The digital pump market is anticipated to have a prodigious CAGR of 6.1% during the period of 2022 to 2032. The digital pump market is anticipated to reach USD 20.5 Billion in 2032, up from USD 11.3 Billion in 2022.
Digital pumps save energy and cost and have applications in buildings, water treatment plants, boiler control systems, and automation, which is an essential factor propelling the market growth.
Factors such as strict energy-efficiency standards, growing technological advancements, development of smart cities, growing demand for building automation, and increasing power generation capacity globally are expected to fuel the market growth during the forecast period.
| Attributes | Details |
|---|---|
| Digital Pump Market CAGR (2022 to 2032) | 6.1% |
| Digital Pump Market (2022) | USD 11.3 Billion |
| Digital Pump Market (2032) | USD 20.5 Billion |
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The major factor that is expected to propel the growth of the Digital Pump Market during the forecast period includes the rising demand for these pumps, owing to their offerings such as fluid flow control features.
These pumps save energy and cost and have applications in buildings, water treatment plants, boiler control systems, and automation. This is another major factor accelerating the market growth.
Some other factors include strict energy-efficiency standards in developed nations, growth in the Industrial Internet of Things (IIoT) and economic benefits of intelligent systems, focus on smart water & wastewater systems, increasing power generation capacities across the globe, and significant investments in non-oil & gas sectors in the Middle East and North Africa (MENA) are the expected to further augment the growth of the digital pump market over the analysis period.
Government economic stimulus packages as well as tax credits that are targeting infrastructure projects, including water & wastewater and energy efficiency projects, are also expected to widen the scope of the digital pumps market.
There are some factors that are acting as obstacles and are hindering the growth of the Digital Pump Market during the forecast period.
The high initial cost of the smart pump is one of the major factors that hinder the growth of the Digital Pump Market. As intelligent pumping solutions have higher acquisition costs versus standard pumping equipment, it challenges providers to prove the cost-value ratio of their products to end users, thereby restraining the growth of the market.
In addition, the smart pumps provide better pumping solutions for the mining & metal industries due to less human intervention and more efficient characteristics. Therefore, its downturn has hampered market growth.
Principal Consultant
The ongoing market research and development with advancements in smart pump systems, such as advanced process control features and real-time data monitoring, is estimated to offer better growth opportunities for prime and emerging players in the smart pump industry.
Accordingly, different research organizations and industrial players continuously focus on commercializing and developing advanced smart pumps. For instance, smart pumps based on advanced process control offer various procedural benefits, including device miniaturization, real-time monitoring capabilities, and increased analytical efficacy.
The new smart city projects in developing regions offer growth opportunities for the smart pump market. For instance, in June 2021, the World Bank’s Board of Executive Directors sanctioned a USD 212 Million financing package, which includes a USD 177 Million International Bank of Reconstruction and Development (IBRD) loan aimed at a new smart city project in Ukraine. This project is expected to positively enhance the country's demand for smart pump solutions.
The Digital Pump Market is expected to reach heights during the forecast period, owing to strict energy-efficiency standards, growing technological advancements, the development of smart cities, growing demand for building automation, and increasing power generation capacity globally.
The digital pump market can be segmented on the basis of Connectivity, Distribution Channel, Industry, and Region.
The centrifugal pump segment is expected to hold a major share in the market, owing to its characteristics over conventional pumps and their utilization in multiple applications in various end-use sectors, including agriculture, power generation plants, municipal (water and wastewater plants), petroleum, and other end-use industries.
The building automation segment is estimated to lead the market due to the pumps’ suitable operation in smart cities' infrastructure for air conditioning and water circulation. Additionally, these pumps have applications in wastewater management, power generation, oil & gas, chemical, and other end-use industries. These factors offer many growth opportunities for smart pumps in the coming years. As industries move toward automation, the applications of the smart pump are increasing in these areas.
On the basis of Connectivity, the market can be segmented into the following: Conventional Pump Controllers, and Mobile/Remote Pump Controllers. By Connectivity, the Conventional Pump Controller is expected to reach the highest CAGR of 4.9% during the forecast period.
By Distribution Channel, the market can be segmented into the following: Online, and Retail. On the basis of the Distribution Channel, Retail is further sub-segmented into the following: Company Owned, and Third Party. Retail is expected to reach the highest CAGR of 5.6% during the forecast period. By Industry, the market can be segmented into the following: Manufacturing, and Public Sector, Agriculture, and Residential.
On the basis of Industry, the Manufacturing segment can be sub-segmented into the following: Food and Beverage, Pharmaceutical, Oil & Gas, Textile and Paper, Chemicals, Biotechnology, and Construction. On the basis of Industry, the Public Sector Industry can be sub-segmented into the following: Water and Wastewater Treatment, and Pumping Stations.
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The global digital pump market is divided into North America, South America, Europe, Asia Pacific, the Middle East, and Africa based on geography.
