Smart Pumps Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.70 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Smart Pumps Market Analysis
The global smart pump market is anticipated to register a CAGR of 7.7% during the forecast period. Digital technology enables the operation of smart pumps. They are the contemporary, upscale replacement for conventional pumps. It is a specific pump with adjustable frequency and digital control features. The smart pumps have sensors built-in to track performance and gather information. The advantages of smart pumps are numerous. Applications for monitoring, remote management, and energy management are made possible. Additionally, the market for intelligent pumps is becoming more and more significant. The industrial sector has a significant need for these pumps.
- According to the Ministry of Chemicals and Fertilizers Annual Report 2021, the production volume of significant chemicals in India increased from 9,984 thousand metric tons in 2015/16 to 11,589 thousand metric tons in 2018/19 and 11,943 thousand metric tons up to 2020. Such a rise in chemical production will significantly create an opportunity for the local and international smart pump players to develop products and expand their portfolio to cater to a wide range of needs of customers.
- The smart pumps' low cost will present numerous chances for the industry's growth. It will be the most popular pump in the forthcoming years due to its great quality and design. Furthermore, smart cities are the key application for smart pumps. The intelligent pumps' functionality is appropriate for smart cities' infrastructure. It is crucial in many applications in smart cities. Power generation, wastewater management, and many more applications all call for smart pumps. In the end, it presents a sizable number of growth prospects for the smart pump industry. Additionally, as more businesses move toward automation, the smart pump is used more frequently in these sectors.
- Further, in February 2021, London and five European partner cities triggered an investment of EUR 250 million (USD 302.8 million) in smart technologies through the Sharing Cities program. Sharing Cities draws on EUR 24.5 million in funding from the EU Horizon 2020 Smart Cities and Communities program and aimed to reach EUR 500 million in investment by the end of 2021. Ten low-carbon technology solutions have already hit 50% of their target investment from a mix of public and private funds. The growing investments in smart cities will drive the market.
- The world is combating health emergencies while facing the COVID-19 pandemic. It has drastically impacted the economy as well. The UN Conference on Trade and Development (UNCTAD) stated that the pandemic would cost USD 1-2 trillion in 2020. In the case of the water management industry, it has forced the global governmental bodies to restructure their measures to scale up the adoption of water-efficient technologies and introduce better water management practices, as the spread of COVID-19 has profoundly impacted the water industry. Such initiatives have shown a positive impact on the studied market.
- The market expansion is anticipated to be constrained by the high initial cost of the smart pump. Intelligent pump frameworks have advanced to use wireless technology for greater control over greater distances. However, doing so can have a very high establishment cost, which many end users might not be able to afford. They may receive government assistance over the coming years as they realize how clever pumps may help with energy conservation in the face of the present energy crisis. Due to its more efficient features and reduced need for human involvement, smart pumps also offer better pumping solutions for the mining and metal industries. As a result, the market's expansion has been limited by its downturn.
Smart Pumps Market Trends
This section covers the major market trends shaping the Smart Pumps Market according to our research experts:
The Oil and Gas Segment is Expected to Witness a Significant Market Growth
- Pumps are crucial for the oil and gas industry. They are employed in various ways in this industry, from delivering oil from the ground to a ship, oil refinery, or storage to speed up the fluid flow from one point to another. Each type of pump in a refining system serves a distinct job and is essential for daily operations. Smart pumps offer several benefits for the oil & gas industry, like energy savings, lifetime improvements, and system cost reductions.
- The increasing oil and gas production activities worldwide act as a significant growth factor for the adoption of smart pumps. For instance, according to BP, global oil production amounted to 89.9 million barrels per day in 2021, an increase from 88.5 million barrels per day in 2020. The level of oil production reached an all-time high in 2019, at nearly 95 million barrels.
- In the current market scenario, oil and gas industries face several issues related to business performance, the total cost of operation (TCO), energy efficiency, and safety in upstream and downstream processes. In addition to producing oil and gas, the industry also uses oil and gas in its operations, and efficiency can significantly reduce the industry's impact.
