Smart and Intelligent Pumps Market: 2021 Demand, Future Estimations, Competitive Landscape, Business Revenue Forecast and Statistics
Industry Insight
According to the latest report presented by Market Research Future amid COVID 19 situation has revealed that the global Smart intelligent pumps market might bolster with a towering valuation by the end of 2023. This could be gained if the market grows at a pace of 7.55% CAGR. The growth period has been calculated from 2018-2023.
Top Impacting Factors
An intelligent pump is a system that operates by regulating the pressure or control flow. The system is used most broadly in an application such as water treatments, temperature control, machining and desalination, industrial water supply as well as in boilers and systems. There are several industries in which intelligent pumps can be implemented such as in water & wastewater, building automation, power generation, oil & gas, chemical, as well as others.
With Industrial Internet of Things (IIoT) increasing within the industrial automation community, pump manufacturers understand the opportunities that could bring profit in the pump market. The integration of technology in the pump market is providing pump manufacturers with the ability to innovate and provide all pump solutions, in contrast to only a few components. This has led to the course in the growth of the global intelligent pumps market.
Government economic stimulus packages as well as tax credits that are targeting infrastructure projects, even counting water & wastewater and energy efficiency projects. These are also liable to have a positive impact on the growth of intelligent pumps.
As intelligent pumping solutions have higher acquisition costs versus standard pumping equipment, it challenges providers to prove the cost-value ratio of their products to end-users, thereby restraining the growth of the market. It can be observed from above that the maintenance and repair costs of pumps grab the most significant share when it comes to the overall life-cycle cost of traditional pumps. The acquisition costs that intelligent pumps face are thereby balanced through the reduction of the maintenance that is required for traditional pumps.
Leading Segments
Global intelligent pumps market has been studied under various segments such as type, component, and end-user.
In terms of type segment, the market includes a centrifugal pump and a positive displacement pump. Among these, the centrifugal pump segment is leading the market and has the well-built market share, mainly owing to minor cost compared to positive displacement pumps and high reliability.
The global intelligent pump market by end-user segment has included water & wastewater, building automation, power generation, oil & gas, and chemical, among others. Among these, building automation segment might register the highest growth rate during the forecast period.
Regional Framework
Global intelligent pumps market might witness substantial growth during the forecast period owing to growing investments in building automation. Rising focus on smart cities and strict energy efficiency standards in developed countries are resulting in the growing intelligent pumps demand. Europe grabs the prime share in the intelligent pumps market in support of an increasing number of manufacturing activities in countries such as Germany, France, and Italy. Similarly, development in digital oil fields offers the opportunity for the intelligent pumps market. An essential requisite for the digital oilfield includes accuracy and proficient control of flow from the wells and oilfields. Thus, intelligent pump systems are obligatory to control pressure and temperature. The Asia Pacific grabs the second-largest share in the intelligent pumps market with surging investment in IoT and water & wastewater treatment plants.
Top Players
The top players of global intelligent pumps market are Kirloskar (India), Emerson (US), Xylem (US), Grundfos Holding (Denmark), ABB (Switzerland), Quantumflo (US), Sulzer (Switzerland), Wilo SE (Germany), Yaskawa (Japan), KSB Aktiengesellschaft (Germany), Flowserve Corporation (US), and ITT Corporation (US).
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