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."
If you are interested in more information on this research, please send an email to Julia Nikishkina, Corporate Communications, at firstname.lastname@example.org, with your full name, company name, job title, telephone number, company email address, company website, city, state and country.
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.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.
Our "Growth Partnership" supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.
- The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
- The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.
For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organisation prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?
Analysis of the Global Pump Services Market
Corporate Communications – Europe
P: +7 (499) 213 0156
SOURCE Frost & Sullivan