The chemicals industry in Europe is in the midst of a huge transformation with manufacturers looking to redefine their value proposition and explore new business models. Encouraged by the gradual recovery of oil prices, chemical manufacturers are increasing their demand for centrifugal and positive displacement (PD) pumps.
Plus, the European Commission's directive to industries to reduce energy consumption is creating a fertile market for smart, intuitive, Industrial Internet of Things (IIoT)-enabled pumps with asset monitoring features.
The total pumps market in Europe generated estimated revenue of $1,334.7 million from the chemical industry in 2018. Centrifugal pumps used in the chemical processing plants represented 75.6% of the total pump market, and the remaining 24.4% of the market was held by positive displacement (PD) pumps in 2018. The compound annual growth rate for the total market is an expected 2.0% through 2025.
“Pump manufacturers offering value-added services such as end-to-end monitoring of pump performance throughout their lifecycle to increase energy efficiencies will remain competitive,” said Kiravani Emani, Industry Analyst, Industrial team at Frost & Sullivan.
"Furthermore, the shift towards digital chemical plants will create opportunities for pumps embedded with connectivity and intelligence capabilities, as they can aid predictive maintenance, reduce asset failure and, consequently, prevent the shutdown of plants."