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End-user Analysis on the Market Receptiveness towards IoT Asset Monitoring Solutions
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The onset of the Industrial Internet of Things (IIoT) is transforming the entire manufacturing ecosystem by redefining the production process, supply chain, and end-product delivered to the customers. The business environment is turbulent due to uncertain economic conditions, a shift in customer preferences towards custom-made products, fluctuating cost of raw materials and commodities, and increasingly fierce competition due to a growing number of niche and specialized manufacturers. Optimizing asset and resource utilization, enhancing production efficiency, and reducing operational expenditure being the main objectives of the end-user, there is keen interest to assess and implement IIoT-based technologies in the existing manufacturing processes.In this study, we provide an in-depth analysis of end-user perspective on the application of IIoT in pumps that includes both centrifugal and positive displacement pumps that are used for critical, non-critical, and utility operations. We assess, evaluate, and gauge end-user requirements, challenges, and future investment plans with respect to plant operations. This research study involved interactions with plant managers, engineers, executives, and members of the management board working in process and hybrid industries such as oil and gas (upstream, midstream and downstream), chemical processing, power generation, water and wastewater, metals and mining, and food and beverage.The pumps industry is currently worth $38 billion and has the potential to unlock new revenue streams and growth opportunities by integrating IIoT technologies such as intelligent sensors, cloud computing, big data and analytics, cognitive intelligence, and industrial mobility. Pumps being among the top 5 assets with respect to operational and maintenance challenges faced by end-users, smart and intelligent pumps are likely to gain wider traction and serve as viable propositions for end users who are aggressively working towards diminishing their operational costs. In the present context, with a pressing need to cut down operational expenditure (OPEX), end users are willing to explore pump solutions that assist in monitoring health condition, ease maintenance, prevent unexpected failure and asset downtime, and minimize operational and maintenance costs.
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Author: Kiravani Emani
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