By BIS Research
Smart & intelligent pumps offer potential benefits, but they have not garnered much wider adoption. The reason behind this is a reluctance to shift from the traditionally-used conventional pumping systems toward the new smart & intelligent pumps. The cultural challenge is the most difficult aspect for less 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 energy escalated nature of pump frameworks, the energy efficient nature of smart & intelligent pumps is likely to be a huge supporter for its market development. Assessment credits and government mandates focusing on energy efficient projects are additionally anticipated to positively affect the development of smart & intelligent pumps.
According to a recent market report published by BIS Research, titled ‘Global Smart & Intelligent Pumps Market – Analysis and Forecast, 2018 – 2023’, the global smart & intelligent pumps market in terms of value was estimated at $1,860.0 million in 2017 and is expected to reach $2,741.8 million by 2023, expanding at a CAGR of 6.68% from 2018 to 2023. The growth of the market can be attributed to an increasing need for energy efficiency from various end users.
Additionally, reduction in the operating pumps with the usage of smart pumps is also propelling the growth of the intelligent pumps market. 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, which has led to a growing need for introducing energy efficient products in the market. According to the US Department of Energy, it has been reported that industrial pumps consume about 25-50% of the total energy used by electric motors. This high consumption of energy adds on to a huge expense for the end users. By employing intelligent pumping systems, the end users have an opportunity to cut down on their costs and to reduce the carbon footprint.
Global Smart & Intelligent Pumps Market (by Application), 2017 & 2023
As per the report by BIS Research, water & wastewater applications are expected to show the fastest growth during the forecast period. The water & wastewater industry contributed 28.82% of the total intelligent pumps revenue in 2017. The key driving factor of intelligent pumps across the water & the wastewater industry is the demand for automated systems that can monitor the quality of water.
Global smart & intelligent pumps market in terms of application is segmented into oil & gas industry, water & wastewater industry, power industry, chemical industry, and general industry. The oil & gas industry segment accounted for a market value of $658.7 million in 2017, and is expected to grow at a CAGR of 6.87% during the forecast period from 2018 to 2023. The oil & gas industry has high demand for intelligent pumping solutions, as these pumps enable easy monitoring of remote locations, thus cutting down on costs. Also, global smart & intelligent pumps market in terms of pump type is segmented into centrifugal pumps and positive displacement pumps. In 2017, centrifugal pumps segment dominated the global smart & intelligent pumps market with a market share of 94.64% and was valued at $1,760.3 million. The growth of the centrifugal pumps segment can be attributed to their easy maintenance which renders them an economical advantage. The positive displacement pumps segment accounted for a market size of $99.7 million in 2017. Positive displacement pumps are used for very specific applications which make them less preferred in comparison to centrifugal pumps.
This content was developed in collaboration with BIS Research and views expressed herein do not necessarily reflect those of Aliaba Group or its affiliates.