The intelligent pump market size in Europe stood at USD 0.25 billion in 2020 and is estimated to dominate the market owing to the rising demand for smart water systems and building automation. Countries across Europe have an increasing installation of water and wastewater plants with increasing demand for clean water across various sectors. For instance, in July 2020, H+E GmbH/Germany/Stuttgart, one of the leading international suppliers of industrial process water and wastewater management solutions secured a contract for a supply water treatment plant for an automobile manufacturer in Germany.
Asia Pacific, on the other hand, is expected to develop at the most elevated growth rate over the estimated timeframe. The market development in the Asia Pacific can be credited to ensuing expansions in monetary exercises, such as industrialization, current farming, and urbanization, and exacerbating the requirement for clean and reusable water. In addition, South Korea, Indonesia, China, India, and Taiwan hold a major share of the worldwide chemical industry.
North America holds a substantial market share, owing to key manufacturers in the region. Enterprises, such as water and wastewater, are assessed to impel the advancing cavity pump market. For instance, in Canada, practically 86% of the populace is served by metropolitan wastewater frameworks.
Sales of digital pumps in the USA are projected to reach a valuation of USD 5.5 Billion by 2032 with a CAGR of 6.1%. China is expected to reach a market size of USD 1.6 Billion in 2032, representing a CAGR of 5.1%, over the forecast period.
UK and India are expected to reach a market size of USD 0.9 Billion and USD 0.7 Billion in 2032, representing growth forecasts of 6.4% and 9.7% respectively, throughout the forecast period. Japan, on the other hand, is expected to reach a market size of USD 0.5 Billion in 2032, representing a CAGR of 4.0%, during the forecast period.
ITT Corporation and Xylem, Wilo SE, Sulzer, Grundfos Holdings, Wanner International, Flowserve enterprise, ABB Group, Grundfos Holding, Sulzar, Colfax Corporation, Regal Beloit, among others are the top companies in the global digital pump market.
With a sizable digital pump market share, these main firms are concentrating on growing their consumer base in new countries. These businesses are making use of strategic collaboration initiatives to grow their market share and profits.
Mid-size and smaller businesses, on the other hand, are expanding their market presence by gaining new contracts and entering new markets, thanks to technical developments and product innovations.
Recent Developments
As of 2021, the market for Digital Pump was valued at USD 10.6 Billion, as per FMI
By 2022 end, sales of Digital Pump closed at a value of USD 11.3 Billion
From 2015 to 2021, Digital Pump demand expanded at a CAGR of 6.7%
From 2022 to 2032, Digital Pump sales are expected to flourish at a CAGR of 6.1%
By 2032, the market value of Digital Pump is expected to reach USD 20.5 Billion.
From 2022 to 2032, Digital Pump demand in the USA is expected to surge at a CAGR of 5.5%
By Connectivity, the Conventional Pump Controller constitutes the bulk of market share with a CAGR of 4.9%.
By Distribution Channel, the Retail category of Digital Pump is expected to dominate the market with a CAGR of 5.6%.
1. Preface 2. Assumptions and Research Methodology 3. Executive Summary: Global Market 4. Market Overview 5. Global Market Analysis and Forecast, by Connectivity 5.1. Conventional Pump Controller 5.2. Mobile/Remote Pump Controller 6. Global Market Analysis and Forecast, by Distribution Channel 6.1. Online 6.2. Retail 6.2.1. Company-owned 6.2.2. Third Party 7. Global Market Analysis and Forecast, By Industry 7.1. Manufacturing 7.1.1. Food & Beverage 7.1.2. Pharmaceutical 7.1.3. Oil & Gas 7.1.4. Textile & Paper 7.1.5. Chemicals 7.1.6. Biotechnology 7.1.7. Construction 7.2. Public Sector 7.2.1. Water & Wastewater Treatment 7.2.2. Pumping Stations 7.3. Agriculture 7.4. Residential 8. Global Market Analysis and Forecast, by Region 8.1. North America 8.2. Europe 8.3. Asia Pacific 8.4. Middle East and Africa 8.5. South America 9. North America Market Analysis and Forecast 10. Europe Market Analysis and Forecast 11. Asia Pacific Market Analysis and Forecast 12. Middle East and Africa (MEA) Market Analysis and Forecast 13. South America Market Analysis and Forecast 14. Competition Landscape 15. Company Profiles (Details = Business Overview, Sales Area/Geographical Presence, Revenue, and Strategy) 15.1. C&S Electric Limited 15.2. Dwyer Instruments, Inc. 15.3. Grundfos 15.4. Kirloskar Brothers Limited 15.5. Precision Digital Corporation 15.6. Remote Control Technology 15.7. Spring (Europe) Ltd. 15.8. Sulzer Ltd 15.9. Valmont Industries, Inc. (Vally) 15.10. Xylem Inc. 16. Key Takeaways
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