Smart sensors to boost global pump market 5.6 percent annually through 2022
Global demand for fluid handling pumps is projected to grow to $84.4 billion in 2022 based on growth across regional markets, according to a study from The Freedonia Group. The Asia/Pacific region is expected to remain the largest regional market. Pump demand will rise less quickly in Western Europe, Japan and other developed economies due to maturity of the market there. The United States’ outlook is stronger than Western Europe because of a wider expansion of fixed investment and continued expansion.
Internet-enhanced sensors represent the fastest-growing product area in the global pump industry and are expected to be widely adopted in countries with economic promise. 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 controls that can be operated remotely and adaptive speed drivers that respond to changing pumping conditions.
Graphic courtesy of Global Market Insights
Material handling equipment market to surpass $190B by 2024
The material handling equipment market is growing at a 5.5 percent compound annual growth rate (CAGR) to surpass $190 billion by 2024, according to a forecast by Global Market Insights Inc. Enhancing automation in the manufacturing industry and an increasing penetration of technologies such as Internet of Things (IoT), radio frequency identification (RFID) and artificial intelligence (AI) are expected to drive the material handling equipment market growth. RFID, IoT and Automatic Identification & Data Capture (AIDC) technologies are becoming popular as they improve order fulfillment processes and help enhance productivity across the supply chain. The robotics segment in the material handling equipment market is expected to witness significant CAGR of more than 8 percent to reach over $20 billion by 2024.
The expanding third-party logistics (3PL) sector is expected to witness a CAGR of more than 6 percent in the material handling equipment market. 3PL service providers focus on real-time systems for enhanced visibility. The complexity of supply chains is compelling businesses to turn toward 3PL service providers to improve operations. The transportation and logistics industry in the U.S. is giving growth opportunities to the industry that valued at more than $25 billion in 2017. Regulations related to operator safety in Europe are compelling manufacturers to use high-quality machines that comply with the existing standards.
Shale oil and gas is top market for combust, flow and treat products
Shale oil and gas are contributing to the U.S. economy and growing markets for combust, flow and treat companies, creating opportunities in production, transportation and processing, according to The McIlvaine Company.
In the extraction area, the large number of components needed in shale fracturing creates a big opportunity for the Industrial Internet of Things (IIoT). For example, a mobile fracturing unit can be equipped with real-time monitoring of acidizing units, fracking pumps, chemical additive units, blenders and large generators.
In the transportation area, new gas pipelines are boosting output from shale fields in three states by giving producers access to new domestic and international markets. IIoT and remote operations and management (O&M) are cost-effective due to the remote location of many operations.
In processing, refineries are expanding to accommodate the increasing oil production. Significant quantities of gas are being converted to liquefied natural gas (LNG). Other processes include the use of by-products; shale oil, for example, produces significant amounts of methane. In addition, regulations are limiting flaring of this gas and requiring processing and utilization. All these processes contain pumps, valves and treatment modules that can be remotely controlled and monitored.
