Introduction of stringent regulations on energy usage and rapid adoption of smart cities solution is booting the market potential of intelligent pumps. Market Research Future (MRFR) reports that the global intelligent pumps market will expand at a CAGR of 7.55% during the projected period (2018-2023).
Intelligent pumps are increasingly used in modern water treatment plants, boiler control systems, desalination, industrial water supply among others. These pumps are integrated with sophisticated sensors and digital control system, which allow remote monitoring and effective energy management.
The rising of building automation has also influenced the global market for intelligent pumps. Positive displacement pumps and centrifugal pumps are used for making exiting system compatible to intelligent solutions. Intelligent pumps also aid in enhancing process control and reducing the overall energy usage in industry verticals such as chemical, oil & gas, power generation, water & wastewater among others.
The IoT boom has brought in new opportunities for market players. Rising popularity of IoT product and digitization of industries is viewed a major market driver. Industries also over the world are focusing on the reducing expenses and optimising output, which is driving the adoption of new-age technologies such as the intelligent pumps. These pumps are witnessing an uptake in water treatment plants, chemical plants, and oil & gas processing facilities. The oil and gas sector continues to post a strong demand for intelligent pumps. Such pumps can reduce downtime and maintenance cost to a significant level.
Modernization of facilities to market them sustainable and efficient is expected creating market opportunities. Int terms of revenue, water and wastewater treatment industries has emerge as a major contributor to the market. The U.S depart of agriculture is reportedly shelling out a whooping USD 256 Mn in upgrading water and wastewater treatment infrastructure in the country.
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Global Intelligent Pumps Market: Segmental Analysis
MRFR’s report includes a comprehensive segmental analysis of the market based on type, end-used, component and region.
On the basis of type, the market has been segmented into positive displacement pump and centrifugal pump. The centrifugal pump segmented holds a significant share of the market in terms of value. The foremost reason of centrifugal pumps being preferred over positive displacement pumps is their higher affordability. On the basis of component, the market has been segmented into variable drives, control system and pumps. On the basis of end-user, the market has been segmented into power generation, water & wastewater, automation, chemical and oil & gas. Among these, the building automation segment is expected to exhibit the highest growth during the projection period.
Global Intelligent Pumps Market: Regional Analysis
Europe represent the largest market for intelligent pump. Countries such as Germany, France, Italy, the U.K. and Netherland are high industrialised, making attractive destinations for market players. The manufacturing sector in Europe is extremely dynamic and presents lucrative opportunities to market players. At the same time, adoption of cutting-edge technologies such as the digital oil field has created growth avenues. Smart pumps are an important component of smart industrial infrastructure like digital oilfields that work of high accuracy and efficiency. Intelligent pump system facilitates effective pressure and temperature control. In terms of value, Asia Pacific holds the second spot in the global intelligent pumps market. The demand growth in APAC is fuelled by development new water & wastewater treatment plants and adoption of IoT solutions.
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Global Intelligent Pumps Market: Competition Analysis
Some of the top-notch companies discussed in MRFR’s report include Emerson (US), Grundfos Holding (Denmark), Quantumflo (US), Yaskawa (Japan), Flowserve Corporation (US), ITT Corporation (US), Xylem (US), Sulzer (Switzerland), KSB Aktiengesellschaft (Germany), Kirloskar (India), Wilo SE (Germany) and ABB (Switzerland).
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