The global smart pump market is projected to be valued at USD 1,021.9 million in 2023, with expectations of achieving a compound annual growth rate (CAGR) of 7.8% during the forecast period. By 2033, the market size is anticipated to reach USD 2,165.7 million.
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.
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.
Key Takeaways:
- 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 are among others
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
Report Preview: https://www.futuremarketinsights.com/reports/smart-pump-market
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