Intelligent Pumps Market to attain a value of US$748.5 mn by 2025
Presence of numerous small, medium and large players – both local and global – makes the global intelligent pumps market fragmented in nature. In order to bolster their positions in the market, savvy players are resorting to various strategies. One of them is formation of carefully considered alliances, especially by global players.
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Manufacturers are also expending money on development of technologically superior intelligent pumps to cater to the different needs of customers. They are also seen leveraging an extensive chain of distributors to reach out to their customers.
Some of the key participants in the global intelligent pumps market are Grundfos Holding A/S, Goulds Pumps, QuantumFlo, Inc., Kirloskar Brothers Limited, and Alfa Laval.
A report by Transparency Market Research predicts the global intelligent pumps market to register a CAGR of 6.4% between 2017 and 2025. Rising at this pace, the market which was worth US$424.4 mn in 2016, will likely attain a value of US$748.5 mn by 2025.
The global intelligent pumps market can be divided based on the type of component into pump motor, variable speed drive, control system, etc. Of them, the segment of variable speed drive accounted for about 40.0% share in the market in 2016.
Region-wise, North America, Latin America, Europe, China, Asia Pacific, and the Middle East and Africa are a few key segments in the global intelligent pumps market. Among them, Asia Pacific is outpacing all other regions in terms of growth rate, which is predicted to remain about 7.3% from 2017 to 2025.
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The region’s growth is mainly driven by China and India that manufacture cheap pumps. While China banks on export to the Middle East and Africa for revenue, India banks on the demand on the home turf from the burgeoning industrial and agricultural sector to drive sales. Swift pace of urbanization is also responsible for high growth in India.
Operational Efficiency Stokes Uptake
The main unique perceived benefit of intelligent pumps is their operational efficiency. They minimize the need for manual operations by automating regulation and thereby control of the flow or pressure of water or other fluids. They also offer real-time operating data on the pumping equipment. Adds the lead analyst of the TMR report, “The wireless monitoring systems and pump control help to overcome the existing challenges faced by pump system end-users. For example, they help to do away with the need for a large in-house maintenance staff in order to repair and monitor the equipment to prevent equipment failure, and this serves to bring down costs. This also helps to offset the steep installation cost of intelligent pump.”
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