Smart Pump Market Report 2024

This Smart Pump market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The smart pump market size has grown strongly in recent years. It will grow from $0.91 billion in 2023 to $0.99 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth during the historic period can be attributed to several factors, including the rising prevalence of chronic diseases, increasing demand for home healthcare services, a growing aging population, the expansion of healthcare facilities, and a strong emphasis on patient safety.

The smart pump market size is expected to see strong growth in the next few years. It will grow to $1.37 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth during the forecast period can be attributed to several factors, including rising healthcare expenditures, increasing adoption of telehealth services, the need for operational efficiency in hospitals, demand for improved patient outcomes, and a rise in outpatient procedures. Key trends expected in this period include the integration of artificial intelligence, enhancements in data analytics capabilities, a growing emphasis on interoperability, the expansion of remote patient monitoring, and increased collaboration among healthcare stakeholders.

The anticipated increase in oil and gas production activities is expected to drive the growth of the smart pump market in the future. Oil and gas production involves extracting and processing crude oil and natural gas from underground reservoirs to fulfill energy demands. The rise in oil and gas production is fueled by the growing global energy demand, particularly in developing countries, as well as advancements in extraction technologies such as hydraulic fracturing and horizontal drilling. Smart pumps used in oil and gas production enhance efficiency by leveraging real-time data and sophisticated algorithms to monitor and control fluid flow, thereby reducing energy consumption and operational costs. For example, in February 2024, the U.S. Energy Information Administration, a key agency in the Federal Statistical System, reported that the UAE had an estimated 111 billion barrels of proven crude oil reserves at the beginning of 2023, an increase from 107 billion barrels the previous year. Thus, the expansion of oil and gas production activities is contributing to the growth of the smart pump market.

Key players in the smart pump market are concentrating on creating innovative solutions, such as IoT-based remote pump monitoring systems, to improve efficiency, predict maintenance needs, and avert breakdowns. These IoT-based monitoring systems allow real-time tracking and control of pump performance through internet-connected sensors and software, enabling users to oversee operational parameters, identify issues, and receive alerts remotely, ensuring optimal efficiency and preventing equipment failures without requiring manual intervention. For instance, in August 2022, Kirloskar Brothers Limited, an India-based provider of fluid management solutions, introduced KirloSmart, an upgraded version of its IoT-based remote pump monitoring system. This version facilitates real-time monitoring, troubleshooting, and predictive maintenance without manual effort and includes enhanced features such as 4G or 5G compatibility, an improved user interface, and advanced analytics, giving users better control, energy savings, and extended pump life.

In September 2022, The Lee Company, a US-based manufacturer of miniature precision fluid control components, acquired TTP Ventus Limited for an undisclosed sum. This acquisition enables The Lee Company to enhance its product portfolio with advanced micropump technology, positioning it for growth in the life sciences and medical markets while reinforcing its leadership through improved performance and precision in fluid control applications. TTP Ventus Limited is a UK-based producer of smart pump modules.

Major companies operating in the smart pump market are Schlumberger Ltd., Baker Hughes, Emerson Electric Co., Aker BP, Danfoss A/S, National Oilwell Varco, Xylem Inc., EBARA Pump Europe, Grundfos Holding A/S, Pentair plc, Flowserve Corporation, Sulzer Limited, ITT Corporation, KSB SE & Co. KGaA, Wilo SE, Gorman-Rupp Company, Kirloskar Group, Tsurumi Manufacturing Co., Ltd., Hidrostal AG, M Pumps, Suguna Pumps.

North America was the largest region in the smart pump market in 2023. The regions covered in the smart pump market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the smart pump market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A smart pump is an advanced water pumping system that incorporates digital technologies and sensors to enhance operational efficiency, reliability, and performance. These pumps utilize Internet of Things (IoT) connectivity, real-time monitoring, and data analytics to improve water management, reduce energy consumption, and facilitate predictive maintenance.

The primary types of smart pumps are centrifugal and positive displacement pumps. A centrifugal smart pump is designed with advanced sensors and controls that optimize fluid movement and efficiency through automation and real-time monitoring. These pumps offer various capacities, ranging from up to 30 m³/h, 30 to 90 m³/h, 90 to 180 m³/h, 180 to 360 m³/h, and above 360 m³/h. The end users of centrifugal smart pumps span multiple sectors, including building automation, water and wastewater management, oil and gas, chemicals, power generation, and more.

The smart pump market research report is one of a series of new reports that provides smart pump market statistics, including the smart pump industry's global market size, regional shares, competitors with a smart pump market share, detailed smart pump market segments, market trends and opportunities, and any further data you may need to thrive in the smart pump industry. This smart pump market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The smart pump market consists of sales of submersible pumps, volumetric infusion pumps, and solar-powered pumps. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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