Intelligent Pumps Market Highlights
The global intelligent pumps market is estimated to expand at 7.55% CAGR during the forecast period. Intelligent pump is used to regulate the flow or pressure in various industries in order to help in energy savings and operational efficiency. Intelligent pumps are of two types, namely, centrifugal pump and positive displacement pumps. These pumps are installed in various industries such as chemical, steel, power generation, paper & pulp, mining & materials, and Water & wastewater treatment plants.
The global intelligent pumps market is set to witness significant growth due to increasing demand for IoT products, rising investment in building automation, development in the oil fields, and focus on water treatment plants. For instance, oil & gas companies are largely investing in intelligent pump solutions to improve the output of the mature oil fields. Intelligent pumps help to improve process efficiency with the help of variable frequency drive to provide pump off control by varying the speed of the well. On the other hand, high capital cost of intelligent pump solution is one of the major restraints for the global intelligent pump market.
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Leading Players
The key players of the global intelligent pumps market Xylem (US), Emerson (US), ABB (Switzerland), Grundfos Holding (Denmark), Sulzer (Switzerland), Quantumflo (US), Kirloskar (India), Yaskawa (Japan), Wilo SE (Germany), Flowserve Corporation (US), KSB Aktiengesellschaft (Germany), and ITT Corporation (US).
Industry Segmentation
The intelligent pumps market has been segmented based on end-users into building automation, water & wastewater, oil & gas, power generation, chemical, and others. Among these end-users, building automation is the fastest growing segment in the intelligent pumps market due to the growing market for smart cities, stringent energy efficiency standards for developed countries especially in Europe and North America, and government initiatives for energy savings globally.
Regional Outlook
Region wise, North America held the largest market share of the global intelligent pumps market in 2017. It is estimated that Asia-Pacific region would be the fastest growing market during the forecast period, mainly due to the rising investment in smart cities and government initiatives on energy efficiency. The intelligent pump market would be mainly driven by the growing focus on energy efficiency. Rising manufacturing activities in Europe is also likely to positively impact the intelligent pumps market during the forecast period.
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