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The intelligent pump and control systems market size is forecast to increase by USD 764.6 million, at a CAGR of 7.8% between 2023 and 2028. The growth rate of the market depends on several factors, such as efficiency in terms of motor functionality, the need for proper monitoring and flow control in end-user industries, and cost and energy savings for industries.
The report offers extensive research analysis on the Intelligent Pump and Control Systems Market, with a categorization based on Component, including intelligent pumps and control systems. It further segments the market by Type, encompassing centrifugal pumps and positive displacement pumps. In addition, it is categorized into End-user including the water and wastewater industry, the oil and gas industry, the chemical and petrochemical industry, and power industry. Additionally, the report provides Region segmentation, covering APAC, Europe, North America, Middle East and Africa, and South America. Market size, historical data (2018-2022), and future projections are presented in terms of value (in USD million) for all the mentioned segments
Intelligent Pump and Control Systems Market Forecast 2024-2028
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Our researchers studied the data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the intelligent pump and control systems market growth during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
Most of the intelligent pumps are run by using precise energy to deliver maximum performance. In addition, these pumps incorporate components such as motors, gears, and drives installed within the equipment to function effectively in any facility. Furthermore, the working of a traditional pump by integrating these components induces a substantial amount of energy in operations.
However, with intelligent pumps, end-users get the advantage of energy savings as intelligent pumps help in energy management. In addition, intelligent pumps have variable speed motors that help the pumps to take more revolutions per minute. Therefore, owing to this feature, not only does the energy management become easy, but also the processes are completed faster. Hence, such factors are driving the market growth during the forecast period.
The main purpose of intelligent pump systems is to it help control and regulate the flow and pressure of fluids. In addition, these pumps have a fault-tolerant design, which can adjust to any changes in the pump system and its processes. Furthermore, many plants are expected to install intelligent pump systems, as they help in improving operational efficiency and cost.
Moreover, most of these pump systems comply with energy regulations imposed by governments. In addition, the Industrial Internet of Things (IIoT) is becoming a lucrative technology for utility companies and electricity aggregators to distribute power between grids and consumers. Furthermore, IIoT enables advances in making every component in the industry connected with each other via a strong Internet connection. Hence, such factors are driving the market growth during the forecast period.
One of the significant challenges faced by the global intelligent pump and control systems market is the volatility prices of raw materials such as cast iron, bronze, stainless steel, aluminum, and copper. In addition, this can limit the adoption of intelligent pumps and control systems in many emerging countries where buyers are price-sensitive.
Moreover, in recent times, raw material prices have shown significant volatility. Increased taxes and duties, the implementation of additional tariffs, and production outages in metal ore-producing countries have been impacting the price fluctuations of raw materials such as stainless steel. In addition, this can affect the entire supply chain as the final product has to pass through different stages of development. Hence, such factors are hindering the market growth during the forecast period.
The intelligent pumps segment is estimated to witness significant growth during the forecast period. Intelligent pumps segment comprises various components, large and small, which are necessary for their smooth operation. In addition, owing to the presence of these components, intelligent pumps deliver excellent performance and can be used for any industrial work, which, in turn, leads to the increasing demand for intelligent pumps in industries such as water and wastewater, chemical and petrochemical, power, and oil and gas.
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The intelligent pumps segment was the largest segment and was valued at USD 985.55 million in 2018. Moreover, these pumps deliver performance that reduces costs and optimizes processes, because of which their adoption is expected to rise substantially in the coming years. In addition, intelligent pumps have the feature of variable frequency, which is managed through a variable frequency drive installed within the pump. Furthermore, this variable frequency drive helps in maintaining different speeds of the pumps, as per the needs of the distinct processes within the end-user industry. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
Based on the type, the market has been segmented into centrifugal pumps and positive displacement pumps. The centrifugal pumps segment will account for the largest share of this segment. Centrifugal pumps can be referred to as those that are used for transporting fluid by converting the fluid from rotational kinetic energy to hydrodynamic energy. In addition, such pumps work on the principle of centrifugal force, with the help of which electric motors and steam turbines convert rotational kinetic energy to hydrodynamic energy. Therefore, owing to the simple design of these pumps, they are a preferable option in all end-user industries. Furthermore, the operational efficiency and smooth flow rate provided by these pumps are tremendous. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
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APAC is estimated to contribute 36% to the growth by 2028. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the intelligent pump and control systems market growth analysis during the forecast period. The intelligent pump and control systems market in North America is witnessing significant growth, due to the increasing number of investments by end-users such as the oil and gas industry. In addition, shale gas discoveries, as well as the growing number of natural gas plants in the US, are set to make the country self-reliant in terms of energy.
Moreover, this development is expected to create an ample demand for intelligent pumps and control systems in North America. Furthermore, intelligent pumps and control systems are used by enterprises in the oil and gas industry for hydraulic fracturing techniques and directional drilling, which need strong pumps to drill oil and gas from underground wells. Hence, such factors are driving the market growth in North America during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ABB Ltd: The company offers intelligent pump and control solutions that provide rapid and detailed real-time information on mechanical pump efficiency.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Alfa Laval AB, CIRCOR International Inc., Dana SAC UK Ltd, Flowserve Corp., Grundfos Holding AS, HNP MIKROSYSTEME GMBH, ITT PRO Services, Ketek Group, Kirloskar Brothers Ltd., KSB SE and Co. KGaA, Liberty Pumps, Nidec Corp., Robert Bosch GmbH, S.A. Armstrong Ltd., Sulzer Management Ltd., Unico LLC, Wanner Engineering Inc, Xylem Inc., and Yaskawa Electric Corp.
Technavio intelligent pump and control systems market research report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The intelligent pump and control systems market analysis and report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Intelligent Pump And Control Systems Market Scope |
|
Report Coverage |
Details |
Page number |
187 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.8% |
Market Growth 2024-2028 |
USD 764.6 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.9 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 36% |
Key countries |
US, China, Japan, India, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABB Ltd., Alfa Laval AB, CIRCOR International Inc., Dana SAC UK Ltd, Flowserve Corp., Grundfos Holding AS, HNP MIKROSYSTEME GMBH, ITT PRO Services, Ketek Group, Kirloskar Brothers Ltd., KSB SE and Co. KGaA, Liberty Pumps, Nidec Corp., Robert Bosch GmbH, S.A. Armstrong Ltd., Sulzer Management Ltd., Unico LLC, Wanner Engineering Inc, Xylem Inc., and Yaskawa Electric Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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