Intelligent Pump Market to Achieve $880M by 2021.
MarketsandMarkets released a report stating that the worldwide intelligent pump market is anticipated to increase from $613.7 million in 2016 to approximately $880 million by 2021. This increase would post a compound annual growth rate (CAGR) of 7.5 percent for five years.
A report published by theNews stated that some of the most significant factors in the growth of the global intelligent pump market industry include the focus on the water and wastewater treatment sector, the rising building automation sector in Europe and North America, and the increasing demand for digital oil fields.
Last year, the building automation segment spearheaded the market and is still expected to lead the intelligent pump market within the forecasted period. The building automation segment is mainly driven by the rising demand for smart cities, government programs on energy conservation, and stringent energy efficiency standards in developed countries. These elements are anticipated to produce new revenue sources for the intelligent pump market throughout the forecast period.
Centrifugal pumps with intelligent systems are anticipated to post the fastest growing market from 2016 to 2021. These types of pumps are utilized in building automation for HVAC and water systems. Centrifugal pumps with intelligent systems are used for processing drinking water, machine tool lubrication, and reverse osmosis process in the water and wastewater treatment sectors.
The report also presented the results based on the study in five regions, namely, North America, Asia-Pacific, Middle East and Africa, Europe, and South America. Due to an increase in terms of the number of manufacturing and development activities in countries such as Italy, France, and Germany, Europe is expected to lead all five regions in this segment.
Also, the report included the profiles of some of the top players in the intelligent pump market in order to conduct an in-depth analysis of the industry’s landscape. The top players in the study include Xylem Inc., Flowserve Corp., ITT Corp., Sulzer Ltd., and Grundfos Holding A/S. These companies are attempting to infiltrate the markets in other developing countries and are also developing different strategies to increase their market shares.
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