A new study finds smart pump technology spurring global market expansion
The worldwide demand for fluid handling pumps is projected to increase 5.6 percent per year to $84.4 billion in 2022 based on broad growth across major markets—so says Global Pumps Market, 11th Edition, a new study from the Freedonia Group, published earlier this month. Below, Kyle Peters, Freedonia’s capital goods team manager, shares some of the takeaways from this report and the exciting developments that await pump users in the years ahead. A copy of the full report can be obtained at www.freedoniagroup.com.
MPT: Your research points to continued growth for the global pump market for the next few years. How do you see demand breaking down by region?
Kyle Peters: Developing areas, especially, will see the fastest growth in percentage terms (developing economies in Asia, Africa, and the Mideast).
The Asia/Pacific region will remain the largest market, accounting for almost half of global pump demand. The largest share of Asia/Pacific demand is China by far, as China is a global leader in most pump intensive markets.
On the other hand, pump demand in Western Europe is forecast to be the slowest growing regional market going forward due to the comparative maturity of its key end-use industries as well as a shrinking oil and gas industry.
MPT: Which markets look to be expanding the most and what conditions are pushing this growth?
Kyle Peters: Of the major markets covered in the report, process manufacturing will register the fastest increases in demand. Process manufacturing encompasses a range of markets with different pumping requirements, but strong growth in these markets globally will have a positive impact on pumps.
Specifically, the process manufacturing markets that we are expecting to perform well include:
- Chemicals. Strong global advances in chemical manufacturing and a need for specialty and application-specific pumps in some settings will continue to create a need to high performing pumps.
- Primary Metals. Growth in this market segment will be supported by demand for cooling pumps and pumps for transporting materials.
MPT: The study also finds that “IIoT-enabled devices represent the fastest growing product area. What elements are driving the rise of “smart pumping” technology? What product innovations should pump users look for in the coming years?
Kyle Peters: The biggest impact for pump operators is a reduction in energy consumption and lower maintenance costs and reduced pump downtime. Being able to monitor a pump system and address potential issues before they become a larger, more expensive, the problem is critical for operators’ bottom line.
We identified a number of smart components that we are expecting to impact the industry going forward:
- Continuously operating sensors that collect data on pump operation, which can be used to monitor and optimize performance
- Intelligent sensors that detect pump failure and instantly alert the operator
- Internet-enabled pump controls that can be controlled remotely using a smartphone or other device
- Adaptive variable speed drivers that respond to changing pumping conditions
Continued development in these and other components represent (in our view) key growth areas for suppliers. However, not to be overlooked here is that educating the end user is just as, if not more, important. A running theme I’ve seen in a number of industries where smart technology and IIoT has strong potential is a reluctance among end users to utilize these components due to either unfamiliarity with them or a lack of knowing the benefits of them.