Increase in demand for smart pumps with focus on IIoT and data analytics
24 July 2018
Traditional product-based selling is giving way to solution-based selling as the European Positive Displacement (PD) Pumps Market experiences a surge in partnerships among Original Equipment Manufacturers (OEMs) as well as Automation and IT sectors.
This business model allows pump manufacturers to position themselves as one-stop solution providers and meet the rising consumer demand for smart services. In addition to conventional services like Pump Installation, Commissioning, and Decommissioning, they now offer Predictive Analytics, Remote Monitoring, and Virtual Maintenance to enable cost savings, boost productivity, and facilitate decision-making.
"The rise of cloud technologies, Industrial Internet of Things (IIoT), and synergies between IT and operational technology (OT) companies are enabling PD pump manufacturers to adopt the Software-as-a-Service (SaaS) model,” said Srividhya Murali, Senior Research Analyst for Industrial at Frost & Sullivan. "Using Big Data Analytics, Machine learning and Sensorisation, smart pumps can help conserve energy by pumping out only the required levels of fluid."
Frost & Sullivan’s recent analysis, European Positive Displacement Pumps Market, Forecast to 2022, focuses on the application of PD pumps across various industries. The Pumps are segmented as Rotary, Reciprocating, and Peristaltic Pumps. The study presents in-depth analysis of the Drivers and Restraints that impact the Market as well as the Political, Economic, and Technological factors influencing investments in End-user industries.
"End-user industries' desire for improved hygiene and reduced downtime is especially increasing the uptake of Peristaltic and Rotary Pumps in the Food & Beverage, Biotech, and Pharma sectors," noted Ms. Murali. "The market will also gain from the enforcement of the EU2020 strategy, which mandates the use of energy-efficient pumping solutions. Regulations and the increasing environment consciousness among end-users will cause existing pumps to be replaced with higher-performing, energy-efficient pumps."
PD pump manufacturers can tap into additional revenue and adoption opportunities by:
• Pricing their products competitively, as they migrate production to low-cost Asian countries.
• Improving the operational efficiency and reliability of their pumps by leveraging their advanced infrastructure.
• Employing the Cloud to store and access historical data collected from the sensors, equipment, and other assets, and then applying Big Data Analytics to help Plant Operators make on-the-spot decisions.
• Using secure communication protocols, reliable networks, authorised identification, and latest Firmware updates to raise consumer confidence.
• Leveraging modern technologies such as Artificial Intelligence (AI), Digital Twin, Sensors, and 3D printing to create intricate designs and value-added functions.
European Positive Displacement Pumps Market, Forecast to 2022 is part of Frost & Sullivan’s global Industrial Automation & Process Control Growth Partnership Service programme.
For further information on this analysis, please visit: http://frost.ly/2mb
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