Global Digital Pump Market -WishTree Insight

Global Digital Pump Market by Connectivity (Mobile/Remote Digital Pump Controller and Conventional Digital Pump Controller), Distribution Channels (Retail and Online), End-users (Manufacturing, Oil & gas, Public Sector, Building Automation, Water & Wastewater, Power Generation, Chemical), and Regions (The Asia Pacific, Middle East Africa, Europe, North America, and Latin America) - Global Industry Analysis, Share, Growth, Trends, Size, and Forecast 2021 – 2031

INTRODUCTION

The global digital pump market size was valued at around USD 0.91 billion in 2021 and is expected to reach USD 1.73 billion by 2031, propelling at a CAGR of 7.4% during the forecast period, 2022-2031. The market growth is attributed to the increasing demand for investment, energy conservation, energy-efficient, and intelligent pumps in industrial automation.

Digital pumps are driven by digital technology, consisting of high-end and advanced versions of conventional pumps. These pumps are operated through digital abilities and variable frequency. Due to its fluid flow control feature, the demand for digital pumps is at the high end. As the electrical sensors in a digital pump provide more precise data compared to a traditional pump digital pump suppresses the need for a manual pump.

Global digital pumps have applications in boiler control systems, construction, water treatment plants, wastewater, oil & gas, power generation, and chemical. Based on advanced processes smart pumps offer various procedural benefits, including real-time monitoring capabilities, device miniaturization, and increased analytical efficacy, through the control panel which enables the control panel to manage the overall performance of the device. These pumps can also be operated through remote connectivity, SCADA systems, mobile apps, radio frequency, and SMS/GSM.

Market Trends, Drivers, Restraints, and Opportunities

• Factors such as growing demand for digital pumps building water treatment plants, boiler control systems, and automation are driving the market.
• Digital pumps help save energy and are cost efficient which is estimated to fuel the market.
• Increasing awareness among consumers about energy conservation is boosting the demand for digital pumps.
• Factors such as increasing power generation capacities, financial aid and rising industrial internet of things (IIoT) of intelligent systems, strict energy-efficiency standards in developed nations, investments in non-oil & gas sectors, and focus on smart water & wastewater systems are expected to propel the market during the forecast period.
• Tax Credit and Government stimulus packages are targeting infrastructure projects are expected to widen the scope of the digital pump market.
• High initial cost is one of the major factors that is hindering the digital pump market growth.
• Real-time data monitoring and advanced process control features offer lucrative growth opportunities for market growth.
• Growing technological advancements, strict energy-efficiency standards, development of smart cities, and increasing power generation capacity the digital pump market is projected to create lucrative growth opportunities in the coming years.

Scope of the Report

Market Segment Insights

The remote digital pump segment is expected to expand at a rapid pace

Based on connectivity, the global digital pump market is divided into remote digital pumps and conventional digital pumps. The remote digital pump segment is expected to expand at a rapid pace during the forecast period. To monitor system pressure & flow and to ensure complete pump protection digital pumps are used. A digital pump controller provides a visible control panel. The remote pump controller works on a GSM SIM card network. Technological advancements in remoted digital pumps are estimated to dominate the market during the forecast period. The conventional pump controller is expected to expand at a high CAGR of around 4.9% during the forecast period.

The agriculture segment is anticipated to expand the market

Based on end-users, the global digital pump market is bifurcated into the manufacturing and public sector. The manufacturing segment is further sub-segmented into food & beverage, pharmaceutical, oil & gas, textile & paper, chemicals, biotechnology, and construction. The public sector segment is sub-fragmented into water & wastewater treatment and pumping stations. The agriculture segment is anticipated to expand the market in the coming years. As the increasing demand for digital pump controllers has raised to make the work more efficient in farms and fields. However, the water & wastewater segment is anticipated to expand at a rapid pace during the forecast period.

The retail segment is projected to register a considerable CAGR

In terms of distribution channels, the market is segregated into online and retail. The retail segment is further divided into company-owned and third-party. The retail segment is projected to register a considerable CAGR of around 5.6% during the forecast period.

Europe is projected to hold a key share in the market

Based on regions, the global digital pump market is classified into North America, South America, Europe, Asia Pacific, and Middle East & Africa. Europe is projected to hold a key share in the market share during the forecast period. The digital pump market size was valued at USD 0.27 billion in 2021 in Europe. The growth of the market in the region is attributed to the rising demand for smart water systems and building automation. The increasing demand for clean water has hiked the installation of water & wastewater across Europe. The market in the Asia Pacific is expected to expand at a substantial rate in the coming years. Factors such as farming exacerbating, industrialization, and urbanization have accelerated the requirement for clean and reusable water in the region. Countries such as India, Taiwan, South Korea, Indonesia, and China hold a major share of the global chemical industry, which is projected to drive the digital pump market. North America holds a substantial market share owing to the presence of several key manufacturers in the region.

Competitive Landscape

Key players competing in the digital pump market are Xylem Emerson Electric Co.; ABB Ltd.; Flowserve Corporation; General Electric co.; Grundfos Pumps India Private Ltd.; KSB SE & Co.; KIRLOSKAR BROTHERS LIMITED; ITT Corporation; Xylem; Hitachi Ltd.; Regal Beloit. These firms are concentrating their consumer base in new countries with a sizable digital market share. To expand their market share and profits these companies use strategic collaboration initiatives. Other mid-size and small businesses are expanding their market presence by gaining new contracts and entering new markets.

FAQs

During the forecast period, what is the CAGR of the market?

During the forecast period, the CAGR of the market is 7.4%.

What are the key players in the market?

Emerson Electric Co.; ABB Ltd.; Flowserve Corporation; General Electric co.; Grundfos Pumps India Private Ltd.; KSB SE & Co.; KIRLOSKAR BROTHERS LIMITED; ITT Corporation; Xylem; Hitachi Ltd.; Regal Beloit.

What are the segments explained in the digital pump market?

Connectivity, end-users, applications, and distribution channels are the segment explained in the digital pump market.