Intelligent Pump and Control Systems Market to grow at a CAGR of 7.8% during 2024-2028
The Intelligent Pump and Control Systems Market is expected to grow at a CAGR of 7.8% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 764.6 million. Intelligent pumps, equipped with integrated variable frequency drives (VFDs) and digital control capabilities, enable real-time data collection from connected control systems. However, the use of hard-wired connections for these systems can pose challenges in terms of management and maintenance. To address these issues, market leaders are developing intelligent pumps and control systems based on wireless technology. These systems offer several advantages, including remote control functionality, low maintenance requirements, high configurability, user-friendliness, and enhanced safety. By facilitating real-time data collection and streamlining operations, the digital control capabilities of intelligent pumps significantly benefit end-users.
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Technavio analysts predict that the Intelligent pumps subsegment will lead the Component segment during 2024 and 2028 Intelligent pump systems are comprised of intricately engineered components, enabling optimal performance and versatility for industrial applications. These advanced pumps cater to sectors such as water and wastewater, chemical and petrochemical, power, and oil and gas, due to their cost-reducing capabilities and process optimization. The integration of variable frequency drives within the pumps facilitates the management of variable frequency operation, further enhancing their efficiency and adaptability. The rising demand for intelligent pump systems is anticipated to significantly increase during the forecast period, as industries continue to prioritize performance improvements and operational efficiency.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish efficiency in terms of motor functionality
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The Intelligent Pump and Control Systems Market is experiencing significant growth due to the increasing demand for automation and energy efficiency in various industries, particularly in water treatment plants and building automation. Order closures in this market are driven by the need for smart cities and digitalization, which require advanced water management systems and HVAC solutions. Centrifugal pumps are a key component of this market, as they offer high energy efficiency and precise fluid flow control. However, the high product cost of intelligent pump and control systems can be a challenge for some buyers, especially in the face of supply chain issues and macroeconomic conditions. The integration of digital technology, including IIOT and energy management systems, is transforming the market by enabling remote-control applications and improving overall system performance. Workforce loss due to the pandemic has also accelerated the adoption of automation and digitalization in this market. Smart pumps, which use digital technology to optimize performance and reduce energy consumption, are becoming increasingly popular in water treatment and HVAC applications. Despite these trends, the market faces challenges such as workforce skills gaps and cybersecurity concerns, which must be addressed to ensure the successful implementation of intelligent pump and control systems.
The Intelligent Pump and Control Systems market is a significant segment of the larger Global Industrial Machinery Market, according to Technavio's market research. This market encompasses organizations involved in the production of industrial machinery and components, including compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and metal fabrications. The size of the Global Industrial Machinery Market is determined by the consolidated revenue generated by manufacturers of machinery and components utilized in industrial settings. The expansion of the global economy, particularly in developing countries, is driving the growth of the industrial machinery market. This growth is attributed to the increasing demand for energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages. Capacity additions in process and discrete industries are expected to further fuel market growth.
The Intelligent Pump and Control Systems Market is experiencing significant growth, fueled by the efficiency in terms of motor functionality. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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