The digital pump market is poised for remarkable growth with an impressive Compound Annual Growth Rate (CAGR) of 6.1% between 2022 and 2032. The market is projected to achieve a valuation of US$ 20.5 Billion by 2032, a substantial increase from its 2022 value of US$ 11.3 Billion.
Digital pumps offer energy and cost savings, finding applications in various sectors including buildings, water treatment plants, boiler control systems, and automation. These attributes are driving the market’s expansion.
Strict energy-efficiency standards, continuous technological advancements, the emergence of smart cities, rising demand for building automation, and the global increase in power generation capacity are anticipated to fuel the market’s growth throughout the forecast period.
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These pumps not only conserve energy and reduce costs but also find applications in various sectors such as construction, water treatment facilities, boiler control systems, and automation, contributing significantly to the market’s expansion. Additionally, the acceleration of market growth is attributed to several other factors, including stringent energy-efficiency regulations in developed nations, the rise of the Industrial Internet of Things (IIoT), and the economic advantages associated with intelligent systems, particularly in the context of smart water and wastewater management.
Moreover, the increasing global capacity for power generation and substantial investments in non-oil and gas sectors within the Middle East and North Africa (MENA) region are poised to further bolster the growth of the digital pump market throughout the analysis period.
Notable Insights from the Market Analysis
- The global digital pump market reached a valuation of US$ 11.3 Billion by the end of 2022.
- The United States is anticipated to lead the market demand, accounting for the highest value share of US$ 5.5 Billion in 2032.
- The period from 2015 to 2021 witnessed a considerable expansion in Digital Pump demand, marked by a Compound Annual Growth Rate (CAGR) of 6.7%.
- Among different connectivity options, the conventional pump controller dominates the digital pump market, exhibiting a CAGR of 4.9%.
“Remarkably, digital pumps offer energy and cost savings while finding applications in building infrastructure, water treatment facilities, boiler control systems, and automation. This vital aspect drives the growth of the market,” comments an analyst from FMI.
Competitive Scenario
Key players in the global Digital Pump Market are strategically expanding their global footprint through a variety of tactics, including collaborations, partnerships, and alliances. These industry participants are also making substantial investments in research and development (R&D) to infuse innovation into their products, thereby reinforcing their market position. Notable recent developments among major players include:
- In August 2021, Regal Beloit Corporation, a leading global manufacturer and engineering solutions provider for power transmission, introduced the Century VGreen Evo pool pump motor to its product lineup. This new motor, driven by advanced variable speed technology, stands as one of the most energy-efficient pool pump motors available in the market.
- In March 2020, Framo and Aker BP announced a smart pump maintenance contract for seawater lift pumps in the Norwegian Continental Shelf. The six-year contract extension is a continuation of a pilot contract initiated in 2018 involving pump supplier Framo, production company Aker BP, and industrial AI Software as a Service (SaaS).
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Key Players:
- ITT Corporation
- Xylem
- KSB Aktiengesellschaft
- Flowserve Corporation
- Wilo SE
- ABB
- Grundfos Holding
- Sulzar
- Colfax Corporation
- Regal Beloit
- Wanner International
- Kirloskar
Key Segments Covered:
Digital Pump by Connectivity:
- Conventional Digital Pump Controller
- Mobile/Remote Digital Pump Controller
Digital Pump by Distribution Channel:
- Online Digital Pump Sales
- Retail Digital Pump Sales
- Company Owned
- Third-Party
Digital Pump by Industry:
- Digital Pump for Manufacturing
- Food and Beverage
- Pharmaceutical
- Oil & Gas
- Textile and Paper
- Chemicals
- Biotechnology
- Construction
- Digital Pumps for the Public Sector
- Water and Wastewater Treatment
- Pumping Stations
- Digital Pumps for Agriculture
- Digital Pumps for Residential Use
Digital Pump by Region:
- North America Digital Pump Market
- South America Digital Pump Market
- Europe Digital Pump Market
- Asia Pacific Digital Pump Market
- Middle East and Africa Digital Pump Market
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Explore This Report From Different Publications:
Digital Pump Market Size @ https://www.openpr.com/news/2745113/digital-pump-market-is-anticipated-to-reach-us-20-5-billion
Digital Pump Market Share @ https://www.prnewswire.com/news-releases/digital-pump-market-to-reach-us-20-5-bn-by-2032–future-market-insights-301538079.html
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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