LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global industrial pump control panels market to grow at a CAGR of almost 6% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global industrial pump control panels market for 2017-2021. Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The major functions of industrial pump control panels are pump protection and motor protection, and the failure of these may lead to dire consequences. To avoid such consequences, an industrial pump control panel has to know the status of process variables required to control and protect the pump. Industrial pump control panels are used to regulate different varieties of pumps such as submersible pumps and fire pumps. According to Technavio's findings, most of the pumps used in these applications are centrifugal pumps, followed by specialty and positive displacement pumps.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global industrial pump control panels market:
- Increased rate of urbanization and industrialization
- Implementation of IIoT enables greater performance of industrial pump control panels
- Safety standards of National Fire Protection Association - NFPA 20
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Increased rate of urbanization and industrialization
Rapid growth in global urban population has influenced the market of pump controllers in the commercial and residential sectors as well as industries such as the water and wastewater industry. This led to an increase in the demand for general pump control panels used for industrial purposes as well as fire pump control panels used in the commercial, residential, and industrial sectors.
Raghav Bharadwaj Shivaswamy, a lead automation research analyst at Technavio, says, “Industrialization is leading to the establishment of many plants around the world, which needs a safety system. This safety system includes fire pumps used in emergencies, and the number of such pumps in industries depends on the area of the plant. Thus, the demand for fire pumps as well as the pump control panels regulating them is expected to increase over the forecast period.”
Implementation of IIoT enables greater performance of industrial pump control panels
IIoT is a network of devices such as machines, sensors, controllers, big data analytics, and cloud computing. Every industry is renovating their infrastructure with the implementation of IoT. Such integration will link analytics with the operations of industrial automation, which will improve the performance of the industry.
“Industrial pump control panels consist of sensors, transducers, and transmitters that generate a high amount of data that needs to be communicated to the control systems as well as the pumps. Implementation of IIoT results in reducing the data communication errors and enhances the speed of acquiring real-time data,” adds Raghav.
Safety standards of National Fire Protection Association - NFPA 20
Stringent regulations supporting safety standards of equipment is one of the major drivers of the market of fire pump controllers. At present, most industries are focusing on reducing incidences of explosion due to fire. In this initiative, governments of the respective countries have regularized many safety codes for the industrial sector.
Many countries have mandated the installation of fire pumps and their controllers in the industry. Industries prone to fire breakouts due to the presence of flammable gases or hydrocarbons, such as the oil and gas industry or petrochemical manufacturing unit, do not get sanctions to start their operation unless they fulfill the safety clauses.
Top vendors:
- Grundfos
- See Water
- Siemens
- Rockwell Automation
- Xylem
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