DUBLIN, Nov. 23, 2018 /PRNewswire/ --
The "Global Smart & Intelligent Pumps Market: Focus on Pump Type (Centrifugal Pump and Positive Displacement Pump) and Application - Analysis & Forecast, 2018-2023" report has been added to ResearchAndMarkets.com's offering.
Global Smart & Intelligent Pumps Market is Anticipated to Reach $2,741.8 Million by 2023
Pumps are employed for numerous processes across different end users and play an integral part in a number of functionalities. Globalization has led to more opportunities for expanding the supply chain and has also reduced the manufacturing costs. With the advent of variable frequency speed drives, monitoring controls and digitization now provide more efficiency and energy-saving through intelligent pumping solutions.
Not only energy efficiency but also system efficiency is looked upon as an important criterion when selecting between standard systems and intelligent pump systems. Intelligent pumps have the potential to not only decrease the operating costs but also reduce the plant downtime.
Although smart & intelligent pumps offer potential benefits, they have not garnered much wider adoption. The reason behind this is reluctance to shift from the conventional pumping systems to the new smart & intelligent pumps. The cultural change is the most challenging aspect for the adoption of smart & intelligent pumps. Industries such as the oil & gas are conservative in their approach. However, it is anticipated that the potential benefits of smart & intelligent pumps will bring about a change in the market.
High costs of energy are forcing the end users to think of more innovative ways to control costs. In pumping frameworks, energy costs represent more than 33% of aggregate lifecycle costs. As a consequence of the high energy requirement by conventional pumps, the energy-efficient nature of smart & intelligent pumps will be a major factor for its market development. Assessment credits and government mandates focusing on energy-efficient projects are additionally anticipated to impact the development of smart & intelligent pumps positively.
Some of the factors driving the growth of the global smart & intelligent pumps market are the strict government regulations for enforcing energy efficiency, operational flexibility offered by these pumps, and demand from various industries to reduce the operational costs.
Strong emphasis from the government on saving energy costs has led to an increased pressure on companies on finding efficient ways for energy utilization. The reduction in energy consumption not only brings the input costs down but also helps in lowering carbon dioxide emissions. Energy efficiency is becoming an important matter of concern, leading to a growing need for introducing energy-efficient products in the market. Intelligent pumping systems contribute to 70% of the energy savings as compared to the energy saving contributed by conventional pumping systems.
Water & wastewater application is expected to show the fastest growth during the forecast period
Apart from Asia-Pacific, the Europe region is witnessing a fuelling demand for intelligent pumps due to the changing legislation. With end users under strain to comply with the strict government policies, the emphasis is progressively on gaining more versatile and advanced pumps that can decrease vitality costs and in addition address the issues of cavitation and dead heading.
The only challenge faced by the intelligent pumps manufacturers in the Europe region is to educate the end users about the potential benefits of intelligent pumps and their application that can bring about a change in their system process.
Key Topics Covered:
1 Market Dynamics
1.2 Market Drivers
1.2.1 Stringent Government Regulations on Environment and Energy Issues
1.2.2 Demand from End Users for Efficient Pumping Systems
1.2.3 Operational Flexibility
1.3 Market Restraints
1.3.1 High Capital Investment Restraining the Market Growth
1.3.2 Reluctance by small manufacturers to incorporate intelligent pumping solutions
1.4 Market Opportunities
1.4.1 Increasing the Adoption of Smart & Intelligent Pumps to Capitalize on the Large Addressable Market
1.4.2 Upcoming Digitization across Cities and Industries
1.5 Market Dynamics: Impact Analysis
2 Competitive Insights
2.1 Key Developments and Strategies
2.2 Market Share Analysis
2.3 R&D Analysis of Leading Players, 2015-2017
2.4 Supply Chain Analysis
2.5 Opportunity Matrix Analysis
3 Industry Analysis
3.1 Smart & Intelligent Pumps vs. Conventional Pumps
3.1.1 Technical Difference
3.1.2 Cost Difference
3.1.3 Price Contribution of Controllers
3.1.4 Potential Entrants in the Smart & Intelligent Pumps Market
3.2 Industry Attractiveness
4 Global Smart & Intelligent Pumps Market, (by Pump Type), $Million, 2017-2023
4.1 Assumptions and Limitations for Analysis and Forecast of the Global Smart & Intelligent Pumps Market
4.2 Market Overview
4.3 Centrifugal Pumps
4.4 Positive Displacement Pumps
5 Global Smart & Intelligent Pumps Market (by Application), $Million, 2017-2023
5.1 Market Overview
5.2 Oil & Gas Industry
5.3 Water & Wastewater Industry
5.3.1 Transport Applications
5.3.2 Processing Applications
5.4 Power Industry
5.5 Chemicals Industry
5.6 General Industry
6 Global Smart & Intelligent Pumps Market (by Region), $Million, 2017-2023
7 Company Profiles
- Colfax Corporation
- Flowserve Corporation
- Grundfos Holding A/S
- ITT, Inc.
- KSB Group
- Kirloskar Group
- Pentair plc
- Regal Beloit Corporation
- SEEPEX GmbH
- Spirax-Sarco Engineering plc
- Sulzer Ltd
- Wilo SE
- Xylem, Inc.
- Yaskawa Electric Corporation
For more information about this report visit https://www.researchandmarkets.com/research/j92qgp/global_smart_and?w=5
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