LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the pumps and valves services market in APAC provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The pumps and valves services market in APAC is expected to grow at a CAGR of more than 7% during the forecast period, owing to the rising demand for pumps and valves in industries. Pumps have a wide area of application across many industries; especially heavy-duty process pumps that are used to transport products such as water, chemical, petroleum, wastewater, oil, slurry, sludge, and food.
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The top three emerging market trends driving the pumps and valves services market in APAC market according to Technavio research analysts are:
- Emergence of spare parts and services businesses for pumps and valves
- Focus on establishing longer service contracts for pumps and valves
- Evolution of pumps and valves diagnostics
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Emergence of spare parts and services businesses for pumps and valves
The pumps and valves services market is witnessing higher demand, as they are highly profitable for any business, enable better and faster return on investments by focusing more on the R&D, and add an opportunity for new production and expansion. Many OEMs believe spending in service markets, especially on maintenance programs, can earn them sustainable growth with respect to the current economic condition.
According to Sushmit Chakraborty, a lead analyst at Technavio for automation research, “Regular maintenance services and proper monitoring can elevate the manufacturer above competitors even in a highly challenging environment. The after sales services enable the key performers to create more growth opportunities in the market. Also, the services market builds a two-way connection with the customers owing to an increase in communication and intimacy between the two. This helps in improving the product and keeping up with the technological advances.”
Focus on establishing longer service contracts for pumps and valves
Many industries opt for long term service agreement contracts as such contracts eliminate the headache of the industry owners, and ensure priority-based services, discounts, and replacements without any delay.
In addition to all the above factors, long-term contracts can be beneficial for service providers for they guarantee work for technicians and ensure a steady flow of revenue. Long-term agreements remove the inconvenience of hiring new service providers and save time that is otherwise wasted while service technicians get familiar with a new facility. Thus, long term contracts help reduce losses with respect to time as well as resources and help increase the performance and efficiency of the equipment.
Evolution of pumps and valves diagnostics
Pumps and valves are an essential part of automation. Pumps are responsible for maintaining the flow rate and pressure of the fluids required in specific industries, whereas valves are responsible for maintaining the operational performance of a facility. Damage in either of these components can severely impact the profitability, efficiency, and safety of an industry. Therefore, the evolution of pumps and valves diagnostics is a boon for it has eased the responsibility of the teams and personnel that are responsible for monitoring the performance of equipment and receive the relevant data. Diagnostics can be of three types — regular, offline, and online. Among the three, online diagnostics can vastly enhance the process performance and offer assistance to the personnel in anticipating, detecting, and addressing the problems.
“Equipped with sensors and positioners, pumps and valves diagnostics gather the data, analyze them, and provide information to the end-users. Thus, this process eliminates all complex calculations needed to carry out the analysis. Pumps and valves diagnostics have enabled end-users to adopt predictive maintenance schedules instead of relying on corrective maintenance. Ultimately, such practices have enhanced the longevity of pumps and valves deployed,” says Sushmit.
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