2025 Vision: Future of Pumps in a Connected World

2025 Vision: Future of Pumps in a Connected World

Innovative Business Models Centered Around Services are Expected to Unlock New Revenue Streams for the Pumps Industry

RELEASE DATE
12-Jun-2020
REGION
Global
Research Code: K47A-01-00-00-00
SKU: IA01580-GL-MT_24380

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Description

This study forecasts the future of the pumps industry amidst the onset of a new wave of digitalization and the Industrial Internet of Things (IIoT). The changing market conditions influenced by demand-supply shock, oil price volatility, political tension, and shift in customer preferences are making pump manufacturers revisit their value proposition. In a mature and fragmented industry like pumps where growth from pump equipment remains in the single digit, pump OEMs have started to observe a spike in demand for aftermarket services. This spike also indicates a shift in pump OEMs’ role from being mere product suppliers to a thought-partner enabling end users in their digital transformation journey to collaboratively build a connected ecosystem. The pumps market, valued at ~$38.34 billion in 2019, is expected to discover new growth opportunities by expanding its service capabilities with IIoT technologies and move beyond standard aftermarket services. In this pump visionary study, we have identified the top 5 global Mega Trends and assessed their implication for the pumps industry. The study also discusses the market size and offers a breakdown by region, product segment, and end-user industry. To understand the role of services in the pump market, the study also includes revenue potential from the services segment. An overview of the key market participants, their product offering, and their market positioning have been provided in this report.

Frost & Sullivan has identified the top 4 innovative business models that pump OEMs can implement by investing and integrating IIoT into their solution offering. These models will enable OEMs to unlock new revenue streams and stay ahead of their peers. The study does a deep dive into each business model and assesses its implication on the pumps industry. Some of the key IIoT technologies that are instrumental in the successful transition of the industry include cloud computing, analytics, artificial intelligence, and machine learning and blockchain. The end-user shift from a CAPEX to an OPEX model and the need for data insights, require pump OEMs to proactively embrace these progressive technologies in their service offering.

With the potential to realize double-digit growth from services, pump OEMs are at a juncture to revisit their product and service offerings as well as their relationship across the distribution channel. By expanding service capabilities with advanced and digital services, pump OEMs are well-positioned to increase the uptime, reliability, and lifetime of the machine. They can assist their end users to move towards a predictive maintenance approach, reduce OPEX, and increase production efficiency.

Key Issues Addressed

  • What is the current state of the pumps industry and how is it expected to grow by 2025? 
  • What are the innovative business models pump OEMs can explore as they move towards pumps-as-a-service?
  • What are the key growth opportunities for the pump industry? How can they benefit from these opportunities? 
  • What are the global Mega Trends and how do they impact the pump industry? 
  • What is the mindset of end users towards the new pump solutions? 

Author: Kiravani Emani

 

RESEARCH: INFOGRAPHIC

This infographic presents a brief overview of the research, and highlights the key topics discussed in it.
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Table of Contents

Evolution of Pumps Industry

Industry Outlook in 2025

Top 7 Industry Predictions: Pumps Industry in 2025—Key Predictions

Global Pumps Industry Revenue Forecast 2025

Revenue Forecast by Pump Type and End-user Industry

2025 Pump Vision: Senior Management Top-of-mind Issues

Research Scope

Key Questions This Study Will Answer

Research Methodology

Market Definitions

Top 5 Mega Trends Impacting the Pumps Industry

Mega Trend 1: Connectivity & Convergence

Mega Trend 1: Connectivity & Convergence (continued)

Mega Trend 2: Cognitive Era

Mega Trend 2: Cognitive Era (continued)

Mega Trend 3: Smart is the New Green—Smart Products

Mega Trend 3: Smart is the New Green—Smart Products (continued)

Mega Trend 4: New Business Models

Mega Trend 4: New Business Models (continued)

Mega Trend 5: Innovating to Zero

Mega Trend 5: Innovating to Zero (continued)

