LONDON--(BUSINESS WIRE)--The new intelligent pump and control systems market research from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.
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"One of the primary growth drivers for this market is the efficiency that intelligent pumps and control systems provide in terms of motor functionality,” says a senior analyst for Industrials at Technavio. As the markets recover Technavio expects the intelligent pump and control systems market size to grow by USD 236.21 million during the period 2020-2024.
Intelligent Pump and Control Systems Market Segment Highlights for 2020
- The intelligent pump and control systems market is expected to post a year-over-year growth rate of -5.35%.
- Based on end-users, the water and wastewater industries segment led the global intelligent pump and control systems market in 2019.
- The rising need to reduce water contamination is one of the key factors driving the growth of the segment.
- Market growth in the segment will be significant in the water and wastewater industries segment during the forecast period.
- 39% of the growth will originate from the APAC region.
- Market growth in APAC is driven by increasing demand from the chemical, petrochemical, and water and wastewater industries.
- China and Japan are the key markets for intelligent pump and control systems in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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- The intelligent pump and control systems market size is expected to accelerate at a CAGR of almost 6% during the forecast period.
- The intelligent pump and control systems market is segmented End-user (Water and wastewater industry, Oil and gas industry, Chemical and petrochemical industry, and Power industry), Geography (Europe, APAC, North America, MEA, and South America), Type (Centrifugal pumps and Positive displacement pumps), and Component (Intelligent pumps and Control systems).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including ABB Ltd., BorgWarner Inc., Emerson Electric Co., Flowserve Corp., Grundfos Holding AS, KSB SE & Co. KGaA, Robert Bosch GmbH, Rockwell Automation Inc., Sulzer Ltd., and Yaskawa Electric Corp.
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