exploration, production, and refining activities, with the industry requiring fluid to be transported under controlled temperature and pressure conditions.
While rising electric car sales, fuel efficiency improvements in conventional vehicles, declining use of oil for electricity generation in the Middle East, and structural economic shifts are having an impact on global oil markets, demand is still forecast to be 3.2 million barrels per day higher in 2030 than in 2023.
According to IEA’s Oil 2024 report, demand from fast growing economies in Asia, as well as from the aviation and petrochemicals sectors, is set to drive oil use higher in the coming years. As a result, the report forecasts that global oil demand, which including biofuels averaged just over 102 million barrels per day in 2023, will level off near 106 million barrels per day towards the end of this decade.
The projected sustained demand means suppliers of equipment and machinery to the oil and gas industry have significant opportunities to grow, especially when incorporating technologies and components that increase productivity and reduce energy consumption.
For example, the widespread usage of fluid handling has created a demand for high-quality, efficient equipment, including pumps, valves, meters, seals and hoses. This is driven by rising demand for automation in industrial processes, the requirement for precise fluid flow management, and advances in smart technologies that improve operational efficiency and safety in crucial applications.
Increasing safety is a priority for the sector as these systems operate under high forces from pressurised fluid flow and mechanical equipment such as pumps and motors, and any failure or fatigue in the system’s components including hoses, tubes or seals could have major consequences.
In this regard, advancements in technology, such as automation and Internet of Things integration, are alsoenhancing the safety, efficiency and reliability of fluid handling systems.
These technologies improve monitoring and control capabilities, resulting in more efficiency, less downtime, and predictive maintenance capabilities. This will ensure components and the system as a whole operate safely, and alert operators of potential failures or compromised flow before a major incident occurs.
However, with these new technologies also comes an integration complexity when merging diverse technologies like sensors, automation, and data analytics within fluid handling equipment.
This complexity extends to the interconnection of various components, regulatory compliance, and the need for seamless communication across different systems. Moreover, adhering to evolving regulations and industry standards further complicates integration efforts, necessitating continuous adaptation and compliance.
However, as demand grows, materials and technology innovations are projected to increase efficiency, lower maintenance costs, and address fluid quality and safety concerns, resulting in the development of more sophisticated and adaptive systems.
Furthermore, with operations having their own individual needs and operational situations, there is an increase in demand for customised and adaptable fluid handling systems. Modular fluid handling systems, for example, which can be quickly scaled and adjusted, are increasingly being used to adapt to changing industrial requirements.
