Increasing significance of the real-time monitoring of operations at power plants is predominantly driving the growth of global intelligent pumps market. Smart pumping solutions especially gain ground on the back of growing penetration of industrial automation, and soaring preference for IoT across industrial environments. Poised to hit the US$1 Bn mark in revenue by 2029, global intelligent pumps market will showcase 6% growth during 2022 – 2029. The latest report released by Fairfield Market Research indicates a wide application base of intelligent pumps that comprises sectors like water treatment, industrial water supply, boilers and systems, temperature control, machining, wash and clean, and desalination. The report also says that the tightening regulatory screws around energy efficiency of industrial equipment will act as a major booster to market growth, across both industrial, and commercial areas.
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Oil and Gas Industry Prime Revenue Generator for Intelligent Pumps Market, Centrifugal Pumps Surge Ahead
Demand for intelligent pumping solutions remains buoyant with sustained uptake by construction, oil and gas, and power industries. The report indicates clear dominance of the industrial sector in adoption of intelligent pumps, accounting for over 3/5th of the total demand recorded worldwide. Among the key adopters, oil and gas industry continues to be the top segment, whereas water and wastewater, power, chemical, and food and beverages follow. In terms of the pump type, centrifugal pump remains the most sought-after choice among end users and currently contributes nearly 71% revenue to the intelligent pumps market revenue. While centrifugal pumps surge ahead on the back of their greater energy efficiency, desirable capacity, easy operability, and smooth flow, the segment has been slated for more than 6% growth in the market between 2022 and 2029. On the other hand, demand for positive displacement pumps is likely to see an upswing in the next few years.
Europe Represents a Dominant Market for Intelligent Pump Sales, Opportunities to Flock Asia Pacific
With over 35% revenue share in the intelligent pumps market, Europe currently leads the way global landscape. The report highlights the fact that the industrial sector of Europe has been an early adopter of smart pumping technology and has been generating noteworthy demand ever since. Remarkably high demand for intelligent pumps from the water-utility based industry is expected to remain the prime push factor for Europe’s intelligent pumps market, and as the region continues to be the largest base for both production and consumption of pumps, the primacy in the global marketplace will be intact throughout the period of projection. On the other side, North America’s water and wastewater treatment sector is likely to position the region as the next lucrative intelligent pumps market. Asia Pacific has also been developing an attractive market prospect for intelligent pumps on account of the power plant upgradation projects, and an unprecedented pace of industrialization.
Key Market Players, and Competition Analysis – Intelligent Pumps Market
Grundfos Holdings A/S, Alfa Laval, Danfoss A/S, Goulds Pumps, Wilo SE, Kirloskar Brothers Limited, QuantumFlo, Inc., Allweiler GmbH, and Xylem Inc. are some of the profiled company names in the report. The report states the fact that as the key participants in intelligent pumps market emphasize on the technological patenting of H- and F-class pumping solutions, the associated capital investments will act as a limiting factor for several potential small players.
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