Energia
Rising Demand for IoT-enabled Pumps to Drive North American PD Pumps Market amid Economic Slowdown
"In a mature market condition, expansion of service capabilities by leveraging Industrial Internet of Things is instrumental for pump manufacturers to unlock new revenue opportunities," said . "It is observed that many industries in North America are keen on exploring smart pump solutions that enable real-time monitoring and evaluation, which will help in reducing pump maintenance costs and prevent the occurrence of production mishaps in critical processes."
Frost & Sullivan's latest research, provides an overview of the PD pumps market in the United States of America and Canada , highlighting the major industry trends, technological advancements, emergence of new business models, and the economic factors driving the industry. The report offers an in-depth analysis of product segments, regional demand patterns, new product capabilities, and end-user markets, and also identifies the key opportunities that will play a critical role in uncovering new avenues for the growth of the sector.
Pump manufacturers are rethinking their value proposition and are transitioning toward new business models such as . End-users no longer favor mere hardware providers offering basic pump services. Integration of advanced technology, such as , that eases PD pump maintenance, eliminates challenges with respect to leakages, and improves pump efficiency and throughput are now being preferred by end-users across processes and industries.
"End-users are redefining their maintenance approach and are investing in asset solutions that help them reduce the operational expenditure," noted . "Pump manufacturers who offer asset and condition monitoring solutions for pumps, which are ranked as assets that require the most maintenance, are expected to outperform peers and sustain in the challenging economic conditions expected in the coming years."
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