Value added services to boost Global pump services market, says Frost & Sullivan Advantages such as improved productivity and time savings promote greater adoption
LONDON, July 1, 2013 /PRNewswire/ -- An augmentation in value added services (VAS) and integrated solutions are poised to give a fillip to the global pump services market.
"There has been a continuous reduction of in-house manpower across all industries, with end users requiring a stable system with minimum initial outlay and operator intervention," noted Frost & Sullivan's Industrial Automation and Process Control Programme Manager Ashwin Annareddy. "VAS offer advantages of reduced operating costs, increased asset availability, and minimised maintenance costs."
New analysis from Frost & Sullivan (http://www.industrialautomation.frost.com), Analysis of the Global Pump Services Market, finds that the market earned revenues of $13.36 billion in 2012 and estimates this to reach $17.55 billion in 2016. The research covers maintenance, repair, and overhaul (MRO), installation and commissioning services (I&C), decommissioning, and VAS.
A higher degree of automation in pumps are encouraging end-users – mostly in oil and gas, chemical process, and water and wastewater industries – to buy integrated solutions comprising pumps, frequency drives, valves, logic controllers, and automation software.
"While these integrated solutions offer multiple advantages, they also require personnel with the expertise to operate them," stated Annareddy. "With the design of pumps and systems becoming increasingly complex, service providers are expected to have greater opportunities in the areas of MRO, I&C, and decommissioning. Specialist service providers and distributors are set to continue their dominance."
However, end-user adoption of advanced pump services as well as technology, especially for VAS, has lagged. A conservative mindset has hampered the uptake of new technologies and services despite their ability to enhance productivity and save time.
"This approach is poised to change in the long-term as the end-users realise the importance of these services," concluded Annareddy. "VAS, such as condition monitoring, predictive maintenance, and advanced diagnostics, are fast gaining acceptance and will account for a significant portion of the market."
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Analysis of the Global Pump Services Market is part of the Industrial Automation & Process Control Growth Partnership Services programme. Frost & Sullivan's related research services include: Global Pumps Market in the Water and Wastewater Industry, European Pumps Market in the Oil and Gas Industry, Strategic Analysis of the European Centrifugal Pumps Market, Strategic Analysis of the European Positive Displacement Pumps Market, among others. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
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SOURCE Frost & Sullivan