Global Smart Water Pumps Market - 2022-2029

Global Smart Water Pumps Market - 2022-2029

Market Overview

A smart pump is a pump that has the ability to regulate and control flow or pressure. When connected through a network (as other devices operate by way of the Internet of Things), smart pumps communicate with each other and with those who operate them. The integrated sensors in the smart water pumps allow for performance monitoring and data collection. There are many benefits to using smart pumps. Applications for remote management, energy management, and monitoring are made possible. Furthermore, the rise in the applications from several end-users related to the accessibility of pumping system is further anticipated to propel the growth of the smart water pumps market.

The global smart water pumps market was valued at USD YY million in 2021. It is forecasted to reach USD YY million by 2029, growing at a CAGR of 7.54% during the forecast period (2022-2029)

Market Dynamics

Increasing R&D activities and constant technological advancements drive market expansion

It is anticipated that ongoing market research and development will lead to improvements in the smart pump industry for established and up-and-coming players, including established and up-and-coming players, including the addition of advanced process control features and real-time data monitoring. As a result, numerous research institutions and business entities continually concentrate on marketing and creating advanced smart pumps. Smart pumps, for instance, rely on advanced process control and provide several procedural advantages, such as device miniaturization, real-time monitoring, and improved analytical efficacy.

On the other hand, due to factors like the expanding construction industry, strict energy-efficiency regulations in developed countries, and growing awareness of water and waste treatment activities, manufacturers are concentrating on growing their sales in developing markets which drive market expansion. Rising global water demand due to population growth, urbanization, and the need to address the financial implications of maintaining an aging infrastructure are some of the main factors driving the growth of the smart water pump.

Market Segmentation: Centrifugal pump segment accounted for the highest share in global smart water pump market

The segment for centrifugal pumps held the largest market share and is anticipated to expand at the fastest CAGR of XX% during the forecast period. Water, solvents, organics, oils, acids, bases, and other thin liquids are frequently pumped using centrifugal pumps in domestic, agricultural, and commercial settings. As a result, the demand for centrifugal pumps is very high in the global smart water pump market.

On the other hand, the oil and gas segment are expected to grow in the forecast period. Pumps play a critical role in the oil and gas sector. They are used in this industry in various ways, such as moving oil quickly from one location to another by delivering it from the ground to a ship, refinery, or storage facility. Every kind of pump used in a refining system has a specific purpose and is necessary for daily operations. Smart pumps have several advantages for the oil and gas industry, including cost savings, lifetime enhancements, and energy savings.

Geographical Penetration: The North America is the dominating region during the forecast period

North America held the largest market share in the global smart water pump market due to rising investment in the power sector. Despite the pandemic, the United States continues to draw a sizable portion of investment into the power sector globally, with positive growth in 2020. Additionally, according to the IEA, the US is investing heavily in clean energy, with investment levels expected to reach USD 215 billion in 2021. In the anticipated time frame, the trend is anticipated to fuel the market for smart pumps. The United States Department of Agriculture (USDA) also announced in July 2021 that it would invest USD 307 million in upgrading the drinking water and wastewater infrastructure in 34 states and Puerto Rico. The investments would help upgrade the rural infrastructure for 250,000 residents and businesses while safeguarding public health and safety in rural communities. As smart pumps are used in various water and wastewater treatment facilities, new business opportunities are being opened for market participants.

Additionally, many American governments are encouraging the development of smart cities and, by extension, the use of smart water pumps. For example, Las Vegas is putting three pilot projects to the test with USD 500 million in government funding to figure out how to connect the entire city by 2025. Another element affecting demand for the market under study is the rise in smart city projects launched by governments.

Competitive Landscape:

There are several established participants in the industry and local manufacturers; hence, the market is fragmented. Some major key players include Colfax Corporation, GRUNWL, GRUNDFOS, KSB SE & Co. KGaA, Kirloskar Brothers Limited, Pentair plc, Regal Beloit Corporation, SEEPEX GmbH, Spirax-Sarco Engineering plc, Sulzer Ltd, WILO SE and among others. These key players are launching new products to generate revenue in the market. For instance, On February 14th, 2022, the manufacturer of the Disc Pump line of micropumps, TTP Ventus, announced the introduction of its new Smart Pump Module product line. The first item, the SPM-041, combines a pump with drive electronics and a pressure sensor and is only 11g in size but provides effective closed-loop control of pressure/vacuum. The SPM-041 replaces conventional pumps easily thanks to its straightforward control interface that offers UART, I2C, and analog control options. As a result, the design-in process is made simpler, making it simpler for OEMs to benefit from the micropump's main advantages, such as unprecedented pressure and flow, silent operation, millisecond response time, precision controllability, and pulsation-free flow.

COVID-19 Impact

Positive impact on the global smart water pumps market

The abrupt COVID-19 pandemic outbreak prompted the implementation of strict lockdown regulations across many countries. In addition to dealing with the COVID-19 pandemic, the world is battling other health crises. It has also had a significant impact on the economy. The pandemic is expected to cost between USD 1-2 trillion in 2020, according to the UN Conference on Trade and Development (UNCTAD). Since the spread of COVID-19 has significantly impacted the water industry, it has compelled international governmental organizations to reorganize their efforts to increase the adoption of water-efficient technologies and introduce better water management practices. As a result, the demand for smart water pumps increased by the covid-19 outbreak.

The global smart water pumps market report would provide an access to approximately 53 market data tables, 43 figures and 96 pages