According to a recent study done by FMI, the Digital Pump Market is expected to reach US$ 20.5 Billion by 2032, up from US$ 11.3 Billion in 2022, expanding at a high CAGR of 6.1%. This study explains that factors such as the strict energy-efficiency standards, growing technological advancements, development of smart cities, growing demand for building automation and increasing power generation capacity globally are expected to fuel the market growth during the forecast period.
The major factor that is expected to propel the growth of the digital pump market during the forecast period includes the rising demand for these pumps, owing to their offerings such as fluid flow control features. Moreover, government economic stimulus packages as well as tax credits that are targeting infrastructure projects, including water & wastewater and energy efficiency projects, are also expected to widen the scope of the digital pumps market.
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In addition, these pumps save energy and cost and have applications in building, water treatment plants, boiler control systems, and automation. This is another major factor accelerating the market growth. Some other factors including strict energy-efficiency standards in developed nation, growth in Industrial Internet of Things (IIoT) and economic benefits of intelligent systems, focus on smart water & wastewater systems, increasing power generation capacities across the globe, and significant investments in non-oil & gas sectors in the Middle East and North Africa (MENA) are the expected to further augment the growth of the digital pump market over the analysis period.
Key Takeaways from the Market Study
- Global Digital Pump Market was valued at US$ 11.3 Billion by 2022-end
- The US to account for the highest value share of US$ 5.5 Bn of global market demand for Digital Pump Market in 2032
- From 2015 to 2021, Digital Pump demand expanded at a CAGR of 6.7%
- By connectivity, the conventional pump controller constitutes the bulk of digital pump market with a CAGR of 4.9%.
“Digital pumps save energy and cost and have applications in building, water treatment plants, boiler control systems, and automation, which is an essential factor propelling the market growth,” remarks an FMI analyst.
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Players in the global Digital Pump Market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:
- In August 2021, Regal Beloit Corporation, one of the global leaders in the manufacturing and engineering of power transmission solutions, declared the recent addition of its new Century VGreen Evo pool pump motor to its product portfolio. Operated by advanced variable speed technology, the VGreen Evo pump motor is one of the most energy-efficient pool pump motors available in the market.
- In March 2020, Framo and Aker BP declared a smart pump maintenance contract for seawater lift pumps based on Norwegian Continental Shelf. With an extension of six years, the six-year-long contract is a continuation of a pilot contract initiated by pump supplier Framo, production company Aker BP, and industrial AI Software as a Service (SaaS) in 2018.
Know More About What the Digital Pump Market Repost Covers
Future Market Insights offers an unbiased analysis of the global Digital Pump Market, providing historical data for 2015-2021 and forecast statistics from 2022-2032. To understand opportunities in the Digital Pump Market, the market is segmented on the basis of connectivity, distribution channel, and industry across five major regions.