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

RELEASE DATE
20-May-2019
REGION
Global
Research Code: K2F7-01-00-00-00
SKU: IA01520-GL-CR_23193

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$3,712.50 save 25 %

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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.
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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
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.--BEGIN PROMO--

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

 

More Information
No Index No
Podcast No
Author Kiravani Emani
Industries Industrial Automation
WIP Number K2F7-01-00-00-00
Is Prebook No
GPS Codes 9B07-C1,9593,9420