CLEVELAND, June 11, 2018 /PRNewswire/ -- Global demand for fluid handling pumps is projected to grow 5.6% per year to $84.4 billion in 2022 based on broad growth across major markets. The Asia/Pacific region will remain the largest regional pump market, and it will experience above average growth. Higher prices and a positive outlook for global fixed investment indicates strong global growth. Pump demand will rise less quickly in Western Europe, Japan, and other developed economies due to market maturity. The outlook in the United States is stronger than Western Europe on the basis of more robust expansion of fixed investment and continued expansion of the oil and gas market for pumps. These and other trends are presented in Global Pumps Market, 11th, a new study from The Freedonia Group, a Cleveland-based industry research firm.
More information about this study is here: https://www.freedoniagroup.com/industry-study/global-pumps-by-region-market-and-product-type-11th-edition-3625.htm
Intelligent and internet-enabled devices and sensors represent the fastest growing product area in the global pump industry and are poised for wide adoption in countries of high economic development through 2022. Smart pumping offers lower energy and maintenance costs and reduced downtime. These products include:
- continuously operating sensors that collect data on pump operation, which can be used to monitor and optimize performance
- intelligent sensors that detect pump failure and instantly alert the operator via the internet
- internet-enabled pump controls that can be controlled remotely using a smart phone or other device
- adaptive variable speed drivers that respond to changing pumping conditions
About The Freedonia Group, a division of MarketResearch.com – The Freedonia Group is a leading international industrial research company publishing more than 100 studies annually. Since 1985, we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Additional Industrial Components studies can be purchased at https://www.freedoniagroup.com/, www.marketresearch.com and www.profound.com.
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SOURCE The Freedonia Group