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Integration of Energy-efficient and IIoT Capabilities is Expected to Unlock New Revenue Streams for Pump Manufacturers
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The objective of this study is to identify and evaluate the growth opportunities for pump manufacturers of centrifugal and positive displacement in the chemicals industry by analyzing the route toward expanding the breadth of their product and service offering. It analyzes both present and future trends influencing the pump manufacturing market that is exposed to uncertain economic conditions, slow recovery of oil prices, constant revision in trade policies, influx of low-cost manufacturers and changing end-user requirements. Chemical manufacturers are at a crossroad where there has been a dramatic shift in the demand and supply equation with growing need for petrochemicals, specialty, and consumer chemicals as compared to that of basic chemicals. With the existence of such a volatile business environment, chemical manufacturers are striving toward reducing their operational cost and curb energy consumption. Pumps built-in with energy-efficient and real-time monitoring capabilities are likely to gain traction in such market scenario. Moreover, with the emergence of Industrial Internet of Things (IIoT), pump manufacturers are well positioned to redefine their value propositions by transitioning toward service-based business models and assist chemical manufacturers in achieving their strategic priorities. These solutions are widely adopted for operations under extreme environmental conditions in a chemical processing plant and remain a preferred choice for end users by embedding the latest technology.With 2018 as the base year, the research provides estimates of the market size and future growth prospects up to 2025. For this purpose, a specific methodology is followed that includes discussion with senior management of pump manufacturers that is supported by secondary research.
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