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Smart Pump Market Size, Growth, Drivers, Trends Report To 2024-2033
Smart Pump Market Size
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According to The Business Research Company's, The smart pump market size has grown strongly in recent years. It will grow from $0.91 billion in 2023 to $0.99 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to the increasing prevalence of chronic diseases, rising demand for home healthcare, growing aging population, expansion of healthcare facilities, and emphasis on patient safety.
The smart pump market size is expected to see strong growth in the next few years. It will grow to $1.37 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to rising healthcare expenditure, growing adoption of telehealth services, need for operational efficiency in hospitals, demand for improved patient outcomes, and rise in outpatient procedures. Major trends in the forecast period include integration of artificial intelligence, enhancement of data analytics capabilities, growing emphasis on interoperability, expansion of remote patient monitoring, and increasing collaboration among healthcare stakeholders.
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Market Drivers and Trends:
The growth in oil and gas production activities is expected to propel the growth of the smart pump market going forward. Oil and gas production refers to the extraction and processing of crude oil and natural gas from underground reservoirs to meet energy demands. The increase in oil and gas production is driven by increasing global energy demand, particularly in developing economies, as well as advancements in extraction technologies such as hydraulic fracturing and horizontal drilling. Smart pumps in oil and gas production optimize efficiency by utilizing real-time data and advanced algorithms for monitoring and controlling fluid flow, reducing energy consumption and operational costs. For instance, in February 2024, according to the U.S. Energy Information Administration, a US-based principal agency of the Federal Statistical System, the UAE held an estimated 111 billion barrels of proved crude oil reserves at the beginning of 2023, up from 107 billion barrels last year. Therefore, growth in oil and gas production activities is driving the growth of the smart pump market.
Major companies operating in the smart pump market are focusing on developing innovative solutions, such as IoT-based remote pump monitoring systems, to enhance efficiency, predict maintenance needs, and prevent breakdowns. An IoT-based remote pump monitoring system is a technology that enables real-time tracking and control of pump performance through internet-connected sensors and software. It allows users to monitor operational parameters, detect issues, and receive alerts remotely, ensuring optimal efficiency and preventing equipment failures without manual intervention. For instance, in August 2022, Kirloskar Brothers Limited, an India-based company that provides fluid management solutions, launched KirloSmart, an advanced version of its IoT-based remote pump monitoring system, which enables real-time monitoring, troubleshooting, and predictive maintenance without manual intervention. The new version includes enhanced features such as 4G or 5G compatibility, improved UI or UX, and advanced analytics, providing users with greater control, energy savings, and pump longevity.
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Major Key Players of the Market:
Schlumberger Ltd., Baker Hughes, Emerson Electric Co., Aker BP, Danfoss A/S, National Oilwell Varco, Xylem Inc., EBARA Pump Europe, Grundfos Holding A/S, Pentair plc, Flowserve Corporation, Sulzer Limited, ITT Corporation, KSB SE & Co. KGaA, Wilo SE, Gorman-Rupp Company, Kirloskar Group, Tsurumi Manufacturing Co., Ltd., Hidrostal AG, M Pumps, Suguna Pumps
Smart Pump Market 2024 Key Insights:
• The smart pump market size is expected to see strong growth in the next few years. It will grow to $1.37 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%.
• Rising Oil And Gas Production Fuel Growth In The Smart Pump Market
• Advanced Solutions Revolutionizing Real-Time Monitoring And Predictive Maintenance In The Industry
• North America was the largest region in the smart pump market in 2023
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