Intelligent Pumps Market
Industry averages suggest a loss of around 5% of production each year due to unplanned downtime. More than any other cause, equipment failures are the most common culprit, often exceeding 40% of the unplanned outages. As a result, the pumps market is witnessing the increasing adoption of the smart solution to improve efficiency, reduce the frequency of equipment failure, and reduce downtime, resulting in cost saving. The global intelligent pumps market has been volatile in the past few years, mainly due to the decline in crude oil price. However, the market has started to witness recovery with increasing capital expenditure in the oil & gas industry and increasing oil & gas pipeline network with increasing demand.
Digitization of Oil & Gas Industry
Industrial Internet of Things (IIoT) – enabled pumps and solutions has helped the oil & gas sector to reduce the maintenance frequency and hence downtime. Cases had been witnessed where maintenance-related downtime has been reduced by around 80% for the pump jack system. Such results in the past have been driving the adoption of intelligent pump systems or integrating the existing system with intelligent solutions. The increasing demand for IT solutions in the Gulf of Mexico, the North Sea and the US shale fields to enhance the productivity and decision making have been driving the market in the respective region. Saudi Aramco, one of the biggest oil & gas player in Saudi Arabia, has entered into agreements with several companies for digitization of its operations, in the country. It has signed an MOU with Honeywell. The companies will work together to increase yield, throughput, and improve the reliability of Saudi Aramco’s operations by deploying Honeywell’s predictive analytics solutions and cloud-based services.
Centrifugal to Account for a Large Share
Centrifugal pumps are relatively simple, reliable and inexpensive piece of equipment. The consequences of their unexpected failure includes extended downtime, costly machinery repair, health and safety problems, increased scarp levels and loss of sales. To reduce the frequency and magnitude of such events, the industry has started to opt for smart solutions such as integrating the control systems and IIoT and this has gained significant momentum in the past few years. Such solutions has reduced the chances of cavitation in centrifugal pumps during sudden drop in fluid pressure. Real-time data is received from intelligent pumps to identify any significant change in pressure and alert operations personnel before the damage occurs.
The United States Holds the Largest Share in Intelligent Pumps Market
The United States is one of the leading countries when it comes to the adoption of intelligent solutions in any system. The country is home to several top vendors offering digitization, IIoT, and data analytics, paving the way for smart pumps. The robust drilling and production activity in the upstream sector with increasing crude oil price has resulted in high growth in the demand for pumps in the domestic market. The crude oil production has increased by 5.6% in 2017 and had been growing at a CAGR of 6.1% between “2006-2016”. This high growth is mainly due to hydraulic fracturing, which requires pumping frac fluids at a very high pressure to fracture the formation. The chemical industry is also witnessing a transition from the conventional method of operation to smart operation through intelligent solution such as intelligent pumps. The US chemical industry accounts for almost 15% of the global chemical shipment. The chemical producers in the country are increasingly deploying the smart solutions either adding new whole system or through retrofitting.
Notable Developments in the Intelligent Pumps Market
- January 2018: Grundfos India launched a mobile application called ‘SmArt Serv’. The app provides an effective way of getting service support for any Grundfos product.
Intelligent Pumps Market Major Players include -
- Flowserve Corp
- Grundfos A/S
- Sulzer AG
- QuantumFlo, Inc.
- Xylem, Inc.
- CIRCOR International, Inc.
- Rockwell Automation
- Emerson Electric Co.
- Kirloskar Brothers Ltd.
- Yaskawa Electric Corp
Reasons to Purchase Intelligent Pumps Market Report
- Current and future intelligent pumps market outlook in the developed and emerging markets
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis
- The segment that is expected to dominate the market
- Regions that are expected to witness fastest growth during the forecast period
- Identify the latest developments, and strategies employed by the major market players.
- 3 months analyst support along with the Market Estimate sheet (in excel).
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1. Executive Summary
2. Research Methodology
2.1 Scope of Study
2.2 Market Definition
2.3 Study Assumptions
2.4 Study Deliverables
2.5 Research Phases
3. Intelligent Pumps Market Overview
3.2 Market Size and Demand Forecast until 2023
3.3 Recent Trends and Developments
4. Market Dynamics
4.1 Intelligent Pumps Market Drivers
4.2 Intelligent Pumps Market Restraints
4.3 Intelligent Pumps Market Opportunities
5. Intelligent Pumps Market Supply Chain Analysis
6. Industry Attractiveness - Porter's Five Force Analysis
6.1 Bargaining Power of Suppliers
6.2 Bargaining Power of Consumers
6.3 Threat of New Entrants
6.4 Threat of Substitute Product and Services
6.5 Intensity of Competitive Rivalry
7. Market Segmentation and Analysis (Overview, Market Size, and Demand Forecast until 2023)
7.1 Intelligent Pumps Market By Pump Type
7.1.2 Positive Displacement
7.2 Intelligent Pumps Market By End User
7.2.1 Oil & Gas
7.2.2 Power Generation
8. Regional Market Analysis (Overview, Market Size and Demand Forecast until 2023)
8.1 North America Intelligent Pumps Market Size (2018-2023)
8.2 Europe Intelligent Pumps Market Size (2018-2023)
8.3 South America Intelligent Pumps Market Size (2018-2023)
8.4 Asia-Pacific Intelligent Pumps Market Size (2018-2023)
8.5 Middle-East and Africa Intelligent Pumps Market Size (2018-2023)
9. Intelligent Pumps Market Key Company Analysis (Overview, Products & Services, Financials**, Recent Developments, and Analyst View)
9.1 Flowserve Corp
9.2 Grundfos A/S
9.3 Sulzer AG
9.4 QuantumFlo, Inc.
9.5 Xylem, Inc.
9.6 CIRCOR International, Inc.
9.7 Rockwell Automation
9.8 Emerson Electric Co.
9.9 Kirloskar Brothers Ltd.
9.10 Yaskawa Electric Corp
*List not Exhaustive
10. Intelligent Pumps Market Competitive Landscape
10.1 Mergers and Acquisitions, Joint Ventures Collaborations and Agreements
10.2 Market Share Analysis
10.3 Strategies Adopted by Key Players
**Subject to availability on public domain