End-user Analysis on the Market Receptiveness towards IoT Asset Monitoring Solutions
The onset of the Industrial Internet of Things (IIoT) is transforming the entire manufacturing ecosystem by redefining the production process, supply chain and end-product delivered to the customers. The turbulent business environment with existence of uncertain economic conditions, shift in customer preferences towards custom-made products, fluctuating cost of raw materials and commodities and rise in competition with growing number of niche and specialized manufacturers. Optimization of asset and resource utilization, enhancing production efficiency and in total reducing operational expenditure being the main objective of the end-user, there is keen interest to assess and implement IIoT based technologies in the existing manufacturing processes.
In this study we provide in-depth analysis of end-user perspective on the application of IIoT in pumps that includes both centrifugal and positive displacement pumps that are used for critical, non-critical and utility operations. We assess, evaluate and gauge end-user requirements, challenges and future investment plan with respect to plant operations. This research study involved interactions with plant managers, engineers, executives and management board working in process and hybrid industries such as oil and gas – upstream, midstream and downstream, chemical processing, power generation, water and wastewater, metals and mining and food and beverage to name a few.
The key questions this study will help to address include:
- What are the key trends that are likely to influence the growth margins in the future years?
- What is the current end-user mindset with respect to IoT based pump solutions?
- At which stage are end-users positioned with the implementation of IoT at their plants?
- What are the main roadblocks faced in the adoption of IoT based monitoring solutions?
- What are the end-user industries key requirements to invest in IoT based solution?
- What are end-users strategic goals and investment plan towards IoT in the forthcoming years?
Pumps industry currently worth $38 billion has the potential to unlock new revenue streams and growth opportunities by integrating IIoT technologies such as intelligent sensors, cloud computing, big data and analytics, cognitive intelligence and industrial mobility. Pumps being the top 5 assets with respect to operational and maintenance challenges faced by end-users, smart and intelligent pumps are likely to gain wider traction and serves as a viable proposition for end-users who are aggressively working towards diminishing their operational costs. In the present context with pressing need to cut down operational expenditure (OPEX), end-users are willing to explore pump solutions that assist in monitoring its health condition, ease maintenance, prevent unexpected failure and asset downtime and in total minimize operational and maintenance costs.
Key Issues Addressed
- What are the challenges in implementing self-service initiatives?
- What are the regional trends in buyer behavior?
- What are the different organizational initiatives that drive airport implementation of self-service implementation?
- What are the key performance indicators impacted by using self-service initiatives?
- What role does biometrics and blockchain technology play in airport self-service?
- Will traditional passenger processing methods disappear?
- Will remote check-in and bag drop disrupt the self-service market?
- Who are the key players in each self-service segment and what market share do they hold?
- What is the total market size of the self-service market?
- What are the major growth opportunities and strategical imperatives to be adopted by suppliers in the industry?
