The smart pump market size has shown strong growth in recent years, expected to increase from $0.91 billion in 2023 to $0.99 billion in 2024, reflecting a compound annual growth rate (CAGR) of 8.4%. This historical growth is primarily due to the increasing prevalence of chronic diseases, heightened demand for home healthcare, a growing aging population, the expansion of healthcare facilities, and an emphasis on patient safety. The market is projected to continue its upward trajectory, with expectations to reach $1.37 billion by 2028, growing at a CAGR of 8.5%. This growth in the forecast period can be attributed to rising healthcare expenditures, the increasing adoption of telehealth services, the need for operational efficiency in hospitals, demand for improved patient outcomes, and a rise in outpatient procedures. Major trends anticipated in this period include the integration of artificial intelligence, enhancements in data analytics capabilities, a growing emphasis on interoperability, expansion of remote patient monitoring, and increasing collaboration among healthcare stakeholders.
Global Smart Pump Market Key Driver
The growth in oil and gas production activities is expected to enhance the smart pump market. Oil and gas production involves extracting crude oil and natural gas to meet energy needs. Increased production is driven by rising global energy demand, especially in developing economies, alongside advancements in extraction technologies. Smart pumps optimize efficiency in production by utilizing real-time data for monitoring and controlling fluid flow. In February 2024, the U.S. Energy Information Administration estimated the UAE held 111 billion barrels of proved crude oil reserves at the beginning of 2023, up from 107 billion barrels in 2022. Therefore, the growth in oil and gas production activities is driving the smart pump market.
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Global Smart Pump Market Segments
The smart pump market covered in this report is segmented –
1) By Pump Type: Centrifugal, Positive Displacement
2) By Capacity: Up To 30 m³/h, 30 To 90 m³/h, 90 To 180 m³/h, 180 To 360 m³/h, Above 360 m³/h
3) By End-User: Building Automation, Water And Wastewater, Oil And Gas, Chemicals, Power Generation, Other End Users
By Geography:The regions covered in the smart pump market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the smart pump market in 2023.
Major Smart Pump Industry Players
Schlumberger Ltd., Baker Hughes, Emerson Electric Co., Aker BP, Danfoss A/S, National Oilwell Varco, Xylem Inc., EBARA Pump Europe, Grundfos Holding A/S, Pentair plc, Flowserve Corporation, Sulzer Limited, ITT Corporation, KSB SE & Co. KGaA, Wilo SE, Gorman-Rupp Company, Kirloskar Group, Tsurumi Manufacturing Co., Ltd., Hidrostal AG, M Pumps, Suguna Pumps
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Smart Pump Market Overview
A smart pump is an advanced water pumping system equipped with digital technologies and sensors that optimize operational efficiency, reliability, and performance. These pumps leverage internet of things (IoT) connectivity, real-time monitoring, and data analytics to enhance water management, reduce energy consumption, and enable predictive maintenance.
Smart Pump Global Market Report 2023 provides data on the global smart pump market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The smart pump market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
