ALBANY, New York, October 17, 2017 /PRNewswire/ --
Transparency Market Research has released a new market report titled "Intelligent Pumps Market (Component, Application, and Region) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast -- 2017-2025." According to this report, the intelligent pumps market was valued at US$ 424.4 Mn in 2016 and is projected to reach US$ 748.5 Mn by 2025, at a CAGR of 6.4% from 2017 to 2025.
Intelligent pumping is the combination of a pump and a variable frequency drive (VFD) with digital control ability. The use of intelligent pumps has increased and enabled new possibilities for energy management, remote condition monitoring, and remote systems control. Technological advancements and hype about digitization is expected to drive the market of intelligent pumps across the globe. Developments in intelligent pumps are expanding with respect to wireless control and monitoring capabilities.
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Factors driving the demand for intelligent pumps are operational efficiency, minimization of manual operations, automated operations to regulate and control the flow or pressure of water or other fluids, etc. The installation cost of intelligent pump is high. However, these systems offer the ability to access real-time operating data on their pumping equipment. This counterbalances the higher initial costs by reducing unplanned downtime and developed predictive maintenance plans. The additional benefits of wireless monitoring systems and pump control are apparent considering the existing challenges faced by pump system end-users. The constant possibility of equipment failure necessitates retaining a large in-house maintenance staff in order to repair and monitor the equipment.
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The intelligent pumps market has been segmented into two categories: component, and application. By component, the intelligent pumps market has been segregated into pump motor, variable speed drive, control system, and other. The variable speed drive is further segmented into high quality variable speed drive and low quality variable speed drive. By component, the variable speed drive segment constituted more than 40% market share in 2016. Companies involved in the development of intelligent pumps depend on automation. Thus, these companies are dependent on providers of drives with variable frequency. Motor is an integral part of a pumping system, as it converts electric energy into mechanical energy. Pump motors operate through the interaction between the electric motor's magnetic field and winding currents and generate force within the motor. Pump controls regulate the source production to maintain adequate flow rates and water pressures. Control systems include pressure and temperature regulators employed to monitor the flow of fluid travelling inside a pipeline or vessel Variable-frequency drive or variable-speed drive is a piece of equipment that regulates the speed and rotational force (or torque output) of an electric motor. By industry application segment, the intelligent pumps market has been further broken down into: temperature control, pressure boosting, water supply, wastewater, water treatment, and others.
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In terms of application of intelligent pumps, the market has been classified into buildings, industry, water utility, and others. Industry segment constituted around 70% share in 2016 followed by water-utility segment. Building segment has been further broken down into commercial buildings and domestic buildings. Commercial building include heating and ventilation, district heating (distribution network), and pressure boosting whereas, domestic building include pressure boosting and waste water. Water-utility segment has been further differentiated into water supply, waste water, and others. Water supply include water intake, water distribution, and treatment plants. Wastewater include transport/networks and treatment plants.
Key players in the intelligent pumps market are expected to benefit from the formation of strategic alliances with global players in the intelligent pumps market. Prominent players in the intelligent pumps market are Grundfos Holding A/S, Goulds Pumps, QuantumFlo, Inc., Kirloskar Brothers Limited, Alfa Laval, and others.
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