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Energy-efficient Solutions and Digital Services such as Pumps-as-a-Service to Present Growth Opportunities
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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 positive displacement (PD) pump original equipment manufacturers (OEMs) in the next 5 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 Coronavirus 2019 (COVID-19) and its consequent impact on slowing down global manufacturing, which is also being interpreted as the COVID-19 induced economic recession, has severely affected the performance of pump OEMs’ North American business in 2020. Oil prices reaching their lowest level in history, worsening of US-China trade relations, closure of rigs by small oil enterprises, and massive job cuts in both the United States and Canada have contributed to the decrease in sales of PD pumps in North America.Some of the key trends analyzed in this study include Industrial Internet of Things (IIoT) and digital transformation, energy efficiency, impact of oil prices, and the US-China trade war. IIoT is one of the key trends affecting manufacturers as end users continue to emphasize on improvements to plant maintenance as well as reduced operational expenditure (OPEX). As companies realize that the future of manufacturing will be driven by IIoT, they will begin to look at data ownership, security, integration with existing infrastructure, and return on investment (ROI).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 as key enablers that will unlock new revenue streams and deliver differentiating pump products and services.This research embraces a specific methodology that includes discussions with senior managements of PD pump manufacturers, and is supported by secondary research.
In-depth analysis with market sizing of PD product segments, by:
Key Issues Addressed
Author: Kiravani Emani
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