Integrated pump services market poised to grow
Frost and Sullivan study finds new technology and staff restrictions will expand use of services
Integrated solutions in the pump market now involve more than just pumps and valves. They include the automation, logic controllers and drives needed to create a complete pump system. But manufacturers don’t always have the personnel around to service these complex systems, and that’s opened a rapidly-expanding pump services market according to a new study by global consultant Frost & Sullivan.
The analysis of the global pump services market by Frost & Sullivan shows the market is expected to grow more than 30% between now and 2016. Revenues in 2012 topped $13.3 billion and are projected to be more than $17.5 billion by 2016.
“There has been a continuous reduction of in-house manpower across all industries, with end users requiring a stable system with minimum initial outlay and operator intervention,” said Frost & Sullivan’s industrial automation and process control program manager Ashwin Annareddy. “(Value-added services) offer advantages of reduced operating costs, increased asset availability, and minimized maintenance costs.”
The research covers maintenance, repair, and overhaul, installation and commissioning services decommissioning, and value-added services.
Increased pump system complexity results in greater automation, and greater use of integrated systems. “While these integrated solutions offer multiple advantages, they also require personnel with the expertise to operate them,” said Annareddy. “With the design of pumps and systems becoming increasingly complex, service providers are expected to have greater opportunities in the areas of MRO, I&C, and decommissioning. Specialist service providers and distributors are set to continue their dominance.”
The study also found that adopting these kinds of service-based solutions have not kept up with the advances in technology. “This approach is poised to change in the long-term as the end-users realize the importance of these services,” said Annareddy. “Condition monitoring, predictive maintenance, and advanced diagnostics, are fast gaining acceptance and will account for a significant portion of the market.”
- Events & Awards
- Magazine Archives
- Oil & Gas Engineering
- Salary Survey
- Digital Reports
- Survey Prize Winners
Annual Salary Survey
Before the calendar turned, 2016 already had the makings of a pivotal year for manufacturing, and for the world.
There were the big events for the year, including the United States as Partner Country at Hannover Messe in April and the 2016 International Manufacturing Technology Show in Chicago in September. There's also the matter of the U.S. presidential elections in November, which promise to shape policy in manufacturing for years to come.
But the year started with global economic turmoil, as a slowdown in Chinese manufacturing triggered a worldwide stock hiccup that sent values plummeting. The continued plunge in world oil prices has resulted in a slowdown in exploration and, by extension, the manufacture of exploration equipment.
Read more: 2015 Salary Survey