The global pumps market will tide over several waves of uncertainty to register substantial growth by the end of 2015, according to Frost & Sullivan research. The decline in oil prices in the beginning of 2015, in particular, forced consolidation and a shift to innovative operational procedures as end users focused on value buying and energy efficiency. The state of global oil prices at the end of 2015 is still uncertain and is expected to have a significant impact on the end user industries across the globe. This, along with developments in subsea and shale gas around the world, is opening up immense opportunities for pumps companies.
Frost & Sullivan’s ‘2015 Outlook of the Global Pumps Industry’ report, which covers the oil and gas, water and wastewater, chemicals, power, food and beverages, and pharmaceutical end user industries, finds that the market is expected to earn revenues of US$40.09 billion in 2015.
"The advent of the Internet of Things (IoT) is shaking things up in the global pumps industry," said Frost & Sullivan Industrial Automation and Process Control Research Analyst Shilpa Mathur Ramachandran. "The deployment of IoT and Industry 4.0 will increase operational efficiency by nearly 45%, escalate return on investment for manufacturers and widen application scope."
While turbulent global economic conditions are likely to cause price wars and dampen sales, the demand for cost effective, easy to install centrifugal pumps will balance out any fall in overall uptake.
Moreover, opportunities are ripe in Asia and Africa. Asia Pacific is the next hotspot for greenfield and brownfield investments in the pumps industry, according to Frost & Sullivan. The improving manufacturing competitiveness in Asian countries is spurring replacement opportunities for advanced pumps. Meanwhile, rising investments in the oil and gas, petrochemical, and food and beverage sectors are strengthening market prospects in emerging Latin American countries as well.
"As pump manufacturers look to tap this potential through sustained focus on innovation, the era of remote monitoring and proactive maintenance will unfold," said Ramachandran. "With changes in the end-user landscape causing a shift from transactional relationships to partnerships, suppliers will employ new business models such as analytics as a service and pump as a service to remain relevant in the global pumps market."
Adapted from press release by Rosalie Starling
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/15072015/global-pumps-market-to-record-substantial-growth-1101/