Intelligent Pump Market Expected to Reach $880 Million by 2021
Europe is expected to dominate the market
PUNE, India — The global intelligent pump market is expected to grow from an estimated $613.7 million in 2016 to $880 million by 2021, registering a compound annual growth rate (CAGR) of 7.5 percent from 2016 to 2021, according to a report by MarketsandMarkets.
The global market is set to witness significant growth due to the focus on the water and wastewater treatment sector, the growing building automation sector in North America and Europe, and the growing demand for digital oil fields.
The building automation segment led the market in 2015, and is projected to dominate the market during the forecast period. This segment is primarily driven by the growing market for smart cities, strict energy-efficiency standards in developed countries, and government initiatives on energy conservation and is expected to create new revenue pockets for the intelligent pump market during the forecast period.
With regard to the type segment, centrifugal pumps with intelligent systems are expected to constitute the fastest growing market from 2016 to 2021. These pumps are used in building automation for HVAC systems and water systems. In the water and wastewater treatment sector, it is used for processing drinking water, reverse osmosis process, and machine tool lubrication.
In this report, the global intelligent pump market has been analyzed with respect to five regions, namely, North America, Europe, Asia-Pacific, South America, and Middle East & Africa. Europe is expected to dominate the market, given an increase in the number of manufacturing and development activities in countries such as Germany, France, and Italy.
To enable an in-depth understanding of the competitive landscape, the report includes profiles of some of the top players in the market. These players include Xylem Inc. (U.S.), ITT Corp. (U.S.), Grundfos Holding A/S (Denmark), Sulzer Ltd. (Switzerland), and Flowserve Corp. (U.S.). Leading players are trying to penetrate the markets in developing economies, and are adopting various strategies to increase their market share.
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Publication date: 12/22/2016