22 December 2016
PUNE, India - The global intelligent pump market is expected to grow from an estimated $613.7 million in 2016 to $880 million by 2021, registering a compound annual growth rate (CAGR) of 7.5 percent from 2016 to 2021, according to a report by MarketsandMarkets.
The global market is set to witness significant growth due to the focus on the water and wastewater treatment sector, the growing building automation sector in North America and Europe, and the growing demand for digital oil fields.
The building automation segment led the market in 2015, and is projected to dominate the market during the forecast period. This segment is primarily driven by the growing market for smart cities, strict energy-efficiency standards in developed countries, and government initiatives on energy conservation and is expected to create new revenue pockets for the intelligent pump market during the forecast period.