Global smart pump market to reach $2.1 billion by
Portland, OR, Oct. 26, 2022 (GLOBE NEWSWIRE) — According to the report released by Allied Market Research, the smart pump market generated $1 billion in 2021 and is expected to reach $2.1 billion by 2031, growing at a CAGR of 7.3% from 2022 to 2031. The report offers a detailed analysis of top winning strategies, evolution market trends, market size and estimates, value chain, key investment pockets, drivers and opportunities, competitive landscape and regional landscape. The report is a useful source of information for new entrants, shareholders, early adopters and stockholders in introducing necessary strategies for the future and taking essential actions to significantly strengthen and increase their position in the market.
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Report coverage and details:
|Market size in 2021||$1 billion|
|Market size in 2031||$2.1 billion|
|Number of pages in the report||310|
|Segments Covered||Type, component, end user industry and region.|
|Drivers||Increase in world population and increase in disposable income among people|
|Increased adoption of environmentally friendly lifestyles|
|Opportunities||Growth of manufacturing industries|
|Increased people’s awareness of sustainability|
- COVID-19 outbreak has negatively impacted the growth of the global smart pumps market, owing to the occurrence of lockdowns in various countries across the globe.
- The lockdowns have resulted in the prevalence of various restrictions on manufacturing facilities, including those on smart pumps.
- The COVID-19 pandemic has halted production for many smart pump suppliers due to lockdown. The economic downturn initially led to reduced production in end-user industries.
- In addition, reduction in skilled labor and shortage of raw materials due to strict ban on import and export of necessary items further worsened the impact on the market. These restrictions are imposed by the government in order to curb the spread of the virus during the pandemic.
- However, thanks to the introduction of various vaccines, the severity of the COVID-19 pandemic has decreased significantly.
The report offers detailed segmentation of the global smart pumps market on the basis of type, component, end-user industry, and region.
Based on type, the centrifugal segment held the largest market share in 2021, holding more than two-thirds of the global smart pump market share, and is expected to maintain its leading status during the forecast period. Moreover, the same segment is expected to quote the fastest CAGR of 7.4% during the forecast period. The report also analyzes other segments such as the positive displacement segment.
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Based on the end-user industry, the industrial segment held the dominant market share in 2021, holding nearly 90% of the global smart pump market share, and is expected to maintain its leading status during the period. forecast. The building solutions segment, on the other hand, is expected to quote the fastest CAGR of 8.0% during the forecast period.
Based on components, the pump segment held the dominant market share in 2021, holding more than two-thirds of the global smart pump market, and is expected to maintain its leading status during the forecast period. The control systems segment, on the other hand, is expected to quote the fastest CAGR of 7.5% during the forecast period.
Based on the region, the Asia-Pacific region market held the dominant market share in 2021, holding more than two-fifths of the global market, and is expected to maintain its leading status during the forecast period. The LAMEA region, on the other hand, is expected to quote the fastest CAGR of 8.4% during the forecast period.
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The key player analyzed in the global smart pumps market report includes Grundfos Holding A/S, Ingersoll Rand Inc., ABB Ltd, All Pump Solutions, Armstrong Fluid Technology, Circor International, Inc., Flowserve Corporation, ITT Inc. , Ketek Group, Kirloskar Brothers Limited (India), KSB SE & Co. KGaA, Sulzer Ltd., Unico LLC., Wanner International Ltd. (Hydra-Cell), Wilo SE, Xylem Inc. and Yaskawa Electric Corporation.
The report analyzes these key players of the global smart pumps market. These market players have effectively used strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is useful for analyzing recent developments, product portfolio, business performance, and operating segments of major market players.
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