Global Smart Pumps Market Size

Smart Pumps Market Analysis

The global smart pump market is anticipated to register a CAGR of 7.7% during the forecast period. Digital technology enables the operation of smart pumps. They are the contemporary, upscale replacement for conventional pumps. It is a specific pump with adjustable frequency and digital control features. The smart pumps have sensors built-in to track performance and gather information. The advantages of smart pumps are numerous. Applications for monitoring, remote management, and energy management are made possible. Additionally, the market for intelligent pumps is becoming more and more significant. The industrial sector has a significant need for these pumps.

• According to the Ministry of Chemicals and Fertilizers Annual Report 2021, the production volume of significant chemicals in India increased from 9,984 thousand metric tons in 2015/16 to 11,589 thousand metric tons in 2018/19 and 11,943 thousand metric tons up to 2020. Such a rise in chemical production will significantly create an opportunity for the local and international smart pump players to develop products and expand their portfolio to cater to a wide range of needs of customers.
• The smart pumps' low cost will present numerous chances for the industry's growth. It will be the most popular pump in the forthcoming years due to its great quality and design. Furthermore, smart cities are the key application for smart pumps. The intelligent pumps' functionality is appropriate for smart cities' infrastructure. It is crucial in many applications in smart cities. Power generation, wastewater management, and many more applications all call for smart pumps. In the end, it presents a sizable number of growth prospects for the smart pump industry. Additionally, as more businesses move toward automation, the smart pump is used more frequently in these sectors.
• Further, in February 2021, London and five European partner cities triggered an investment of EUR 250 million (USD 302.8 million) in smart technologies through the Sharing Cities program. Sharing Cities draws on EUR 24.5 million in funding from the EU Horizon 2020 Smart Cities and Communities program and aimed to reach EUR 500 million in investment by the end of 2021. Ten low-carbon technology solutions have already hit 50% of their target investment from a mix of public and private funds. The growing investments in smart cities will drive the market.
• The world is combating health emergencies while facing the COVID-19 pandemic. It has drastically impacted the economy as well. The UN Conference on Trade and Development (UNCTAD) stated that the pandemic would cost USD 1-2 trillion in 2020. In the case of the water management industry, it has forced the global governmental bodies to restructure their measures to scale up the adoption of water-efficient technologies and introduce better water management practices, as the spread of COVID-19 has profoundly impacted the water industry. Such initiatives have shown a positive impact on the studied market.
• The market expansion is anticipated to be constrained by the high initial cost of the smart pump. Intelligent pump frameworks have advanced to use wireless technology for greater control over greater distances. However, doing so can have a very high establishment cost, which many end users might not be able to afford. They may receive government assistance over the coming years as they realize how clever pumps may help with energy conservation in the face of the present energy crisis. Due to its more efficient features and reduced need for human involvement, smart pumps also offer better pumping solutions for the mining and metal industries. As a result, the market's expansion has been limited by its downturn.