Explore more Categories
Artificial Intelligence involves the science and engineering of developing intelligent machines
The manufacturing world is at a cusp of a new revolution that will redefine conventional business models
IoT will have a major impact on businesses and consumers in the future
The world is creating 2.5 exabytes of data daily
Our research seeks to connect-the-dots across multiple trends
Personal Robots are Set to Be a $19 Billion Market
Strategic Analysis of BREXIT and its Implications to Industries, Economies and Societies
Time for a Digital Revolution in the Women’s Health Market
iFrost is a digital platform for interactive and dynamic reporting of data.
The TOEs are a great source of information which gives corporates critical information on companies to action for their strategic investments either as an open source platform or to collaborate and to develop successful products
Innovative Business Models Centered Around Services are Expected to Unlock New Revenue Streams for the Pumps Industry
save 10 %
* Required Fields
Pay by invoice
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
Author: Kiravani Emani
Latin American Pumps Market Growth Opportunities
Global Industrial Mixers Growth Opportunities
Global Pumps Market Factbook
Global Digital Services in Pumps Growth Opportunities
Global Heat Exchanger Growth Opportunities
Global Centrifugal Pumps Growth Opportunities
Industrial Internet of Things (IIoT) Drives Innovation in Digital Solutions for the Global Gear Pump Market
Demand for Energy-efficient Pumps and Digital Services Powering the Global Centrifugal Pumps Market
Value-added Services Backed by Industry 4.0 to Propel the Global Oil & Gas Refinery MRO Services Market, 2020–2024
digital signage market
commercial aircraft market forecast
mobile biometrics market
health supplement market
video analytics market
cloud security market
medical robots market
commercial lighting market
Don't have an account? Create One!
Enter your Email Address here to receive a link to change password.
If you are an existing frost.com user, please register using the same email for seamless access
Already have an account? Login!
Use your Linkedin account to login or register within our store.You're just one click away.