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Digital Pump Services Driven by Smart and Intuitive Technologies Unleash New Revenue Potential and Redefine Customer Experience
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The main objective of this growth opportunity analysis is to assess the impact of market trends and challenges influencing growth prospects for pump original equipment manufacturers (OEMs) in the next 7 years. As business uncertainty becomes an inevitable factor, end users across industry verticals are revisiting their strategies to adapt to the new market conditions. The unpredicted outbreak of COVID-19 and its consequent impact on slowing down global manufacturing, which is also being interpreted as the COVID-19 economic recession, has severely affected performance of pump OEMs’ North American business in 2020. The crash of oil prices reaching the lowest in the world’s history, worsening of US-China trade relation, closure of rigs by small oil enterprises, and massive job cuts across in both the United States and Canada have contributed to the decrease in sales of centrifugal pumps in North America. In this study, we correlate various political, economic, and technological factors that drive and impede centrifugal pump industry growth. An in-depth analysis of single-stage, multi-stage, axial and mixed, submersible, Sealless, and circulator pumps is offered. This research also includes assessment of centrifugal pump sales across various critical industry verticals in the North American market. Furthermore, a competitive assessment of centrifugal pumps in the North American market is captured, including a look at the leading market participants and pivotal factors that enable them to outperform in this industry. Importantly, this research offers 5 lucrative growth opportunities for pump OEMs to consider in the North American market. Frost & Sullivan considers these 5 growth opportunities key enablers that will unlock new revenue streams and deliver differentiating pump products and services. This research embraces a specific methodology that includes discussion with the senior management of centrifugal pump manufacturers and is supported by secondary research.
As end-users focus on increasing existing plant productivity and cut-down operational expenditure (OPEX), the role of pump OEMs is expected to change. To discover new avenues for growth, pump OEMs need to focus on expanding their portfolio to include service-related offerings. This research analysis highlights the role of disruptive technologies such as the Industrial Internet of Things (IIoT) in addressing some pressing end-user concerns, such as need for increasing energy efficiency, reducing operational costs, enhancing production efficiency, and improving profitability. The reports discusses the need for next-generation pumps that are embedded with smart and intuitive features that enable plant engineers to redefine plant maintenance strategies by enhancing pump efficiency and its consequent impact on production throughput. Various industry verticals are considering a digital transformation strategy to reduce OPEX and TOTEX and to remain competitive and relevant in this cut-throat business environment. This shift is expected to affect plant-level assets, and particularly support IIoT-based pump solutions that are used in critical operation.
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Author: Kiravani Emani
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