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New Pump-as-a-Service Business Models Lead OEMs toward Transformational Growth
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This study analyzes the global gear pump market and its growth prospects in the short, medium, and long terms. The COVID-19 pandemic has created unforeseen circumstances for businesses around the world, affecting overall growth of the manufacturing sector. This research offers a growth outlook for the global gear pump market from 2021 to 2025.The gear pump sub-products included in this study are internal and external gear pumps, which differ in design. The internal gear pump has an outer gear that drives the inner gear when it turns. In the external gear pump, the gears rotate against each other.The vertical markets analyzed in this study are oil and gas, chemicals, food and beverage (F&B), water and wastewater (W&WW), pharmaceuticals, power generation, and others (agriculture, automotive, electronics, marine, mining, pulp and paper, and textiles).The regional segmentation covers North America, Latin America (LATAM), Asia-Pacific (APAC), Europe, and the Middle East and Africa (MEA). As the pump market is mature, Frost & Sullivan highlights the various digital solutions that can be implemented to drive market revenue. In addition, a competitive evaluation of gear pumps is captured, including a look at the leading market players and key factors helping them outperform their competitors.Importantly, this research offers 4 lucrative growth opportunities for pump OEMs to consider in the global market. Frost & Sullivan identifies these growth opportunities as key enablers that will unlock new revenue streams and deliver differentiated pump products and services.The Industrial Internet of Things (IIoT) and digital transformation, energy efficiency, the effects of oil prices, and the US trade war are among the main developments explored in this report. IIoT is a top trend impacting manufacturers, as end users increasingly prioritize improving plant maintenance and reducing operating expenditure (OPEX). As more businesses realize that IIoT will drive the future of manufacturing, they will begin to look at data ownership, security, alignment with existing infrastructure, and return on investment (ROI) as priorities.
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