According to forecasts, the smart pump market is expected to be valued at US$ 1,021.9 million in 2023 and US$ 2,165.7 million by 2033.
The market is likely to have many opportunities to flourish due to the cheap cost of smart pumps. Due to its excellent quality and design, it is the most often used pump in the upcoming years.
The primary use of smart pumps is in smart cities. The functionality of the intelligent pumps is suitable for the infrastructure of smart cities, which enhances the sales of these pumps. Smart pumps are required for numerous applications, including energy production and wastewater treatment.
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Overall, it offers the smart pump business a substantial number of potential chances. Also, the smart pump is employed more frequently in various industries as more organizations move towards automation.
Future Opportunities
Smart pumps control energy flow depending on oil and gas industry demand by combining sensors, Variable Frequency Drives (VFDs), and Internet of Things capabilities.
The sensors gather and exchange data from utility management systems to monitor demand performance over time or automatically alter operations via the VFD. It lowers energy consumption and the total cost of ownership for the pump system, improving system efficiency and global demand.
Key Takeaways
- By 2033, the smart pump market in the United Kingdom is likely to expand, with a CAGR of 6.1%.
- In 2022, the United States developed the smart pump business with a share of 24%.
- The smart pump market grew considerably to US$ 947.6 million in 2022.
- The smart pump sector expanded at a CAGR of 5.7% from 2018 to 2022.
- By 2033, China’s smart pump market is projected to develop with a CAGR of 8.7%.
- By 2033, India’s smart pump industry is projected to develop with a CAGR of 9.3%.
- Japan’s smart pump industry is expected to expand significantly, with a 3.9% share in 2023.
- Australia’s smart pump sector is expected to expand, with a share of 0.6% in 2023.
- In 2023, the centrifugal segment is likely to dominate the market, with a share of 64.2%, based on pump type.
- In 2023, the water and wastewater treatment segment is likely to dominate the market, with a share of 23.4%, based on end users.
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Competitors Winning Strategies
Key manufacturers in their active regions, like Wilo SE, Grundfos Holdings, Sulzer, Wanner International, Flowserve Enterprise, and others, are in the market. Due to its longstanding presence in the sector and the optimum functional potential of its portfolio, the ABB Group is also anticipated to have a large market share.
Recent Developments:
- A smart pump maintenance agreement for saltwater lift pumps based on the Norwegian Continental Shelf was announced by Framo and Aker BP in March 2020. The six-year deal, extended by six years, continues a pilot agreement started in 2018 by industrial AI Software-as-a-Service (SaaS), the producer Aker BP, and pump provider Framo.
- Grundfos announced the opening of their Distributed Pumping System in Thailand in October 2021. The technology lowers the energy needed to cool big commercial buildings by up to 50%, significantly decreasing operational costs and assisting Thai businesses in achieving their sustainability objectives. The pumping system uses intelligent circulator pumps, MAGNA3, and TPE3 pumps, as well as decentralized pumping, to improve energy efficiency in cooling systems.