IoT in Pumps—2018 End-user Feedback on IoT Implementation and Challenges
IoT in Pumps—2018 End-user Feedback on IoT Implementation and Challenges
End-user Analysis on the Market Receptiveness towards IoT Asset Monitoring Solutions
20-May-2019
Global
Description
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.
Key Issues Addressed
- What are the key trends that are likely to influence the growth margins in future years?
- What is the current end-user mindset with respect to IoT-based pump solutions?
- At which stage are end-users positioned with regards to the implementation of IoT at their plants?
- What are the main roadblocks faced in the adoption of IoT-based monitoring solutions?
- What are the key requirements for end-user industries in order to invest in IoT-based solutions?
- What are the strategic goals and investment plans of end users towards IoT in the forthcoming years?
Author: Kiravani Emani
RESEARCH: INFOGRAPHIC
This infographic presents a brief overview of the research, and highlights the key topics discussed in it.Click image to view it in full size
Table of Contents
Executive Summary
Key Market Trends and Shift towards Monitoring Solutions
Research Scope, Aims, Objectives and Definition
Research Methodology
Research Methodology (continued)
Key Questions this Study will Answer
Technology Trends—IIoT Key Opportunities and Roadblocks
Evolution of Pumps
Snapshot of the Pumps Industry—Centrifugal Pumps
Snapshot of the Pumps Industry—PD Pumps
Key Maintenance and Operational Challenges
Adoption of IoT Solutions in Existing Plants
Essential Functionalities in IoT Monitoring Solutions
Essential Functionalities in IoT Monitoring Solutions (continued)
Demand for IoT Monitoring Solutions by Asset Type
Preferred Mode of Engagement for IoT Monitoring Solutions
Planned Annual Budget for IoT Monitoring
Preferred Vendor for IoT Monitoring Solutions
Purchasing Criteria for Investing in IoT Monitoring Solutions
Degree of Satisfaction with Existing IoT Monitoring Solutions
Roadblocks to Adoption of IoT Solutions
IoT Monitoring Solutions—Adoption of IIoT in the Future Agenda
Customer Insights—Selected Quotes from End Users
Customer Insights—Selected Quotes from End Users (continued)
3 Major Growth Opportunities
Growth Opportunity 1—Energy Efficiency
Growth Opportunity 2—Smart Factories with IIoT
Growth Opportunity 3—Focus on Plant Modernization
Strategic Imperatives for Success and Growth
State of Digital Transformation and Customer Readiness in the Pumps Industry
Customer Survey Summary—Pump Monitoring Solutions
Customer Survey Summary—Adoption Rate
End-user Challenges and Pain Points—Highlights
End-user Perception and Future Investment
The Last Word
Legal Disclaimer
List of Exhibits
List of Exhibits (continued)
The Frost & Sullivan Story
Value Proposition—Future of Your Company & Career
Global Perspective
Industry Convergence
360º Research Perspective
Implementation Excellence
Our Blue Ocean Strategy
Related Research
Popular Topics
Key Issues Addressed
- What are the key trends that are likely to influence the growth margins in future years?
- What is the current end-user mindset with respect to IoT-based pump solutions?
- At which stage are end-users positioned with regards to the implementation of IoT at their plants?
- What are the main roadblocks faced in the adoption of IoT-based monitoring solutions?
- What are the key requirements for end-user industries in order to invest in IoT-based solutions?
- What are the strategic goals and investment plans of end users towards IoT in the forthcoming years?
Author: Kiravani Emani
No Index | No |
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Podcast | No |
Author | Kiravani Emani |
Industries | Industrial Automation |
WIP Number | K2F7-01-00-00-00 |
Is Prebook | No |
GPS Codes | 9B07-C1,9593,9420 |