Global Smart Pumps Market Size (2024 - 2029)

The global smart pump market is experiencing significant growth, driven by advancements in digital technology and the increasing demand for automation across various sectors. These pumps, characterized by their adjustable frequency and digital control features, offer numerous advantages such as monitoring, remote management, and energy management capabilities. The market's expansion is further supported by the rising investments in smart city infrastructures, which require efficient water management solutions. However, the high initial cost of smart pump systems poses a challenge to market growth, although potential government assistance for energy conservation efforts may alleviate this barrier. Despite these challenges, the market's potential remains robust due to the pumps' efficiency and reduced need for human intervention, particularly in industries like mining and metals.

Market Size of Global Smart Pumps Industry

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Smart Pumps Market Summary
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

Smart Pumps Market 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 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
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Global Smart Pumps Market Size Summary

The global smart pump market is poised for significant growth, driven by the increasing adoption of digital technologies and the need for efficient energy management solutions. Smart pumps, which feature adjustable frequency and digital control capabilities, are becoming the modern alternative to traditional pumps, offering enhanced performance monitoring and remote management capabilities. These pumps are particularly valuable in industrial applications, including smart cities, where they play a crucial role in infrastructure projects such as power generation and wastewater management. The market's expansion is further supported by the rising demand for automation across various sectors, including oil and gas, where smart pumps contribute to energy savings and operational efficiency.

Despite the promising growth prospects, the smart pump market faces challenges, such as the high initial costs associated with advanced technologies like wireless control systems. However, government initiatives and investments in smart city projects, particularly in regions like the United States, are expected to bolster market growth. The market is moderately fragmented, with key players like Grundfos Holding and ITT Corporation leading innovations through collaborations and research investments. Recent developments, such as the launch of new smart pump products and systems, highlight the ongoing efforts to enhance energy efficiency and sustainability in various applications, from commercial building cooling systems to rural infrastructure improvements.

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Global Smart Pumps Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Value Chain Analysis

    3. 1.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.3.1 Threat of New Entrants

      2. 1.3.2 Bargaining Power of Buyers

      3. 1.3.3 Bargaining Power of Suppliers

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

    4. 1.4 Market Drivers

      1. 1.4.1 Digitization of oil & gas industry

      2. 1.4.2 Increasing adoption of IoT products

    5. 1.5 Market Restraints

      1. 1.5.1 High Initial Cost of Installation

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Type

      1. 2.1.1 Centrifugal

      2. 2.1.2 Positive Displacement

    2. 2.2 By Capacity

      1. 2.2.1 Up to 30 m³/h

      2. 2.2.2 30 to 90 m³/h

      3. 2.2.3 90 to 180 m³/h

      4. 2.2.4 180 to 360 m³/h

      5. 2.2.5 Above 360 m³/h

    3. 2.3 By End-User

      1. 2.3.1 Building Automation

      2. 2.3.2 Water & Wastewater

      3. 2.3.3 Oil & Gas

      4. 2.3.4 Chemicals

      5. 2.3.5 Power Generation

      6. 2.3.6 Others

    4. 2.4 By Geography

      1. 2.4.1 North America

      2. 2.4.2 Asia-Pacific

      3. 2.4.3 Europe

      4. 2.4.4 Latin America

      5. 2.4.5 Middle East & Africa

Global Smart Pumps Market Size FAQs

The Global Smart Pumps Market is projected to register a CAGR of 7.70% during the forecast period (2024-2029)

Sulzer Ltd, ITT Corporation, Grundfos Holding, Wilo SE and Xylem are the major companies operating in the Global Smart Pumps Market.

Global Smart Pumps Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)