Frost and Sullivan, a global research firm, has recently discovered two major growth opportunities within the pumping industry: energy efficiency and the IIoT.
Oil and gas, water and wastewater and chemicals are the primary industries driving the pumps services market. These are also the major consumers of advanced services, such as smart pumps.
However, while demand for traditional services will drive the growth in short-term, increasing end user adoption of IIoT-based monitoring technologies will reduce their need for traditional pump service providers in the medium- to long-term.
It is believed that companies not only need to develop energy-efficient solutions but also focus on increasing customer awareness and showing customers the expected return on investment.
To succeed in IIoT, it is said that companies will need to develop new business models such as gain sharing, pay-per-use, and product-as-a-service. This requires developing new strategies as end users themselves are unaware of the requirements and need to refer to use cases and best practices.
