Industrial filtration market report forecasts trends through 2021
Technavio’s latest report on the global industrial filtration market provides an analysis of the most important trends expected to impact the market outlook from 2017 to 2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline. The food and beverage sector requires special filter media to meet specific requirements and the high standards mandated by government regulations. Therefore, wastewater treatment, chemicals, filtration of drinking water and filtration procedures in crude oil processing are the key drivers of the growth of industrial liquid filtration market.
Technavio identified the top three emerging trends driving the global industrial filtration market as:
- Innovations in filtering media
- Growth in chemical sector in India
- Growing pharmaceutical sector in Asian countries
The Indian petrochemical and chemical industry is witnessing significant growth owing to increased demand from the manufacturing, process and agricultural sectors. India is the seventh-largest producer of chemicals and the third-largest producer in Asia. The chemical sector supports various industries such as agriculture, paint, construction and leather. The uptick in the chemical sector in India is mainly attributed to the 100 percent FDI allowed by the government to encourage the industry. India and China are the key emerging economies that are witnessing significant investments in various industrial sectors. The pharmaceutical industry in these countries is expected to grow during the forecast period due to various initiatives taken by the government to boost the sector. Air filters play a critical role during the manufacturing of drugs and other related products.
Key vendors include:
Navigating the crest with the economic outlook from ITR Economics
ITR presents two economic outlooks to the Measurement, Control & Automation Association (MCAA) community each year and in April 2017 (at the Association’s Industry Forum in Atlanta) ITR Senior Analyst Alex Chausovsky accurately forecast a good year for 2017. The ITR economist urged MCAA members to keep the vision of a cresting wave in their mind: “Right now we have accelerating growth as the wave builds. In mid-2018 we will hit the crest and in the latter one or two quarters of next year we will go down the backside of the wave into a slight downturn in 2019.”
The economy is in an accelerating growth cycle, which may provide the best opportunity to take on risks and be aggressive. The economy will transition to the back side of the business cycle. Chausovsky addressed "Navigating the Crest" in his semiannual MCAA economic forecast in late November and reviewed the macroeconomic landscape — including the key vertical markets served by MCAA members and their product lines.
In 2016, industrial production was down. However, because it is made up of three components, a decline in manufacturing was not the reason. Composing 73 percent of the industrial production index, manufacturing was — and is — doing well and never declined in 2016. Instead, mining (16 percent of industrial production) and utilities (10 percent) put the downward pressure on the index last year.
Chausovsky stressed to MCAA members that studying business performance numbers using a rate of change approach is best. This approach gives one to two quarters of notice that your business cycle is about to change.
Alex Chausovsky is an experienced market researcher and analyst with significant expertise in subjects that include macroeconomics, machinery production, electric motors and controls, mechanical and fluid power products and industrial energy efficiency. At ITR Economics, he is responsible for providing reliable industry and company forecasts, presentations and economic consulting services to small business, trade associations (including MCAA) and Fortune 500 companies across a spectrum of industries. Chausovsky will present another forecast for MCAA audience at the association’s Industry Forum on April 24 in Houston, Texas.
MCAA provides manufacturers and distributors of instrumentation and systems used by industry around the world with the best community and resources for business effectiveness and growth through unsurpassed market and business insights, unique networking opportunities, effective employee onboarding and development programs and unbiased, affordable market data.
IIoT and PD pumps to converge amidst the rise of managed service methods
Frost & Sullivan’s Industrial Automation & Process Control team found that smart solutions pave the way for growth opportunities in retrofits and replacements.
While the North American positive displacement (PD) pumps market is being disrupted by the convergence of Industrial Internet of Things (IIoT), tools such as cognitive analytics and next-generation prognostics are paving the way for the rise of smart pumps. This caused a mega shift toward managed service methods, led by wireless intelligence and asset optimization solutions, to support the age of mobile maintenance, dynamic simulations, and remote monitoring services. Manufacturers are expected to collaborate with software vendors to leverage cloud technology for remote monitoring. Within the integrated ecosystem, the need for smart solutions is expected to eventually provide opportunities for upgrades and retrofits of existing pumps and, in some cases, complete replacements.
Frost & Sullivan‘s research, "North American Positive Displacement Pumps Market, forecast to 2023," found that the market will be worth an estimated $2,427.9 million by the end of 2023. The study analyzes key factors such as drivers, restraints, challenges, trends and revenue forecasts. Market share and competitive analysis of key players such as Dover Corp., IDEX Corp., SPX Corp. and Colfax are also provided.
"The high-performance standards of PD pumps continue to make them the most preferred pump among several industries that are trying to control lifecycle costs of their process equipment. Despite initial costs being higher, lower lifecycle costs are driving industries to install them," said Frost & Sullivan Industrial Automation & Process Control Research Analyst Shilpa Mathur Ramachandran. "Clean-in-place pumps with sensors and remote monitoring network, auto shutoffs, intelligence, and automation built into them will be the most popular in the pumps market."
Growth opportunities exist for providers that focus on developing strategies to:
- Increase market positioning as quality becomes a major differentiator because of competition from low-cost vendors
- Cope with the loss of profit margins due to low oil prices and changing market dynamics
- Use training programs to showcase how their energy-efficient solutions and products will help save money and increase return on investment
- Leverage their domain expertise in IIoT to provide customized solutions to end users
"North American Positive Displacement Pumps Market, Forecast to 2023" is part of Frost & Sullivan’s Industrial Automation & Process Control Growth Partnership Service program. Other recent studies forming part of this program include North American Metering Pumps (K20C) and North American Chemicals Pumps (K1B5).