In 2023, the market for smart pumps is projected to be worth US$ 1,021.9 million. The market for smart pumps is anticipated to grow at a 7.8% CAGR over the course of the forecast period, reaching US$ 2,165.7 million by 2033.
According to Future Market Insights, the market for intelligent pumps is primarily driven by strict energy-efficiency regulations in developed countries, high adoption of the 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.
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.
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Key players operating in the market are focused on launching innovative products through merger & acquisition activities which is proven as a key win-win strategy amongst the manufacturers and is anticipated to contribute towards market growth in the years to come.
“Increasing application of smart pumps 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.
Key Takeaways From the Market Report:
- 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.
Competitive Landscape
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 among others
Find More Valuable Insights
The research report analyzes the 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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Smart Pump Market Segmentation by Category
Pump Type:
- Centrifugal
- Positive Displacement
Capacity:
- UPTO 30
- 30-90
- 90-180
- 180-360
- Above 360
End-User:
- Building Automation
- Water & Waste Water
- Oil & Gas
- Chemicals
- Power
- Others
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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