- Smart pumps utilize a combination of Variable Frequency Drives (VFDs), sensors, and Internet of Things capabilities to manage energy flow based on demand in the oil & gas sector.
- The sensors automatically adjust operations through the VFD or collect and share data of utility management systems to analyze demand performance over time. This results in system efficiency by reducing energy usage and reducing the total cost of ownership for the pump system.
North America is Expected to Hold a Major Market Share
- The United States continues to attract a significant portion of the global power sector investment, showing positive growth in 2020 despite the pandemic. Also, the US is making substantial investments in clean energy, with the investment levels rising to USD 215 billion in 2021, per IEA. The trend is expected to fuel the growth of the smart pump market in the forecasted period.
- Further, in July 2021, the US Senate passed a USD 550 billion clean energy investment bill, which would also include significant contributions toward new clean power projects. As a part of the plan, USD 73 billion would be invested in updated power infrastructure and research in technology like nuclear, carbon capture, and clean hydrogen, accelerating the shift from fossil fuels to clean energy. Moreover, there has been a considerable rise in employment across the energy-efficient sector market in the region, owing to rapid technological advancement in the region.
- Also, in July 2021, the United States Department of Agriculture (USDA) announced an investment of USD 307 million for modernizing rural drinking water and wastewater infrastructure in 34 states and Puerto Rico. The investments would help replace outdated pipes and service lines to safeguard public health and safety in rural communities, improving rural infrastructure for 250,000 residents and businesses. As smart pumps find various applications in water and wastewater treatment plants, such investments create new opportunities for the players in the market.
- Furthermore, various governments in the American region are also promoting the adoption of smart cities and, therefore, the adoption of smart pumps. For instance, Las Vegas is testing three pilot projects, with USD 500 million allocations from the government to find ways to connect the entire city by 2025. The increase in the number of smart city projects undertaken by governments is another factor influencing the demand for the studied market.
- For both established and up-and-coming competitors in the smart pump market in the region, it is anticipated that continued market research and development with improvements in smart pump systems, such as sophisticated process control features and real-time data monitoring, will present better growth potential. As a result, numerous research institutions and commercial entities consistently concentrate on promoting and creating advanced smart pumps. For instance, enhanced process control-based smart pumps provide several procedural advantages, such as device downsizing, real-time monitoring capabilities, and improved analytical efficacy.
Smart Pumps Industry Overview
The Global Smart Pumps Market is a moderately fragmented market with the presence of significant players such as Grundfos Holding, ITT Corporation, Flowserve Corporation, etc. To stay competitive in the market, several players are innovating new products & systems by way of collaborations, investment in R&D, and acquisitions.
- February 2022 - TTP Ventus, a manufacturer of the Disc Pump range of micropumps, announced launching its new Smart Pump Module product line. The first product, the SPM-041, combines a pump with drive electronics and a pressure sensor, enabling efficient closed-loop control of pressure/vacuum in a compact form factor weighing 11g. The SPM-041 features a simple control interface with UART, I2C, and analog control options, making the replacement of conventional pumps easy. This simplifies the design-in process, making it easier for OEMs to take advantage of the key benefits of the micropump, including exceptional pressure and flow, silent operation, millisecond-response time, precision controllability, and pulsation-free flow.
- October 2021 - Grundfos announced the launch of its Distributed Pumping System in Thailand. The system is capable of reducing energy consumption for cooling large commercial buildings by up to 50%, thereby cutting operational costs substantially and helping Thai companies achieve their sustainability goals. The pumping system achieves energy efficiency in cooling systems by utilizing intelligent circulator pumps, MAGNA3, and TPE3 pumps, and decentralized pumping to reduce energy consumption.
Smart Pumps Market Leaders
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Sulzer Ltd
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ITT Corporation
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Grundfos Holding
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Wilo SE
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Xylem
*Disclaimer: Major Players sorted in no particular order
Smart Pumps Market News
- June 2022 - Grundfos, a global player in advanced pump solutions and water technology, signed a memorandum of understanding (MoU) with Ngee Ann Polytechnic (NP) to co-develop energy and water efficient smart solutions that would contribute to a resilient and sustainable built environment across Southeast Asia, through collaboration, talent development and sustainability education.
