A report released today by Frost & Sullivan focusing on the North American positive displacement (PD) pumps market finds that key verticals including food & beverage (F&B), pharmaceuticals, municipal, and industrial water and wastewater management are planning to invest in major plant modernization initiatives.
Anand Gnanamoorthy, industry principal for industrial with the research firm, said that as end users look ahead to embrace digital transformation Industrial Internet of Things (IIoT)-based pump offerings become imperative, especially in asset-heavy industries.
Further, he added, “pumps embedded with digital solutions allow real-time monitoring and provide reliable and accurate insights for predictive maintenance processes.
“This is encouraging pump OEMs to partner with automation, Internet of Things (IoT), and niche solution providers in the development of strong analytics engines built with machine learning (ML) algorithms and artificial intelligence (AI).”
The market is estimated to reach US$2.74 billion by 2025 from US$2.38 billion in 2020, up at a compound annual growth rate (CAGR) of 2.8%. However, due to the COVID-19-induced economic recession, the market performance is likely to slow down in 2021 but cross pre-COVID levels by 2022, a Frost & Sullivan release stated.
“Mounting pressure on end users to reduce the energy consumed by rotating equipment in plants presents an opportunity for pump original equipment manufacturers (OEMs) to deliver a new range of PD pumps," said Gnanamoorthy.
"With customers' gradual realization of the total cost of ownership over the initial cost of investment, the demand for energy-efficient pumps is expected to spike in the next two to three years."
Gnanamoorthy said that industry vendors in this market should “integrate IIoT to deliver energy-efficient pumps: The integration of IIoT-based technology, such as intelligent sensors, analytics engines, and ML capabilities, will help pump OEMs offer better guidance to plant engineers on measures to curtail energy consumption.”
“Market participants need to redefine basic services by offering vibration monitoring, remote monitoring, and safety alerts as part of standard packages.”
Further information on the report is available at http://frost.ly/5gn