The digital pump market is on a trajectory of remarkable growth, poised to experience a prodigious Compound Annual Growth Rate (CAGR) of 6.1% during the period from 2022 to 2032. This upward surge is expected to catapult the market to impressive heights, with an anticipated value of US$ 20.5 billion by 2032, a substantial increase from its 2022 valuation of US$ 11.3 billion.
The driving force behind this surge in the digital pump market is their multifaceted utility, particularly in terms of energy savings and cost efficiency. These innovative pumps find applications in a diverse range of sectors, including buildings, water treatment plants, boiler control systems, and automation. Their ability to optimize and streamline fluid management processes has proven to be a pivotal factor propelling market growth.
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These pumps not only conserve energy and reduce costs but also find applications in various sectors such as construction, water treatment facilities, boiler control systems, and automation, contributing significantly to the market’s expansion. Additionally, the acceleration of market growth is attributed to several other factors, including stringent energy-efficiency regulations in developed nations, the rise of the Industrial Internet of Things (IIoT), and the economic advantages associated with intelligent systems, particularly in the context of smart water and wastewater management.
Moreover, the increasing global capacity for power generation and substantial investments in non-oil and gas sectors within the Middle East and North Africa (MENA) region are poised to further bolster the growth of the digital pump market throughout the analysis period.
Notable Insights from the Market Analysis:
- The global digital pump market reached a valuation of US$ 11.3 Billion by the end of 2022.
- The United States is anticipated to lead the market demand, accounting for the highest value share of US$ 5.5 Billion in 2032.
- The period from 2015 to 2021 witnessed a considerable expansion in Digital Pump demand, marked by a Compound Annual Growth Rate (CAGR) of 6.7%.
- Among different connectivity options, the conventional pump controller dominates the digital pump market, exhibiting a CAGR of 4.9%.
“Remarkably, digital pumps offer energy and cost savings while finding applications in building infrastructure, water treatment facilities, boiler control systems, and automation. This vital aspect drives the growth of the market,” comments an analyst from FMI.
Competitive Scenario:
Key players in the global Digital Pump Market are strategically expanding their global footprint through a variety of tactics, including collaborations, partnerships, and alliances. These industry participants are also making substantial investments in research and development (R&D) to infuse innovation into their products, thereby reinforcing their market position.
Notable recent developments among major players include:
- In August 2021, Regal Beloit Corporation, a leading global manufacturer and engineering solutions provider for power transmission, introduced the Century VGreen Evo pool pump motor to its product lineup. This new motor, driven by advanced variable speed technology, stands as one of the most energy-efficient pool pump motors available in the market.
- In March 2020, Framo and Aker BP announced a smart pump maintenance contract for seawater lift pumps in the Norwegian Continental Shelf. The six-year contract extension is a continuation of a pilot contract initiated in 2018 involving pump supplier Framo, production company Aker BP, and industrial AI Software as a Service (SaaS).
Key Players:
- ITT Corporation
- Xylem
- KSB Aktiengesellschaft
- Flowserve Corporation
- Wilo SE
- ABB
- Grundfos Holding
- Sulzar
- Colfax Corporation
- Regal Beloit
- Wanner International
- Kirloskar
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Key Segments Covered:
Digital Pump by Connectivity:
- Conventional Digital Pump Controller
- Mobile/Remote Digital Pump Controller
Digital Pump by Distribution Channel:
- Online Digital Pump Sales
- Retail Digital Pump Sales
- Company Owned
- Third-Party
Digital Pump by Industry:
- Digital Pump for Manufacturing
- Food and Beverage
- Pharmaceutical
- Oil & Gas
- Textile and Paper
- Chemicals
- Biotechnology
- Construction
- Digital Pumps for the Public Sector
- Water and Wastewater Treatment
- Pumping Stations
- Digital Pumps for Agriculture
- Digital Pumps for Residential Use
Digital Pump by Region:
- North America Digital Pump Market
- South America Digital Pump Market
- Europe Digital Pump Market
- Asia Pacific Digital Pump Market
- Middle East and Africa Digital Pump Market
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Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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