Industrial Pump Control Panels Market to Surge US$ 2.6 Billion by 2033 as Demand for Predictive Maintenance Escalates Globally | Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
The report, published by Future Market Insights, provides insights and analysis into the Industrial Pump Control Panels Market. It outlines the scope and content of the research, covering driving factors, market size, and forecast data for Industrial Pump Control Panels. The report includes detailed segmentations in revenue and shipment, along with 10-year forecasts extending to 2033. Additionally, it discusses key players in the industry, their market shares, the competitive landscape, and regional insights.
NEWARK, Del, Aug. 29, 2023 (GLOBE NEWSWIRE) -- In 2023, the Industrial Pump Control Panels Market is anticipated to reach a value of US$ 1.6 billion. By 2033, it's expected to have surpassed a valuation of about US$ 2.6 billion.
From 2023 to 2033, the market for industrial pump control panels is anticipated to generate an additional opportunity of US$ 1 billion. It is set to register a decent CAGR of about 4.9% in the same time frame.
Automation and Operational Efficiency
In various sectors, automation technology is rapidly gaining traction for its ability to reduce manual labor, minimize errors, and enhance operational efficiency. Pump control panels are pivotal in automating pump monitoring and operations, streamlining processes, and conserving energy.
Remote Monitoring and Safety
Modern pump control panels offer remote monitoring and control capabilities, which are particularly advantageous for pumps in hazardous environments. Such remote control increases safety, reduces maintenance needs, and expedites issue resolution.
Integrating detectors and data processing into pump control panels holds the promise of predictive maintenance. By analyzing pump data, businesses can identify failures before they escalate, thus reducing maintenance costs and downtime.
Water Management's Cornerstone
Water distribution and wastewater treatment rely extensively on pump control panels for efficient operations. Amidst urbanization and stringent environmental regulations, these panels ensure proper waste management, water filtration, and distribution.
Energy Efficiency and Environmental Goals
Pump control panels contribute to businesses' energy efficiency and environmental targets. Real-time adjustments in flow rates and speed optimize performance, leading to substantial cost savings and progress toward sustainability goals.
Versatility Across Sectors
Addressing diverse needs across sectors, modern control panels can customize pump operations, making them adaptable to various processes and industries.
Sectors like mining, agriculture, and oil and gas are experiencing rapid expansion. The anticipated surge in demand for efficient pump control systems supporting fluid transportation, cooling, and material handling, is expected to peak by 2033.
Integral to Infrastructure Development
Essential for construction and infrastructure projects, pump control panels play a critical role in ensuring effective water management systems, thereby becoming indispensable components for project success.
Key Takeaways from Industrial Pump Control Panels Market Study:
The global industrial pump control panels industry recorded a CAGR of 5.7% in the historical from between 2018 and 2022.
Japan's industrial pump control panels market is projected to expand at a CAGR of 4.9% in the forecast period from 2023 to 2033.
South Korea industrial pump control panels industry is anticipated to create an absolute dollar opportunity of US$ 52.5 million in the evaluation period.
In terms of type, the single phase power segment is estimated to showcase a CAGR of 4.8% in the assessment period.
The water & wastewater segment is likely to surge at a CAGR of 4.7% in the forecast period.
“Strict requirements pertaining to protection, the standard of life, and energy efficiency are compelling businesses to use cutting-edge control and monitoring technology. Control panels with built-in security features might be provided by manufacturers. It is also anticipated that the creation of fresh items with data capturing functions will adhere to these compliance standards.” – Says a lead analyst at Future Market Insights (FMI).
Manufacturers of industrial pump control panels are concentrating on developing and incorporating cutting-edge technologies into their own line of goods. To remain competitive, they are including features such as increased energy efficiency, internet of things (IoT), predictive maintenance, remote monitoring, and data analytics.
They are also offering solutions that can be customized to meet the unique requirements of various sectors or applications. They would offer alternatives for configuring control panels to meet the particular needs of their clients.
Several other players would place an emphasis on energy-saving features and encourage their goods' environmental advantages. Customers from all over the world who care about the environment would be drawn to this. Control panels with reduced energy usage that improve pump performance might be a leading selling point.
For instance,
Delta Electronics debuted their new Delta Motor Mounted Pump Drive MPD Series in the Philippines market in March 2023. It can be used to supply water intelligently and economically. In cooperation with its local supplier DAC Industrial Electronics, Inc., the company introduced this device.
Kirloskar Brothers (KBL) announced an improved model of KirloSmart, its well-known internet of things-based pump monitoring system, in August 2022. The company's first mover advantage is anticipated to surge even stronger with this enhanced version. KirloSmart, a unique hardware-software technology created by KBL, enables remote monitoring and real-time pump repairs.
Top 5 Key Players in Industrial Pump Control and Their Marketing Strategy
Emerson Electric Company
Grundfos Holding A/S
Harper Control Solutions, Inc.
Rockwell Automation, Inc.
See Water, Inc.
Find More Valuable Insights into Industrial Pump Control Panels Market Report
The research report analyzes the global demand for industrial pump control panels. The global industrial pump control panels market has been analyzed with the COVID-19 impact, various macroeconomic factors, market trends, and market background. As per Future Market Insights (FMI), the market has been analyzed based on type (single-phase power and three-phase power), end use (water and wastewater, chemicals and petrochemicals, oil and gas, mining, and others), and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both supply-side and demand factors.
Scope of The Report
Attribute
Details
Estimated Market Size (2023)
US$ 1.6 billion
Projected Market Valuation (2033)
US$ 2.6 billion
Value-based CAGR (2023 to 2033)
4.9
%
Forecast Period
2023 to 2033
Historical Data Available for
2018 to 2022
Market Analysis
Value (US$ billion)
Key Countries Covered
United States, Canada, Brazil, Mexico, Germany, Italy, France, United Kingdom, Spain, Russia, GCC Countries, India, China, Japan, and Australia
Immerse yourself in the arcane knowledge of the Competition Analysis Dashboard. Purchase now and wield unparalleled insights into branding, promotional strategies, and more! https://www.futuremarketinsights.com/checkout/17878
Industrial Pump Control Panels Market Outlook by Category
By Type:
Single Phase Power
Three Phase Power
By End Use:
Water & Wastewater
Chemicals & Petrochemicals
Oil & Gas
Mining
Other
By Region:
North America
Latin America
Western Europe
Eastern Europe
South Asia and Pacific
East Asia
Middle East and Africa
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
