Smart and Intelligent Pumps Market Scope
An IoT-based smart pump is a digitally enabled water pump with additional capabilities that interpret and visualize data using Big Data, analytics, machine learning algorithms, and cognitive intelligence. Smart pumps monitor and deliver real-time information on multiple factors, including the pumpís health, performance, pressure, temperature, and the velocity of water passing through it. The IoT-based smart pump technology has meant that now pumps are having the ability to collect a greater amount of data which can be utilized for the prediction of any pump required to be repaired or replaced. At the same time, IoT smart pumps provide the ability to monitor multiple smart pumps that are installed in various places in the water system.
The Smart and Intelligent Pumps market study is segmented by Type (Centrifugal Pump and Positive Displacement Pump), by Application (Oil and Gas Industry, Water and Wastewater Industry, Power Industry, Chemical Industry and Others) and major geographies with country level break-up.
The market leaders have sized the combined industrial and specialty product market. The smart and intelligent pumps business faces several market giants in this industry on a global basis. At the global level, the leading market players are Xylem, ITT INC, Yaskawa Electric Corporation, and others. These leading companies control more than 40% of the smart and intelligent pump market share on a global basis. Research Analyst at AMA estimates that United States Manufacturers will contribute to the maximum growth of Global Smart and Intelligent Pumps market throughout the predicted period.
Xylem, Inc. (United States), ITT, Inc. (United States), Yaskawa Electric Corporation (Japan), Flowserve Corporation (United States), ABB (Switzerland), Pentair plc (United Kingdom), Sulzer Ltd. (Switzerland), Wilo SE (Germany), CIRCOR International, Inc. (United States), KSB SE & Co. KGaA (Germany), Grundfos Holding A/S (Denmark), SEEPEX GmbH (Germany), Spirax-Sarco Engineering plc (United Kingdom) and Kirloskar Group (India) are some of the key players that are part of study coverage.
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
AdvanceMarketAnalytics has segmented the market of Global Smart and Intelligent Pumps market by Type, Application and Region. On the basis of Type, Centrifugal Pump are dominating the market in the year 2019 where as Positive Displacement Pump stood as second largest market share.
On the basis of application, Oil and Gas Industry segment is dominating the market in the year 2019 where as Chemical Industry segment stood as second largest market.
On the basis of geography, the market of Smart and Intelligent Pumps has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Europe region held largest market share in the year 2019. North America on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Market Leaders and their expansionary development strategies
In December 2019, Pentair Plc announced that it has completed the acquisition of Be the Change Labs, Inc., Rocean in a bid to expand its core water treatment solutions in the residential and commercial water business.
In April 2020, CIRCOR International, Inc. announced the launch of RTK Discharge and Pump Protection and Control Valve. This unique valve provides the ideal solution for all the industrial processes that incorporate pumps such as condensate pumps, boiler feedwater pumps, or low-pressure centrifugal pumps.
- Development in Industry 4.0
- Continuous Development in Technology
- Increase in Initiatives for Smart City Projects
- Growing Demand of Intelligent Pumps across the Asia Pacific and Europe Region
- Growing Demand from the OEM and Operators for the Extension of Equipment Life
- Increase Requirement for Intelligent Monitoring Across Various Industries Such as Oil and Gas, Water Treatment, and Others
- Continuous Changes in Economic and Political Environment
- Fluctuation in the Prices of Raw Materials
Analyst ViewAs pumps used in industrial applications are having a long life cycle, the market end-users are not replacing their complete pump system but upgrade their traditional pumps into intelligent. As Industry 4.0 embraced at scale over many years, the coronavirus pandemic boosts the influence in the manufacturing space. Coronavirus ultimately generates the positive impact of the intelligent pumps for the long term. With the rise in awareness regarding the benefits for IoT based solutions, many industries are upgrading their pumps into automation pumps systems. As IoT and augmented & virtual reality enable the non-remote workforce and enhance the ease of operations. In terms of the automation pump system, Europe is highly investing in the intelligent pump system.
Frequently asked questions:1. Is it possible to have certain customization in the study?
The Study can be customized to meet your requirements. Please connect with our representative, who will ensure you get a study that suits your business objectives.
2. How big is the Smart and Intelligent Pumps Market?
Yes, the study does represent market size by key business segment, application/end users and major geographies forecasted till 2025.
3. What is expected growth rate?
According to AMA, the Global Smart and Intelligent Pumps market is expected to see growth rate of 7.6%.