All
Suppliers
Products
CAD Models
Diverse Suppliers
Insights
By Category, Company or Brand
All Regions
Alabama
Alaska
Alberta
Arizona
Arkansas
British Columbia
California - Northern
California - Southern
Colorado
Connecticut
Delaware
District of Columbia
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Manitoba
Maryland
Massachusetts - Eastern
Massachusetts - Western
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Brunswick
New Hampshire
New Jersey - Northern
New Jersey - Southern
New Mexico
New York - Metro
New York - Upstate
Newfoundland & Labrador
North Carolina
North Dakota
Northwest Territories
Nova Scotia
Nunavut
Ohio - Northern
Ohio - Southern
Oklahoma
Ontario
Oregon
Pennsylvania - Eastern
Pennsylvania - Western
Prince Edward Island
Puerto Rico
Quebec
Rhode Island
Saskatchewan
South Carolina
South Dakota
Tennessee
Texas - North
Texas - South
Utah
Vermont
Virgin Islands
Virginia
Washington
West Virginia
Wisconsin
Wyoming
Yukon

Report Shows IIoT Driving Growth in Pumps Market

Jeff Reinke
1/27/2019 | 5 min read
Subscribe
Report Shows IIoT Driving Growth in Pumps Market

According to a recent report from Frost & Sullivan, the pumps and related services market will exceed $4.2 billion by 2023. The growth is being attributed to evolving end-user needs and new Industrial Internet of Things-related technologies that are helping drive new applications in areas such as predictive analytics and smart maintenance. According to the report, pump manufacturers who succeed in providing such capabilities will be better positioned to take advantage of these trends.

The report also spotlighted a number of growing industry segments, such as oil and gas, water and wastewater, and chemical processing.  While demand for traditional products and services will drive growth in the short-term, increasing end-user adoption of IIoT-based monitoring technologies will reduce the need for traditional pumps over the long haul.

In addition to continuing to provide IIoT-enabled options, the report also touches on the role of these new pump products in showcasing opportunities for and helping to realize greater energy efficiency. The need to reduce operational costs is ongoing, with many of these new connectivity enhancements helping to shine a light on ways of lowering energy use, and the related costs.

A full copy of the report can be downloaded by clicking here.

Image Credit: NavinTar / Shutterstock.com 

Next Up in Industry Trends
DOE to Invest $1.5 Billion to Restore Michigan Nuclear Plant
Show More in Industry Trends