Smart and Intelligent Pumps Market Scenario
Intelligent pump is increasingly used for controlling the pressure or flow of fluids (water, oil, etc). Intelligent pipes are basically an outcome of the incessant development in piping technology. These pipes hold tremendous market potential. Market Research Future (MRFR) reports that global Smart and Intelligent Pumps Market is set to surge at a CAGR of 7.55% during the assessment period (2018-2023). Intelligent pumps are drawing commercial interest owing to their vast scope of industrial application.
Intelligent pumps are witnessing a rapid popularity in desalination facilities, water treatment facilities, boiler control systems, and water supply systems. Remote condition monitoring features and energy management capabilities make intelligent pumps a sought-after piping solution. The rise of building automation has reflected favourably on the global intelligent pumps market. Positive displacement pumps and centrifugal pumps are an important section of building automation.
Smart and Intelligent Pumps Market - Highlights
Integration of sensor technology with intelligent pumps have made more efficient and cutting-edge. Sensor play an important role in monitoring applications. Such technical capabilities are driving the adoption of these pumps in sectors such as water & wastewater, power generation, chemical and oil & gas. These sectors are undergoing digital transformation, which is benefiting the intelligent pumps market. A higher emphasis is being placed on the operational efficiency, lower energy consumption and minimum down-time, which is driving the adoption of new-age technologies such as intelligent pumps.
Smart pumps have become a must-have component in industrial infrastructure for achieving higher accuracy and operational efficiency. Advanced countries in North America and Europe are rapidly shifting toward smart industry in order to over some of critical operational challenges. This creating attractive growth opportunities for market players. At the same time, increased focus toward product innovation is expanding application base of smart pumps.
Global Intelligent Pumps Market: Segmental Analysis
MRFR in its report has included a detailed segmental analysis of the market based on component, type, end-user and region.
On the basis of component, the market has been segmented into pumps, variable drives and control systems.
On the basis of type, the market has been segmented into positive displacement and centrifugal. In terms of value, the centrifugal segment command a relatively larger market share. Preference for centrifugal pump is higher owing to cost benefits. Moreover, centrifugal pumps are more reliable as compared to positive displacement pumps.
On the basis of end-user, the smart and intelligent pumps market has been segmented into waste & wastewater, building automation, oil & gas, chemical and power generation. The building automation segment accounts for a comparatively high market share in terms of revenue. The segment is expected to remain highly attractive throughout the assessment period.
Regional Analysis
Europe is the leading market for intelligent pumps. Existence of massive industrial settings in countries such as Germany, France, Netherland, Italy and the UK puts the region at a favourable position in the global intelligent pumps market. A flourishing manufacturing sector in Europe make the market in the region extremely dynamic. Europe will continue to present attractive growth opportunities to market players throughout the assessment period. Moreover. faster adoption of novel technologies has opened new window of growth in Europe.
APAC is second in pecking order and is likely to emerge as an important destination for market players in the forthcoming years. Rapid industrial growth, expansion of the manufacturing sector, and increased investment in infrastructure development are some of the factors supporting the growth of the market in APAC.
Competition Analysis
Prominent market players such as Emerson (US), Grundfos Holding (Denmark), Quantumflo (US), Yaskawa (Japan), Flowserve Corporation (US), ITT Corporation (US), Xylem (US), Wilo SE (Germany), Sulzer (Switzerland), KSB Aktiengesellschaft (Germany), ABB (Switzerland) and Kirloskar (India) have been covered in MRFR’s report,
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