Intelligent Pumps Market Highlights
Intelligent pump is increasingly used for controlling the pressure or flow of fluids (water, oil, etc). Intelligent pipes are basically an outcome of the incessant development in piping technology. These pipes hold tremendous market potential. Market Research Future (MRFR) reports that global Smart and Intelligent Pumps Market is set to surge at a CAGR of 7.55% during the assessment period (2018-2023). Intelligent pumps are drawing commercial interest owing to their vast scope of industrial application.
The global intelligent pumps market is set to witness significant growth due to increasing demand for IoT products, rising investment in building automation, development in the oil fields, and focus on water treatment plants. For instance, oil & gas companies are largely investing in intelligent pump solutions to improve the output of the mature oil fields. Intelligent pumps help to improve process efficiency with the help of variable frequency drive to provide pump off control by varying the speed of the well. On the other hand, high capital cost of intelligent pump solution is one of the major restraints for the global intelligent pump market.
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Industry Segmentation
The intelligent pumps market has been segmented based on end-users into building automation, water & wastewater, oil & gas, power generation, chemical, and others. Among these end-users, building automation is the fastest growing segment in the intelligent pumps market due to the growing market for smart cities, stringent energy efficiency standards for developed countries especially in Europe and North America, and government initiatives for energy savings globally.
Regional Outlook
Region wise, North America held the largest market share of the global intelligent pumps market in 2017. It is estimated that Asia-Pacific region would be the fastest growing market during the forecast period, mainly due to the rising investment in smart cities and government initiatives on energy efficiency. The intelligent pump market would be mainly driven by the growing focus on energy efficiency. Rising manufacturing activities in Europe is also likely to positively impact the intelligent pumps market during the forecast period.
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Leading Players
The key players of the global intelligent pumps market 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).
Scope of the Report
This research report provides insights into various levels of analysis, such as industry analysis and market share analysis for the leading industry competitors, along with their profiles. It also helps in studying the target segments by providing views on the emerging & high-growth segments. The market data comprises the basic assessment of the competitive scenarios and strategies in the global intelligent pumps market, including high-growth regions and/or countries, and political and economic environments. The project report further provides both & cost analysis
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