Smart solutions pave the way for growth opportunities in retrofits and replacements, finds Frost & Sullivan's Industrial Automation & Process Control team
SANTA CLARA, California, Nov. 17, 2017 /PRNewswire/ -- While the North American positive displacement (PD) pumps market is being disrupted by the convergence of Internet of Industrial Things (IIoT), tools such as cognitive analytics and next-generation prognostics are paving the way for the rise of smart pumps. This is causing a mega shift toward managed service methods, led by wireless intelligence and asset optimization solutions, to support the age of mobile maintenance, dynamic simulations, and remote monitoring services. Manufacturers are expected to collaborate with software vendors to leverage cloud technology for remote monitoring. Within the integrated ecosystem, the need for smart solutions is expected to eventually provide opportunities for upgrades and retrofits of existing pumps and, in some cases, complete replacements.
Frost & Sullivan's research, "North American Positive Displacement Pumps Market, Forecast to 2023," finds that the market will be worth an estimated $2,427.9 million by the end of 2023. The study analyzes key factors such as drivers, restraints, challenges, trends and revenue forecasts. Market share and competitive analysis of key players such as Dover Corp, IDEX Corp, SPX Corp, and Colfax are also provided.
To access more information on this analysis, please visit: http://frost.ly/1zp
"The high-performance standards of PD pumps continue to make them the most preferred pump among several industries that are trying to control lifecycle costs of their process equipment. Despite initial costs being higher, lower lifecycle costs are driving industries to install them," said Frost & Sullivan Industrial Automation & Process Control Research Analyst Shilpa Mathur Ramachandran. "Clean-in-place pumps with sensors and remote monitoring network, auto shutoffs, intelligence, and automation built into them will be the most popular in the pumps market."
Growth opportunities exist for providers that focus on developing strategies to:
- Increase market positioning as quality becomes a major differentiator due to competition from low-cost vendors;
- Cope with the loss of profit margins due to low oil prices and changing market dynamics;
- Use training programs to showcase how their energy-efficient solutions and products will help save money and increase return on investment; and
- Leverage their domain expertise in IIoT to provide customized solutions to end users.
"In the short term, companies should focus on infrastructure development, while their long-term focus should be on product development that exploits innovative wireless and asset-management technologies," noted Ramachandran.
North American Positive Displacement Pumps Market, Forecast to 2023 is part of Frost & Sullivan's Industrial Automation & Process Control Growth Partnership Service program. Other recent studies forming part of this program include North American Metering Pumps (K20C) and North American Chemicals Pumps (K1B5).
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North American Positive Displacement Pumps Market, Forecast to 2023
SOURCE Frost & Sullivan