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An intelligent pump is a pump that is capable of regulating and controlling the flow and pressure. It saves energy and reduces cost. The intelligent pump offers access to real-time operating data, and wireless control and monitoring. In addition, it saves energy during consumption due to which it has a long lifetime. Further advancements include the use of wireless technology for added control over longer distances & had greater equipment reliability.
With the growth of the Industrial Internet of Things (IIoT) within the industrial automation community, pump manufacturers have the opportunities to drive profit from the pump market. Intelligent pumps can bring significant cost reductions in the overall system in terms of operation and maintenance, however, they require high capital cost at their initial stage.
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The intelligent pump market is fragmented into two categories i.e. centrifugal pumps and positive displacement pumps. The centrifugal pumps have a high market share as they can control variable pressure conditions and high viscosity. They also have maximum potential to cut down energy cost which is cost-effective. Control systems form a key component as it has the ability to enable energy efficiency in various application. Intelligent pumps are highly used in the water/wastewater industry. Due to the continuous development of smart cities & expansion of power generation, the water/wastewater sector is expected to dominate the market.
Inclination towards energy efficiency and growth in IIOT (Industrial Internet of Things) is expected to stimulate the intelligent pump market as it provides economic benefits to the economic system. In addition, robust growth in HVAC (heating, ventilation & air-conditioning) systems and development in digital oil fields are some other factors responsible for the market growth.
The key restraint for the intelligent pump market is its high initial cost, i.e., it's capital cost due to technological advancements. In addition, a downturn in the mining industry has also hampered the market.
Some of the major companies that are present in intelligent pump market are Grundfos Holding A/S, Xylem Inc., Sulzer Ltd., Flowserve Corporation, ITT Corporation, Colfax Corporation, Kirloskar Brothers Ltd., Regal Beloit Corporation, KSB Aktiengesellschaft, Seepex GmbH, Wilo Se, Wanner International, Yaskawa Electric Corporation, Grunwl, Liberty Pumps, and Rockwell Automation.
· Centrifugal Pump
· Positive Displacement Pump
· Variable Drives
· Control System
By End User
· Oil & Gas
· Power Generation
· Water & Wastewater
· North America (the USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico, and Rest of Latin America)
· Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)
The global intelligent pump market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Due to the substantial growth of intelligent pumps for power generation, North America has planned to expand the intelligent pump market. Europe is expected to dominate the intelligent pump market due to the growing demand for building automation and smart water systems. Due to the rapid growth of the manufacturing sector along with an increase in power generation capacity and the development of smart cities in India, Asia Pacific is expected to drive the market. There is increasing demand for water treatment technologies to bring quality levels especially to the industrial process as well as for water and wastewater treatment solutions due to the development of Latin America’s industrial base. Significant investments made in non-oil & gas sectors in the Middle East and Africa due to the rising need for energy security, immense potential in subsea applications, rapid advancements in technology, and the need for enhanced energy efficiency measures are the major factors driving the intelligent pump market.