Top 5 Transformational Themes Impacting the Pumps Industry

Market Revenue of Global Centrifugal Pumps

Market Revenue of Global Positive Displacement Pumps

Market Revenue of Global Pump Services

Market Share of Top 10 Participants—Global Pumps Market

Competitive Landscape of Manufacturers—Total Pumps Market

Global Pumps Industry—Mapping Product Portfolio by Segments

State of Digital Transformation and Customer Readiness in the Pumps Industry

Digital Oil Fields

Digital Refinery

Smart Water Plants

Digital Mines

4 Big Innovations: New Business Models

1. Everything-as-a-Service (XaaS)

Everything-as-a-Service (XaaS): Benefit Realization

Everything-as-a-Service (XaaS): Roadblocks

Everything-as-a-Service (XaaS): Business Implication

2. Service Innovation: Core Exchange Program

Service Innovation: Core Exchange Program—Benefit Realization

Service Innovation: Core Exchange Program—Business Implication

3. Industrial E-commerce as a Service

Industrial E-commerce as a Service: Benefit Realization

Industrial E-commerce as a Service: Business Implication

4. Profit Sharing/Risk Sharing: Blockchain

Profit Sharing/Risk Sharing: Blockchain—Benefit Realization

Profit Sharing/Risk Sharing: Blockchain—Business Implication

Evolution of Pump Services

Advent of IIoT 2.0 in the Pumps Industry

Pump Services—Level of Engagement

Disruption in Pump Services—Unbundling the Value Chain

Transformation of Pump Services with Strengths of Channel Participants

Integrated Approach—A Key Essential to Remain Unmatched

5 Major Growth Opportunities

Growth Opportunity 1—Energy-efficient Pumps

Growth Opportunity 2—Pump Performance Management

Growth Opportunity 3—New Business Models

Growth Opportunity 4—Managed Services

Growth Opportunity 5—Connected Distribution Network

Strategic Imperatives for Success and Growth

Key Conclusions and Vision for the Industry

Legal Disclaimer

List of Exhibits

List of Exhibits (continued)

List of Exhibits (continued)

List of Exhibits (continued)

Additional Sources of Information on Study Topic Area

Vibration and Component Monitoring

Pump Remote Monitoring

Pump Performance Management

Plant Level Asset Management

Connected Enterprise

The Frost & Sullivan Story

Value Proposition: Future of Your Company & Career

Global Perspective

Industry Convergence

360º Research Perspective

Implementation Excellence

Our Blue Ocean Strategy

Related Research
This study forecasts the future of the pumps industry amidst the onset of a new wave of digitalization and the Industrial Internet of Things (IIoT). The changing market conditions influenced by demand-supply shock, oil price volatility, political tension, and shift in customer preferences are making pump manufacturers revisit their value proposition. In a mature and fragmented industry like pumps where growth from pump equipment remains in the single digit, pump OEMs have started to observe a spike in demand for aftermarket services. This spike also indicates a shift in pump OEMs’ role from being mere product suppliers to a thought-partner enabling end users in their digital transformation journey to collaboratively build a connected ecosystem. The pumps market, valued at ~$38.34 billion in 2019, is expected to discover new growth opportunities by expanding its service capabilities with IIoT technologies and move beyond standard aftermarket services. In this pump visionary study, we have identified the top 5 global Mega Trends and assessed their implication for the pumps industry. The study also discusses the market size and offers a breakdown by region, product segment, and end-user industry. To understand the role of services in the pump market, the study also includes revenue potential from the services segment. An overview of the key market participants, their product offering, and their market positioning have been provided in this report. Frost & Sullivan has identified the top 4 innovative business models that pump OEMs can implement by investing and integrating IIoT into their solution offering. These models will enable OEMs to unlock new revenue streams and stay ahead of their peers. The study does a deep dive into each business model and assesses its implication on the pumps industry. Some of the key IIoT technologies that are instrumental in the successful transition of the industry include cloud computing, analytics, artificial intelligence, and machine learning and blockchain. The end-user shift from a CAPEX to an OPEX model and the need for data insights, require pump OEMs to proactively embrace these progressive technologies in their service offering. With the potential to realize double-digit growth from services, pump OEMs are at a juncture to revisit their product and service offerings as well as their relationship across the distribution channel. By expanding service capabilities with advanced and digital services, pump OEMs are well-positioned to increase the uptime, reliability, and lifetime of the machine. They can assist their end users to move towards a predictive maintenance approach, reduce OPEX, and increase production efficiency.--BEGIN PROMO--

Key Issues Addressed

  • What is the current state of the pumps industry and how is it expected to grow by 2025? 
  • What are the innovative business models pump OEMs can explore as they move towards pumps-as-a-service?
  • What are the key growth opportunities for the pump industry? How can they benefit from these opportunities? 
  • What are the global Mega Trends and how do they impact the pump industry? 
  • What is the mindset of end users towards the new pump solutions? 

Author: Kiravani Emani

 

More Information
No Index No
Podcast No
Author Kiravani Emani
Industries Industrial Automation
WIP Number K47A-01-00-00-00
Is Prebook No
GPS Codes 9593,9420