The digital pump market is anticipated to have a prodigious CAGR of 6.1% from 2022 to 2032. The digital pump market is anticipated to reach US$ 20.5 Billion in 2032, up from US$ 11.3 Billion in 2022.
Digital pumps save energy and money and have applications in construction, water treatment plants, boiler control systems, and automation, which is driving the market growth.
Strict energy-efficiency standards, increasing technological advancements, the development of smart cities, rising demand for building automation, and increased power generation capacity globally are expected to drive market growth during the forecast period. The rising demand for these pumps, owing to their offerings such as fluid flow control features, is expected to drive the growth of the Digital Pump Market during the forecast period.
Furthermore, these pumps save energy and money and can be found in construction, water treatment plants, boiler control systems, and automation. Several factors are acting as impediments to the growth of the Digital Pump Market during the forecast period.
One of the major factors impeding the growth of the Digital Pump Market is the high initial cost of the smart pump. Because intelligent pumping solutions have higher acquisition costs than standard pumping equipment, providers are challenged to demonstrate the cost-value ratio of their products to end users, limiting the market growth.
Furthermore, because of less human intervention and more efficient characteristics, smart pumps provide better pumping solutions for the mining and metal industries. As a result, its downturn has hampered market growth.
The digital pump market can be divided into four categories: connectivity, distribution channel, industry, and region.
The centrifugal pump segment is expected to dominate the market due to its advantages over conventional pumps and their use in a wide range of end-use industries, including agriculture, power generation plants, municipal (water and wastewater treatment plants), petroleum, and others.
Due to the pumps’ suitability for use in smart city infrastructure for air conditioning and water circulation, the building automation segment is expected to lead the market. These pumps are also used in wastewater management, power generation, oil and gas, chemical, and other end-use industries. These factors present numerous opportunities for smart pumps to grow in the coming years. As industries progress toward automation.
Sales of digital pumps in the U.S are projected to reach a valuation of US$ 5.5 Billion by 2032 with a CAGR of 6.1%. China is expected to reach a market size of US$ 1.6 Billion in 2032, representing a CAGR of 5.1%, over the forecast period.
U.K and India are expected to reach a market size of US$ 0.9 Billion and US$ 0.7 Billion in 2032, representing growth forecasts of 6.4% and 9.7% respectively, throughout the forecast period. Japan, on the other ha, is expected to reach a market size of US$ 0.5 Billion in 2032, representing a CAGR of 4.0%, during the forecast period.
By Key Players
- ITT Corporation
- KSB Aktiengesellschaft
- Flowserve Corporation
- Wilo SE
- Grundfos Holding
- Colfax Corporation
- Regal Beloit
- Wanner International