Dublin, Oct. 20, 2020 (GLOBE NEWSWIRE) -- The "2025 Vision: Future of Pumps in a Connected World" report has been added to ResearchAndMarkets.com's offering.
This study forecasts the future of the pumps industry amidst the onset of a new wave of digitalization and the Industrial Internet of Things (IIoT).
The pumps market, valued at ~$38.34 billion in 2019, is expected to discover new growth opportunities by expanding its service capabilities with IIoT technologies and move beyond standard aftermarket services.
The changing market conditions influenced by demand-supply shock, oil price volatility, political tension, and shift in customer preferences are making pump manufacturers revisit their value proposition. In a mature and fragmented industry like pumps where growth from pump equipment remains in the single digit, pump OEMs have started to observe a spike in demand for aftermarket services. This spike also indicates a shift in pump OEMs' role from being mere product suppliers to a thought-partner enabling end-users in their digital transformation journey to collaboratively build a connected ecosystem.
In this pump visionary study, we have identified the top 5 global Mega Trends and assessed their implication for the pumps industry. The study also discusses the market size and offers a breakdown by region, product segment, and end-user industry. To understand the role of services in the pump market, the study also includes revenue potential from the services segment. An overview of the key market participants, their product offering, and their market positioning have been provided in this report.
The publisher has identified the top 4 innovative business models that pump OEMs can implement by investing and integrating IIoT into their solution offering. These models will enable OEMs to unlock new revenue streams and stay ahead of their peers. The study does a deep dive into each business model and assesses its implication on the pumps industry.
Some of the key IIoT technologies that are instrumental in the successful transition of the industry include cloud computing, analytics, artificial intelligence, and machine learning and blockchain. The end-user shift from a CAPEX to an OPEX model and the need for data insights, require pump OEMs to proactively embrace these progressive technologies in their service offering.
With the potential to realize double-digit growth from services, pump OEMs are at a juncture to revisit their product and service offerings as well as their relationship across the distribution channel. By expanding service capabilities with advanced and digital services, pump OEMs are well-positioned to increase the uptime, reliability, and lifetime of the machine. They can assist their end-users to move towards a predictive maintenance approach, reduce OPEX, and increase production efficiency.
Key Issues Addressed
- What is the current state of the pumps industry and how is it expected to grow by 2025?
- What are the innovative business models pump OEMs can explore as they move towards pumps-as-a-service?
- What are the key growth opportunities for the pump industry? How can they benefit from these opportunities?
- What are the global Mega Trends and how do they impact the pump industry?
- What is the mindset of end-users towards the new pump solutions?
Key Topics Covered:
Executive Summary
- Evolution of Pumps Industry
- Industry Outlook in 2025
- Top 7 Industry Predictions: Pumps Industry in 2025-Key Predictions
- Global Pumps Industry Revenue Forecast 2025
- Revenue Forecast by Pump Type and End-user Industry
- 2025 Pump Vision: Senior Management Top-of-mind Issues
Research Scope and Segmentation
- Research Scope
- Key Questions This Study Will Answer
- Research Methodology
- Market Definitions
Mega Trends and Industry Convergence Implications
- Top 5 Mega Trends Impacting the Pumps Industry
- Mega Trend 1: Connectivity & Convergence
- Mega Trend 2: Cognitive Era
- Mega Trend 3: Smart is the New Green-Smart Products
- Mega Trend 4: New Business Models
- Mega Trend 5: Innovating to Zero
- Top 5 Transformational Themes Impacting the Pumps Industry
Global Pumps Industry Revenue Forecast for 2025
- Market Revenue of Global Centrifugal Pumps
- Market Revenue of Global Positive Displacement Pumps
- Market Revenue of Global Pump Services
- Market Share of Top 10 Participants-Global Pumps Market
- Competitive Landscape of Manufacturers-Total Pumps Market
- Global Pumps Industry-Mapping Product Portfolio by Segments
IIoT based Pump Solutions-Implication for End-user Industries
- State of Digital Transformation and Customer Readiness in the Pumps Industry
- Digital Oil Fields
- Digital Refinery
- Smart Water Plants
- Digital Mines
4 Big Themes and New Business Opportunities for Pump OEMs
- 4 Big Innovations: New Business Models
1. Everything-as-a-Service (XaaS)
- Everything-as-a-Service (XaaS): Benefit Realization
- Everything-as-a-Service (XaaS): Roadblocks
- Everything-as-a-Service (XaaS): Business Implication
2. Service Innovation: Core Exchange Program
- Service Innovation: Core Exchange Program-Benefit Realization
- Service Innovation: Core Exchange Program-Business Implication
3. Industrial E-commerce as a Service
- Industrial E-commerce as a Service: Benefit Realization
- Industrial E-commerce as a Service: Business Implication
4. Profit Sharing/Risk Sharing: Blockchain
- Profit Sharing/Risk Sharing: Blockchain-Benefit Realization
- Profit Sharing/Risk Sharing: Blockchain-Business Implication
New Growth Market-Pumps-as-a-Service
- Evolution of Pump Services
- Advent of IIoT 2.0 in the Pumps Industry
- Pump Services-Level of Engagement
- Disruption in Pump Services-Unbundling the Value Chain
- Transformation of Pump Services with Strengths of Channel Participants
- Integrated Approach-A Key Essential to Remain Unmatched
Growth Opportunities and Companies to Action
- 5 Major Growth Opportunities
- Growth Opportunity 1-Energy-efficient Pumps
- Growth Opportunity 2-Pump Performance Management
- Growth Opportunity 3-New Business Models
- Growth Opportunity 4-Managed Services
- Growth Opportunity 5-Connected Distribution Network
- Strategic Imperatives for Success and Growth
Key Conclusions and Future Outlook
- Key Conclusions and Vision for the Industry
- Legal Disclaimer
Appendix
For more information about this report visit https://www.researchandmarkets.com/r/7rg1j5
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