The global smart pump market is expected to reach a valuation of US$ 947.6 Mn in 2022. Sales of smart pumps are expected to gain traction at a 7.9% CAGR over the forecast period, with the market size reaching US$ 2,030.5 Mn by 2032. Substantial production of automotive vehicles with growing automotive aftermarket is expected to boost the demand for smart pump over the assessment period.
FMI expects Europe to remain a key market for smart pumps over the forecast period, owing to rising demand for smart pump solutions in the country’s expanding construction sector. In terms of volume, the region is expected to see sales grow at a CAGR of 7.5%.
Furthermore, one of the primary factors driving the smart pump market is a growing emphasis on optimising energy consumption and reducing pump lifecycle in the water and waste water industries. Furthermore, the rapid expansion of the construction sector in emerging economies such as China and India is expected to drive growth in the smart pump market.
The smart pump market accounts for 2-5% of its parent market, which is the global pump market.
Deamnd for smart pumps is forecast to increase at a 7.9% CAGR over the forecast preriod, in comparison to the CAGR of 5.2% over the historic period of 2017 and 2021.
Significant growth in the construction sector and product development by key market players will create opportunities for growth in the market. Growth in the chemical and power generation industries will bolster the demand for smart pumps due to increasing automation in the respective industries.
India is one of the world’s leading countries in the manufacturing sector. By 2032, it is expected to account for more than 30% of the South Asia smart pump market share. Paper & pulp, pharmaceutical, chemical, pharmaceutical, food & beverage, and sewage treatment plants are some of the lucrative industries for manufacturers.
The water and wastewater segment of the market has seen high demand during 2017 – 2021 owing to the Swatch Bharat Abhiyan initiative by the Indian government in 2014. The country is amongst the largest manufacturing hubs in the region after China. Hence, sales of smart pumps in India are forecast to increase at a 9% CAGR over the assessment period.
- Grundfos Holding A/S
- ITT Corporation
- XYLEM Ltd.
- Flowserve Corporation
- Sulzer Ltd.
- KSB Ltd
- Colfax Corporation
- YASKAWA Electric Corp
- Wanner Engineering Inc
- Others
