Future Growth Potential Enhanced by Growth Opportunities in IoT-based Pump Solutions
This research service covers the growth opportunities for the global centrifugal pumps market. It offers segments by type of pumps such as single-stage, multi-stage, axial and fixed flow, submersible, and sealless and circular. Revenue segmentation is by region and top participants in the market. It mainly discusses 8 growth opportunities: demand for energy-efficient pumps, pump real-time monitoring, adoption of intelligent pumps, the impact of COVID-19 on sanitary pumps, solar-powered centrifugal pumps, the shift of end-users from CAPEX to OPEX model, growing demand of centrifugal pumps in food and beverages and pharmaceutical markets, and spare parts management.
The following trends were noted among end-users, which have given rise to the 8 aforementioned growth opportunities.
- Need for energy-efficient pumps is the key driver for the pumps market, as European and North American countries are focusing on reducing building energy consumption. Increasing emphasis is being placed on reducing energy consumption. To achieve the ambitious target of building a circular economy, product manufacturers across industries, including pumps, need to develop solutions that consume less energy.
- End users are redefining their maintenance strategy and prefer to move toward pump solutions that can be continuously monitored and predict failures. Service is becoming a critical factor for large institutional end-users, because they risk downtime without regular maintenance. A significant decline in productivity and profitability and high energy consumption can occur because of the downtime. Continuous process industries, such as oil and gas, chemicals, and power cannot afford downtime.
- End users are focused on minimizing their capital expenditure and having an efficient operating expenditure, including optimizing their supply chain and inventory.
- COVID-19 is driving the adoption of clean and sterile process equipment such as pumps and valves in the pharmaceutical and food and beverage industries.
The global centrifugal pumps market is expected to reach a value of $33.5 billion by the year 2024, growing at a CAGR of 1.9% for the forecast period 2019-2024. The market is expected to be driven by continued focus on energy-efficient pumps, investments in power generation and water and wastewater industries, and adoption of industrial internet of things (IIoT) technologies. The restraints that will derail the market are economic slowdown induced by COVID-19, existing crude oil supply glut, and focus on extending the life of aging assets.
