Intelligent Pumps Market is expected to be valued at USD 856.5 million, with a CAGR of 7.50% Forecast by 2030
Intelligent pumps market growth USD 856.5 million rate is estimated as 7.50% CAGR for the forecast period 2022-2030. Rising pressure to control the operational expenses and digitization of oil & gas industry are expected to drive industry growth.
Intelligent pumps operate through digital technology. They are the modern and high-end version of the traditional pumps. It is a defined pump that works through variable frequency and digital control abilities. The digital pumps are embedded with sensor to analyse the performance and collect data. The intelligent pumps come with plenty of benefits. They enable monitoring, remote control and energy management applications. Also, the prominence of the intelligent pumps market is growing every year. The requirement for these pumps is high in the industrial sector.
Also, they are used for sophisticated operation in recent years. The demand for these pumps is high as they come with the fluid flow controlling feature. All these features of the intelligent pumps ultimately save cost and energy. The building system, automation industry, water treatment plants and broiler control system use intelligent pumps.
The outbreak of covid 19 has caused plenty of challenges to the global market. Due to the market restrictions, the production rate of the intelligent pumps has restricted. Also, the demand from the end-users is subsequently decreased. Due to the pandemic, the supply-demand chain is affected. However, all these restraints are temporary. The market will resume its production work.
Further, in the forecast period, it is estimated that the intelligent pumps market size growth will be massive. The crucial drivers of the market will fuel the overall growth. Moreover, there is also plenty of growth opportunities post this situation. The ongoing decreasing pumps market trends will not continue. The intelligent pumps global market growth is expected to be stable during the forecast year. The temporary setbacks in the market will not have a major impact on the overall market structure.
The internet of things is a crucial aspect of the industrial sector. It is a technology that leads the industrial sector to automation. The prominence of the IoT offers more demand and growth opportunities for the intelligent pumps industry. The incorporation of the technology in the pump market offers more attention to the market. By combining automation and pumps there is higher intelligent pumps market revenue. The intelligent pumps offer real-time data, wireless control and monitoring operations.
Due to this use of technology, intelligent pumps market outlook is an energy-efficient. Also, it is a reliable technology that is used for high-end pump operations. Today, several industries are in search of energy-efficient technologies. The intelligent pump is one such technology that offers plenty of energy efficiency benefits. The industries inclination towards energy-efficient technology is another crucial driver for the market. During the forecast period, the efficiency of the technology will act as the major driver. The industry will witness more demand and profitability due to this crucial market driver.
The intelligent pump market has two major product variations. The centrifugal and positive displacement pumps are two crucial varieties. Both these pumps can save energy and work as reliable pump. Especially, the centrifugal pump can work under high pressure and viscosity. Intelligent pumps are more cost-effective than conventional ones. The key market players are trying to make cost cut downs in the forecast year.
The cost-effectiveness of the intelligent pumps will offer plenty of Intelligent Pumps Industry Growth opportunities. With quality and high end, it will be the most prefer pumps in the upcoming years. Moreover, intelligent pumps are mainly used in smart cities. The operations of the intelligent pumps are suitable for the smart cities infrastructure. In smart cities, it is essential in plenty of applications. Intelligent pumps are required for wastewater management, power generation and plenty of applications. It ultimately offers plenty of growth opportunities for the intelligent pump market. Moreover, as the industries are approaching automation the applications of the intelligent pump is higher in these areas.
Today, most industries use conventional pumps. Only some high-end companies are adopting the intelligent pumps. Several industries become hesitant to this adoption process due to the high initial cost. Upgrading the conventional pumps with intelligent pumps is a cost-intensive process. The initial cost of the intelligent-pumps market acts as the major restraint. It is a serious restriction to the overall market. The cost factor can affect the demand and profitability in the forecast year. Also, technological advancements are high in intelligent pumps. All these add up to the overall operational cost of the market. During the forecast year, the cost factor can have a declining impact on the market.
The intelligent pump technology is more suitable for the operation that does not require human intervention. Due to this, intelligent pumps are an exceptional technology for the mining industry, water management and smart city operations. Today, the operations requiring intelligent pump technology is less. For most industrial operations, conventional pumps are suitable. The fewer requirements in some industrial units are major setbacks in the intelligent pump market. The higher adoption of intelligent pumps is essential to fix these challenges.
The intelligent pump market will witness a uniform growth rate in the forecast year. The crucial drivers of the market will keep on propelling the demand. Also, the market will experience the highest profitability in the forecast year. The industrial automation and operations of smart cities are the crucial drivers. Few serious restraints will affect the market growth. The high initial cost is a significant drawback in the market. Also, the less adoption rate may hamper the growth opportunities of the intelligent pump market. However, the resident may have less-effects on the overall market growth rate.
Europe is the vast region with the highest intelligent pumps market share. The equipment for the smart pump technology is massive in this region. The rapidly growing industrialization is the major driver for the market. Further, intelligent pumps are essential in water treatment and management operations. Europe will market the highest profitability in the forecast period.
Also, Europe has some impressive intelligent pumps market growth opportunities. Further, the European pump industry is approaching the maturity date. Most of the pumps require to be upgraded to the latest industrial requirements. All these factors create more demand and opportunities for intelligent pumps. The building automation operations also require the applications of intelligent pumps. These factors are responsible for the high growth in Europe.
The global intelligent pump market is fragmented into North America, South America, Europe and Asia pacific. During the forecast period, all these regions are making plenty of product developments. North America is trying to expand the market in the forecast period. There is going to be substantial growth in the market in the upcoming years. Europe holds the largest intelligent pumps market. This region will dominate other global pumps market in the forecasts period.
The building automation and smart building system is the crucial driver for the European intelligent pumps market. The Asia Pacific has plenty of growth opportunities in the forecast year. Also, the regions will achieve the highest production rate of intelligent pumps. The developments in industries and building automation are crucial factors for growth. The increasing water treatment concerns are another crucial for the immense demand in Asia pacific. Latin America is an emerging market with plenty of growth potentials. The high technological advancements propel the intelligent pumps market in these regions.
|Market Size||USD 856.5 million|
|CAGR||7.50% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type , Component , End-User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Xylem (US), Emerson (US), ABB (Switzerland), Grundfos Holding (Denmark), Sulzer (Switzerland), Quantumflo (US), Kirloskar (India), Yaskawa (Japan), Wilo SE (Germany), Flowserve Corporation (US), KSB Aktiengesellschaft (Germany), and ITT Corporation (US).|
|Key Market Opportunities||Development in digital oil fields|
|Key Market Drivers||
The growth rate of the intelligent pumps market is estimated at 7.50%.
The key players of the intelligent pumps market are ITT Corporation, Xylem, KSB Aktiengesellschaft, Emerson, Flowserve Corporation, ABB, Wilo SE , Grundfos Holding, Kirloskar, Quantumflonn and Sulzer.
The crucial market drivers are menstrual automation and smart-building operations.
Some of the market restraints are high initial cost and a lesser adoption rate.
The development of the building automation sector is projected to motivate the market in the upcoming period.