Pumps market to benefit from value added services
3 Jul 2013
Value added services are set to boost global pumps market, claims Frost & Sullivan.
An augmentation in value added services (VAS) and integrated solutions are poised to give a fillip to the global pump services market.
“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 Programme Manager Ashwin Annareddy.
“VAS offer advantages of reduced operating costs, increased asset availability, and minimised maintenance costs.”
A recent study from Frost & Sullivan found that the market earned revenues of $13.36 billion in 2012 and estimates this to reach $17.55 billion in 2016.
The research covered maintenance, repair, and overhaul (MRO), installation and commissioning services (I&C), decommissioning, and VAS.
There has been a continuous reduction of in-house manpower across all industries
A higher degree of automation in pumps are encouraging end-users – mostly in oil and gas, chemical process, and water and wastewater industries – to buy integrated solutions comprising pumps, frequency drives, valves, logic controllers, and automation software.
“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.”
However, end-user adoption of advanced pump services as well as technology, especially for VAS, has lagged, added the report.
A conservative mindset has hampered the uptake of new technologies and services despite their ability to enhance productivity and save time.
“This approach is poised to change in the long-term as the end-users realise the importance of these services,” concluded Annareddy.
“VAS, such as condition monitoring, predictive maintenance, and advanced diagnostics, are fast gaining acceptance and will account for a significant portion of the market.”