Smart Pumps Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Value Chain Analysis
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4.3 Industry Attractiveness - Porter's Five Forces Analysis
- 4.3.1 Threat of New Entrants
- 4.3.2 Bargaining Power of Buyers
- 4.3.3 Bargaining Power of Suppliers
- 4.3.4 Threat of Substitute Products
- 4.3.5 Intensity of Competitive Rivalry
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4.4 Market Drivers
- 4.4.1 Digitization of oil & gas industry
- 4.4.2 Increasing adoption of IoT products
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4.5 Market Restraints
- 4.5.1 High Initial Cost of Installation
5. MARKET SEGMENTATION
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5.1 By Type
- 5.1.1 Centrifugal
- 5.1.2 Positive Displacement
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5.2 By Capacity
- 5.2.1 Up to 30 m³/h
- 5.2.2 30 to 90 m³/h
- 5.2.3 90 to 180 m³/h
- 5.2.4 180 to 360 m³/h
- 5.2.5 Above 360 m³/h
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5.3 By End-User
- 5.3.1 Building Automation
- 5.3.2 Water & Wastewater
- 5.3.3 Oil & Gas
- 5.3.4 Chemicals
- 5.3.5 Power Generation
- 5.3.6 Others
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5.4 By Geography
- 5.4.1 North America
- 5.4.2 Asia-Pacific
- 5.4.3 Europe
- 5.4.4 Latin America
- 5.4.5 Middle East & Africa
6. COMPETITIVE LANDSCAPE
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6.1 Company Profiles
- 6.1.1 Xylem
- 6.1.2 Wilo SE
- 6.1.3 Grundfos Holding
- 6.1.4 ITT Corporation
- 6.1.5 Sulzer Ltd
- 6.1.6 Wanner international
- 6.1.7 Flowserve Corporation
- 6.1.8 Emerson Electric Co.
- 6.1.9 ABB Ltd.
- 6.1.10 Kirloskar Group
- 6.1.11 Pentair
- *List Not Exhaustive
7. INVESTMENT ANALYSIS
8. FUTURE OF THE MARKET
Smart Pumps Industry Segmentation
A smart pump is a pump that has the ability to regulate and control flow or pressure. When connected through a network (as other devices operate by way of the Internet of Things), smart pumps communicate with each other and with those who operate them.
The Global Smart Pumps Market is Segmented by Type (Centrifugal, Positive Displacement), Capacity (Up to 30 m³/h, 30 to 90 m³/h, 90 to 180 m³/h, 180 to 360 m³/h, Above 360 m³/h), End-User Industry (Building Automation, Water & Wastewater, Oil & Gas, Chemicals, Power Generation), and Geography.
| By Type | Centrifugal |
| Positive Displacement | |
| By Capacity | Up to 30 m³/h |
| 30 to 90 m³/h | |
| 90 to 180 m³/h | |
| 180 to 360 m³/h | |
| Above 360 m³/h | |
| By End-User | Building Automation |
| Water & Wastewater | |
| Oil & Gas | |
| Chemicals | |
| Power Generation | |
| Others | |
| By Geography | North America |
| Asia-Pacific | |
| Europe | |
| Latin America | |
| Middle East & Africa |
Smart Pumps Market Research FAQs
What is the current Global Smart Pumps Market size?
The Global Smart Pumps Market is projected to register a CAGR of 7.70% during the forecast period (2024-2029)
Who are the key players in Global Smart Pumps Market?
Sulzer Ltd, ITT Corporation, Grundfos Holding, Wilo SE and Xylem are the major companies operating in the Global Smart Pumps Market.
Which is the fastest growing region in Global Smart Pumps Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Global Smart Pumps Market?
In 2024, the North America accounts for the largest market share in Global Smart Pumps Market.
What years does this Global Smart Pumps Market cover?
The report covers the Global Smart Pumps Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Global Smart Pumps Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Global Smart Pumps Industry Report
Statistics for the 2024 Global Smart Pumps market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Global Smart Pumps analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
