Energy-saving Goals to Inflate the Demand for IIoT-based Pump Solutions, Says Frost & Sullivan
Pumps integrated with digital solutions to present strong opportunities for growth
SANTA CLARA, Calif., March 17, 2021 /PRNewswire/ -- Frost & Sullivan's recent analysis of the North American Positive Displacement (PD) Pumps Market finds that key verticals, including food & beverage (F&B), pharmaceuticals, municipal, and industrial water and wastewater management, are focusing on plant modernization. They aim to achieve energy-saving goals and meet strict environmental regulations imposed by local bodies to drive the PD pumps market in North America. The market is estimated to reach $2.74 billion by 2025 from $2.38 billion in 2020, up at a compound annual growth rate (CAGR) of 2.8%. However, due to the COVID-19-induced economic recession, the market performance is likely to slow down in 2021 but cross pre-COVID levels by 2022.
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For further information on this analysis, Innovative Business Models Focused on Digital Solutions Offer New Opportunities in the North American Positive Displacement Pumps Market, please visit: http://frost.ly/5gn
"Mounting pressure on end users to reduce the energy consumed by rotating equipment in plants presents an opportunity for pump original equipment manufacturers (OEMs) to deliver a new range of PD pumps," said Anand Mugundhu Gnanamoorthy, Industry Principal for Industrial at Frost & Sullivan. "With customers' gradual realization of the total cost of ownership over the initial cost of investment, the demand for energy-efficient pumps is expected to spike in the next two to three years."
Gnanamoorthy added: "As end users look ahead to embrace digital transformation, Industrial Internet of Things (IIoT)-based pump solutions become imperative, especially in asset-heavy industries. Further, pumps embedded with digital solutions allow real-time monitoring and provide reliable and accurate insights for predictive maintenance processes. This is encouraging pump OEMs to partner with automation, Internet of Things (IoT), and niche solution providers in the development of strong analytics engines built with machine learning (ML) algorithms and artificial intelligence (AI)."
A growing focus on modernizing industrial infrastructure and interesting developments in the chemical and pharmaceutical industries will encourage the growth of the PD pumps market in North America, presenting lucrative growth prospects for market participants. Participants should:
- Integrate IIoT to deliver energy-efficient pumps: The integration of IIoT-based technology, such as intelligent sensors, analytics engines, and ML capabilities, will help pump OEMs offer better guidance to plant engineers on measures to curtail energy consumption.
- Redefine value propositions with the pumps-as-a-service business model: Market participants need to redefine basic services by offering vibration monitoring, remote monitoring, and safety alerts as part of standard packages.
- Expand service offerings with managed contracts: Pump OEMs need to capitalize on their strong engineering know-how and offer assurance certifications to remanufactured pumps.
- Consider lucrative end-user segments like water & wastewater, F&B, and pharmaceuticals: Vendors should focus on reinforcing their distribution networks and leveraging their distributors' strengths to ensure there are no disruptions in the supply of PD pumps for these industries.
Innovative Business Models Focused on Digital Solutions Offer New Opportunities in the North American Positive Displacement Pumps Market is the latest addition to Frost & Sullivan's Industrial Automation & Process Control research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
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Innovative Business Models Focused on Digital Solutions Offer New Opportunities in the North American Positive Displacement Pumps Market
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