What Has Been the Growth of the Smart Pump Market So Far?
The smart pump market has seen considerable growth due to a variety of factors.
• The market scope for smart pumps has seen significant growth in recent years. The growth trajectory is set to go from $0.99 billion in 2024 to $1.08 billion in 2025, displaying a compound annual growth rate (CAGR) of 8.7%.
Factors like the escalating occurrence of chronic diseases, increasing demand for healthcare services at home, a rising proportion of elderly individuals, the extension of healthcare facilities, and an increased focus on patient safety have contributed to the growth seen in the historical period.
What Is the Forecasted Market Size and Growth Rate for The Smart Pump Market Size In The Coming Years?
The smart pump market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the smart pump market is projected to experience robust growth, expanding to $1.49 billion in 2029 with a compound annual growth rate (CAGR) of 8.4%.
The predicted growth during this period is linked to an increase in healthcare spending, the widespread use of telehealth services, the requirement for operational efficiency in hospitals, the demand for better patient outcomes, and the increase in outpatient procedures. Key trends for the forecast period encompass the integration of artificial intelligence, strengthening of data analytics capacities, a growing focus on interoperability, the expansion of remote patient monitoring, and heightened collaboration among healthcare players.
What Factors Are Driving Growth In The Smart Pump Market?
The smart pump market's expansion is projected to be fueled by the surge in oil and gas production activities. Oil and gas production entails pulling out and preparing crude oil and natural gas from underground reserves to satisfy energy needs. The intensification in oil and gas production is propelled by the rising worldwide energy demand, especially in emerging economies, alongside technological progress in extraction methods like hydraulic fracturing and horizontal drilling. The use of smart pumps in oil and gas production enhances efficiency by deploying real-time information and sophisticated algorithms to supervise and manage fluid movement, thereby curtailing energy use and operational expenses. For example, as per the U.S. Energy Information Administration, a US-based leading agency of the Federal Statistical System, the UAE possessed an estimated 111 billion barrels of confirmed crude oil reserves at the start of 2023, a rise from 107 billion barrels the previous year. Consequently, the surge in oil and gas production activities is pushing the expansion of the smart pump market.
What Are The Main Segments Of The Global Smart Pump Market?
The smart pumpmarket 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
Subsegments:
1) By Centrifugal Pumps: Horizontal Centrifugal Pumps, Vertical Centrifugal Pumps, Submersible Centrifugal Pumps, Magnetic Drive Centrifugal Pumps
2) By Positive Displacement Pumps: Gear Pumps, Diaphragm Pumps, Piston Pumps, Screw Pumps, Peristaltic Pumps
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What Emerging Trends Are Influencing The Growth Of The Smart Pump Market?
Key players in the smart pump market are focusing on creating innovative solutions like IoT-based remote pump monitoring systems to increase efficiency, anticipate upkeep requirements, and avoid malfunctions. An IoT-based remote pump monitoring system is a technology that provides real-time performance tracking and management of pumps via internet-enabled sensors and software. This tech lets users keep an eye on operational parameters, identify problems, and get warnings remotely, ensuring optimal efficiency and avoiding equipment failures without the need for physical intervention. As an example, in August 2022, Kirloskar Brothers Limited, an India-based firm that offers fluid management solutions, unveiled KirloSmart, a more sophisticated iteration of its IoT-based remote pump monitoring system allowing real-time observation, resolving issues, and forecasting maintenance without manual involvement. The updated version has additional features like compatibility with 4G or 5G, better user interface or user experience, and enhanced analytics, thus offering users more control, energy conservation, and extended pump lifespan.
Who Are the Key Players In The Smart Pump Market?
Major companies operating in the smart pump market are:
• 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
What Is The Most Dominant Region In The Smart Pump Market?
North America was the largest region in the smart pump market in 2024. The regions covered in the smart pump market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
