Dublin, May 04, 2023 (GLOBE NEWSWIRE) -- The "Intelligent Pumps Market - Global Industry Analysis (2018 - 2021), Growth Trends, and Market Forecast (2022 - 2029)" report has been added to ResearchAndMarkets.com's offering.
The smart pumping solutions have been receiving strong tailwinds from the phenomenal spread of industrial automation, and soaring adoption of IoT or digital solutions for real-time monitoring of power plant operations.
Rising demand for higher operational efficiency, more effective automation, and enhanced energy savings further pave the way for intelligent pumping solutions.
The global intelligent pumps market is expected to witness promising growth of 6% between 2022 and 2029, exceeding the revenue of US$1 Bn toward the end of forecast year. In a new study, the publisher suggests the market registered revenue worth US$643.9 Mn in 2021 and will observe a promising growth outlook over the next few years.
Although intelligent pumps are associated with around 20% potential energy savings (according to the U.S. Department of Energy), the initial installation costs are expensive, which may remain a longstanding challenge facing both potential market players, as well as end users in the smart pumping space.
Key Insights and Trends Across Global Intelligent Pumps Market
- With around 71% market share, centrifugal pumps continue to be the leading pump type segment
- Accounting for over 60% of total demand, industrial sector remains the key end user of intelligent pumping solutions
- Variable speed drives remain the leading component segment with over 40% share
- Growing stringency of government regulations regarding energy consumption is boosting prospects of energy-efficient pumps across both industrial and commercial sectors
- Europe leads the pack with more than 35% market value share
- Technological patents related to H- and F-class pumping solutions trend competition landscape of intelligent pumps market
Centrifugal Pumps Account for Nearly 71% of Total Demand in Intelligent Pumps Market
Sustained application in sectors like industrial water supply, water treatment, boilers and systems, temperature control, wash and clean, desalination, and machining will keep the demand floating, says the report. However, oil and gas, construction, and power industries will remain at the forefront of demand generation in global intelligent pump manufacturers. The industrial sector accounts for more than 60% share in overall demand while oil and gas industry will also remain a prime application area. Food and beverages, chemical, power, and water and wastewater industries further follow. The report also offers detailed analysis of intelligent pumps market based on the type of pump. Centrifugal pumps remain the leading category with around 71% market value share. These pumps will continue to witness the maximum demand and are likely to exhibit over 6% growth in sales through the end of 2029. The report attributes continued dominance of centrifugal pumps to superior capacity, higher energy efficiency, smoother flow, and convenient operation. The other pump type, i.e., positive displacement pump will also experience notable growth in demand, suggests the report. Moreover, the variable speed drives surge ahead of the other components, with over 40% market share.
Europe Dominant with over 35% Share, Asia Pacific to Grow Lucrative in Intelligent Pumps Market
Europe, currently representing more than 35% of market share, has been an early adopter of intelligent pumping solutions. This will enable the region to uphold the strongest positioning in global intelligent pumps market through 2029 end. The report says the market here will receive an impetus from growing demand across the water utility-based industry sectors.
The European market for intelligent pumps will continue to flourish on the back of the strongest production base, as well as the largest userbase. Presence of some of the industry leaders, and supportive government initiatives complement the scenario further.
On the other hand, North America also represents a sizeable market for intelligent pumps with a constant rise in demand for smart pumping solutions for water and wastewater treatment application.
However, intelligent pumps market of Asia Pacific is likely to demonstrate the fastest rate of growth during 2022 - 2029, creating a highly lucrative investment pocket for both suppliers, and manufacturers. The market here will benefit from industrialization, and power plant upgradation projects. China maintains lead with rocketing installations, and investments in pumping solutions, states the report.
Key Topics Covered:
1. Executive Summary
2. Market Overview
3. Price Trends Analysis
4. Global Intelligent Pumps Market Outlook, 2018 - 2029
4.1. Global Intelligent Pumps Market Outlook, by Type, Value (US$ Mn), 2018 - 2029
4.1.1. Key Highlights
4.1.1.1. Centrifugal Pump
4.1.1.2. Positive Displacement Pump
4.1.2. BPS Analysis/Market Attractiveness Analysis, by Type
4.2. Global Intelligent Pumps Market Outlook, by Component, Value (US$ Mn), 2018 - 2029
4.2.1. Key Highlights
4.2.1.1. Pump Motor
4.2.1.2. Variable Speed Drive
4.2.1.3. Control Systems
4.2.1.4. Others
4.2.2. BPS Analysis/Market Attractiveness Analysis, by Component
4.3. Global Intelligent Pumps Market Outlook, by Application, Value (US$ Mn), 2018 - 2029
4.3.1. Key Highlights
4.3.1.1. Building
4.3.1.2. Industrial
4.3.1.3. Water Utility
4.3.1.4. Others
4.3.2. BPS Analysis/Market Attractiveness Analysis, by Application
4.4. Global Intelligent Pumps Market Outlook, by Region, Value (US$ Mn), 2018 - 2029
4.4.1. Key Highlights
4.4.1.1. North America
4.4.1.2. Europe
4.4.1.3. Asia Pacific
4.4.1.4. Latin America
4.4.1.5. Middle East & Africa
4.4.2. BPS Analysis/Market Attractiveness Analysis, by Region
5. North America Intelligent Pumps Market Outlook, 2018 - 2029
6. Europe Intelligent Pumps Market Outlook, 2018 - 2029
7. Asia Pacific Intelligent Pumps Market Outlook, 2018 - 2029
8. Latin America Intelligent Pumps Market Outlook, 2018 - 2029
9. Middle East & Africa Intelligent Pumps Market Outlook, 2018 - 2029
10. Competitive Landscape
11. Appendix
A selection of companies mentioned in this report includes
- Grundfos Holding A/S
- Goulds Pumps
- Danfoss A/S
- Alfa Laval
- Wilo SE
- QuantumFlo, Inc.
- Allweiler GmbH
- Xylem Inc.
- Kirloskar Brothers Limited
- Armstrong Fluid Technology
For more information about this report visit https://www.researchandmarkets.com/r/25qadr
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