There has been an inevitable need to push, lift, or suck fluid from one place to another since the beginning of time. The physics behind the first known pump was simple wherein a long-suspended rod with a bucket on one end and weight on the other end was used for dwelling water from wells. Now, with time, the viscosity of the liquid varies greatly and so does the direction in which it flows. Though the purpose is the same, moving fluid from one point to the other, the only difference isthat pumps are now being used.
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Pumps are employed for numerous processes across different end users and play an integral part in a number of functionalities. Globalization has led to more opportunities for expanding the supply chain and has also reduced the manufacturing costs. Monitoring controls and digitization now provide more efficiency and energy-saving through intelligent pumping solutions, with the advent of variable frequency speed drives.
Not only energy efficiency, but system efficiency is also looked upon as an important criterion when the choice between standard and intelligent pump systems is to be made. Intelligent pumps have the potential to not only decrease the operating costs but also lessen the plant downtime.
Smart & intelligent pumps offer potential benefits, but they have not garnered much wider adoption. The reason behind this is reluctance to shift from the traditionally-used conventional pumping systems toward the new smart & intelligent pumps. The cultural challenge is the most difficult aspect for the less adoption of smart & intelligent pumps. Industries such as the oil & gas are conservative in their approach. However, it is anticipated that the potential benefits of smart & intelligent pumps will bring about a change in the market.
High costs of energy are forcing the end users to think of more innovative waysto control costs. In pumping frameworks, energy costs represent more than 33% of aggregate lifecycle costs. As a consequence of the energy escalated nature of pump frameworks, the energy efficient nature of smart & intelligent pumps will be a huge supporter for its market development. Assessment credits and government mandates focusing on energy efficient projects are additionally anticipated that would positively affect the development of smart & intelligent pumps.
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The global smart & intelligent pumps market in terms of value was estimated at $1,860.0 million in 2017, and is expected to reach $2,741.8 million by 2023, expanding at a CAGR of 6.68% from 2018 to 2023. The growth of the market can be attributed to an increasing need from various end usersfor energy efficiency. Additionally, reduction in the operating pumps with the usage of smart pumpsis also propelling the growth of the intelligent pumps market.
Some of the factors driving the growth of the global smart & intelligent pumps market are the strict government regulations for enforcing energy efficiency, operational flexibility offered by these pumps, and demand from various industries to reduce the operational costs. Strong emphasis from the government on saving energy costs has led to an increased pressure on companies on finding efficient ways for energy utilization. The reduction in energy consumption not only brings the input costs down but also helps in lowering carbon dioxide emissions. Energy efficiency is becoming an important matter of concern which has led to a growing need for introducing energy efficient products in the market. Intelligent pumping systems contribute to 70% of the energy savings as compared to the conventional pumping systems.