Smart Pump Market Is Anticipated To Nearly Double By 2032, According To Future Market Insights
Global sales of smart pumps Market are set to be valued at over US$ 947.6 Mn in 2022, with a stable long-term projection, according to latest insights by Future Market Insights (FMI). A new report estimates the market to expand at a 7.9% CAGR over the forecast period of 2022 to 2032.
According to Future Market Insights, the market for intelligent pumps is primarily driven by strict energy-efficiency regulations in developed countries, high adoption of Industrial Internet of Things (IIoT), and the financial advantages of intelligent systems. Besides this, rising focus on smart water and wastewater systems, and increasing power generation capacities worldwide, are estimated to create opportunities in the smart pump market.
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Manufacturers are focusing on increasing their sales in overseas markets, including developing markets, owing to factors such as the growing construction sector, strict energy-efficiency regulations in developed countries and rising awareness of water and waste treatment activities.
Key players operating in the market are focused in launching innovative products through merger & acquisition activities which is proven as key win-win strategy amongst the manufacturers which is anticipated to contribute towards market growth in the years to come.
“Increasing application of smart pump in wastewater treatment plants, along with high demand for centrifugal smart pumps in smart cities will create opportunities for growth in the market over the assessment period,” says an FMI analyst.
- On the basis of pump type, sales of centrifugal pumps will hold 60% of the total market share over the forecast period.
- Based on end use, building automation and water & waste water segments will collectively account for a dominant share in the market in 2022.
- Total sales in Germany will hold nearly 20% of the Europe market share in 2022.
- China will account for 66% of the East Asia smart pump market share over the forecast period.
- Demand for smart pumps in India will increase at a 9% CAGR over the assessment period.
The smart pump market is consolidated with key players accounting 70-75% of the global market share. These players are investing in new technology developments and expansion of their product portfolio in order to cater the increasing demand of smart pumps from various end use industries.
According to FMI Analysis, the top players in the market are Grundfos Holding A/S, ITT Corporation, XYLEM, Flowserve Corporation, Sulzer Ltd., and KSB Ltd are among others
Smart Pump Market Segmentation by Category
- Positive Displacement
- UPTO 30
- Above 360
- Building Automation
- Water & Waste Water
- Oil & Gas
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The research report analyzes demand for Smart Pump. The global Smart Pump market has been analyzed with the COVID-19 impact, various macroeconomic factors, market trends and market background. As per Future Market Insights, the market has been analyzed on the basis of pump type, capacity, end user, and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, supply side and demand factors.
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