Industry Background:
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 pump’s 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.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
Dominating Application | Oil and Gas Industry |
Key Companies Profiled | 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) |
According to AMA, the market for Smart and Intelligent Pumps is expected to register a CAGR of 7.6% during the forecast period to 2027. This growth is primarily driven by Increase in Initiatives for Smart City Projects and Growing Demand of Intelligent Pumps across the Asia Pacific and Europe Region.
Globally, a noticeable market trend is evident Development in Industry 4.0
. The Industrials sector in the Europe region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Manufacturers, such as 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) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
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.
Market Drivers
- Increase in Initiatives for Smart City Projects
- Growing Demand of Intelligent Pumps across the Asia Pacific and Europe Region
Market Trend
- Development in Industry 4.0
- Continuous Development in Technology
Restraints
Opportunities
Growing Demand from the OEM and Operators for the Extension of Equipment Life and Increase Requirement for Intelligent Monitoring Across Various Industries Such as Oil and Gas, Water Treatment, and Others
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Manufacturers landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Smart and Intelligent Pumps Study Sheds Light on
The Smart and Intelligent Pumps Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Smart and Intelligent Pumps industry Manufacturers. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Smart and Intelligent Pumps industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Manufacturers can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.