Analyst report: PD pump market to swell to $3 billion by 2026
Rising demand for IoT-enabled pumps to drive North American PD pumps market amid economic slowdown, says Frost & Sullivan.0
According to a Frost & Sullivan report, the North American positive displacement (PD) pumps market witnessed a spike in sales in 2019, generating $2.5 billion in revenue. The spike was driven by continued investments in the US oil and gas industry, along with increased activity in the biopharmaceuticals and the medical devices sectors, the report says.
The report also predicts the sector will witness moderate growth in the next seven years despite temporary economic hiccups, predominantly due to continued investment in shale exploration activities and an increased interest in smart pump technology. Frost & Sullivan predicts that revenues in the sector will increase to $3 billion by 2026 at a CAGR of 2.6%.
“In a mature market condition, expansion of service capabilities by leveraging Industrial Internet of Things is instrumental for pump manufacturers to unlock new revenue opportunities,” said Kiravani Emani, Industry Analyst at Frost & Sullivan. “It is observed that many industries in North America are keen on exploring smart pump solutions that enable real-time monitoring and evaluation, which will help in reducing pump maintenance costs and prevent the occurrence of production mishaps in critical processes.”
Pump manufacturers are rethinking their value proposition, the report states, and are transitioning toward new business models such as pumps-as-a-service. Integration of advanced technology, such as AI and machine learning, that eases PD pump maintenance, eliminates challenges with respect to leakages, and improves pump efficiency and throughput are now being preferred by end-users across processes and industries.
“End-users are redefining their maintenance approach and are investing in asset solutions that help them reduce the operational expenditure,” noted Emani. “Pump manufacturers who offer asset and condition monitoring solutions for pumps, which are ranked as assets that require the most maintenance, are expected to outperform peers and sustain in the challenging economic conditions expected in the coming years.”