The global Intelligent Pump Market is projected to grow at a CAGR of 7.5% from 2016 to 2021, to reach a market size of USD 880.0 Million by 2021. This growth is attributed to the strict energy-efficiency standards in developed countries and growth in Industrial Internet of Things (IIoT).
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Scope of the Report:
- By Pump Type
- Positive Displacement
- By Component
- Variable Drives
- Control Systems
- By End-User
- Building Automation
- Water & Wastewater
- Oil & Gas
- Power Generation
- By Region
- North America
- Middle East & Africa
- South America
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The report segments the intelligent Pump Market by pump type into positive displacement and centrifugal. The centrifugal segment is projected to dominate the intelligent pump market. This is because centrifugal pumps require much use of control systems in high-viscosity and variable pressure conditions.
The intelligent pump market has been segmented by component type into pumps, variable drives, and control systems. The control systems segment accounted for the largest market share in 2015. These intelligent pumps are being increasingly adopted due to their energy-efficient application in various industries.
The report segments the intelligent pump market by end-user into building automation, water & wastewater, oil & gas, chemicals, power generation, and others. The water & wastewater segment is expected to grow at the fastest rate during the forecast period. Development of smart cities and strict energy-efficiency standards will likely to drive the overall water & wastewater segment, which is expected to create new revenue pockets for the intelligent pump market during the forecast period.
In this report, the intelligent pump market has been analyzed with respect to five regions, namely, North America, Europe, Asia-Pacific, South America and Middle East & Africa. Europe is expected to dominate the global intelligent pump market during the forecast period, owing to the growing demand for building automation and smart water systems, among others.
The Asia-Pacific market is projected to grow at the highest CAGR from 2016 to 2021. The region is the largest market for the construction sector. The growth of the manufacturing sector, especially in Southeast Asian countries, coupled with an increase in power generation capacity and development of smart cities in India, is expected to drive the intelligent pump market in the region.
High capital cost of intelligent pump systems could be a restraint of the intelligent pump market, leading to declining profits. In addition, intelligent pumps offer better pumping solution for the mining industry as it is more efficient and requires less human intervention; its slowdown has hindered the growth of the intelligent pump market.
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