Frost & Sullivanís Value Added Services Increase Global Pump Services Market
Frost & Sullivan works with clients to provide value added services and integrated solutions across all processes, including research, analysis, strategy, vision, innovation and implementation. The company recently released analysis showing how these services can boost 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," says 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."
“Analysis of the Global Pump Services Market” is now available online from Frost & Sullivan. The report, which covers maintenance, repair, and overhaul (MRO), installation and commissioning services (I&C), decommissioning, and VAS, shows that the market earned revenues of $13.36 billion in 2012. Based on these figures, it estimates revenues to reach $17.55 billion in 2016. Increased pump automation has encouraged users –especially those 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," says 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."
Despite the time- and cost-saving potential these advanced pump services offer, conservative end-users have resisted the new technologies. This has been especially true for VAS due to high reliance on traditional and familiar ways of doing things.
"This approach is poised to change in the long-term as the end-users realize the importance of these services," says 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."
Source: Frost & Sullivan