The global intelligent pumps market 2020 is expected to grow at 7.55% CAGR during the forecast period (2018-2023), reveals Market Research Future (MRFR).
Market Boosters and Main Restraints
The growing prominence of Industrial Internet of Things (IIoT) in the industrial automation space, pump manufacturers, are sensing the opportunities that could expand the intelligent pumps market share across the globe. The rising use of advanced technologies in the intelligent pump market is helping the pump manufacturers to innovate their pump solutions. In addition, government economic boosting packages along with tax credits that are aimed at infrastructure projects, such as water & wastewater as well as energy efficiency projects, can leave a positive impact on the intelligent pumps market in the following years.
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The rising need for accurate monitoring as well as complete control of the pumps, has led to the high demand for intelligent pumps across a wide range of industries. These pumps facilitate remote condition monitoring, energy management, and remote systems control, which help boost its demand in the market. The centrifugal intelligent pump type accounts for a significant share in the market, in view of the fact that these pumps are highly effective and are able to control high viscosity as well as variable pressure conditions.
Intelligent pumps find widespread use in the wastewater and water industry, wherein the consistently mushrooming smart cities are providing enormous opportunities to the market. Strict regulatory norms with regard to energy efficiency also boost the adoption of intelligent pumps within the wastewater and water segment.
- Grundfos Holding (Denmark),
- Xylem (US),
- Yaskawa (Japan),
- ITT Corporation (US),
- Flowserve Corporation (US),
- Sulzer (Switzerland),
- Quantumflo (US),
- KSB Aktiengesellschaft (Germany),
- Emerson (US),
- ABB (Switzerland),
- Wilo SE (Germany),
- Kirloskar (India)
Global intelligent pumps market size is expected to expand substantially in the years ahead. The market has been extensively covered in the MRFR report with respect to type, component, and end-user.
The type-wise market segments are centrifugal pump and positive displacement pump. Centrifugal pump segment is at the top spot in the market with the biggest share, on account of its lower cost and higher reliability compared to the positive displacement pumps.
The smart and intelligent pump market, end-user-based, caters to water & wastewater, building automation, power generation, Chemical, and oil & gas, among others. Out of these, the building automation segment can record the highest growth rate in the coming years.
The primary markets for intelligent pumps across the globe are South America, Europe, North America, Asia Pacific (APAC), and the Middle East and Africa (APAC).
Europe has emerged as the most lucrative market for intelligent pumps and accounts for the biggest share, thanks to the rising number of manufacturing activities in Germany, Italy and France. In addition, advancements in digital oil fields are offering a host of opportunities for the intelligent pumps market in the region. The market also profits from the mounting for smart water systems as well as building automation within the region.
APAC has been acknowledged as the second leading market for intelligent pumps, given the increasing investment in water & wastewater treatment plants as well as IoT. The region provides several beneficial opportunities for the vendors, due to the thriving construction industry. also, the expanding smart cities in India and the rising capacities of power generation can lead the Asia Pacific market to better heights in the following years.
The MEA market holds a lot of potential, given the promising subsea applications, soaring need for energy security and elevated energy efficiency measures, along with the frequent advancements in technology.
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