The pump industry in Australia has had its challenges in the past few years, including more overseas competition and declining budgets from users. Yet, the outlook for the industry is at a high. The fifth annual Pump Industry survey demonstrates a renewed confidence and some interesting insights. Overall, the survey found 43.6 per cent of pump companies met their 2017 expectations, and 27.2 percent exceeded them.
The outlook for 2018 is even better with nearly 80 per cent of respondents reporting it to be positive. This offers an almost 10 per cent increase over 2017 numbers. This shift seems to support that the industry is poised for a nice rebound. There are also opportunities for growth, with innovation as a catalyst.
The study also looks at how customers of the pump industry are changing, becoming more in tune with technology and seeking services and assistance online. This propensity to now go online has also increased their price sensitivity. And, as always, the market is seeking a reduction in operating costs. This need to lower costs is also reflected in a reduction in capital expenditure budgets.
There are multiple verticals in the pumping industry. Mining is the sector most likely to grow in 2018, according to the Pump Industry survey, which pointed to a BIS Oxford Economic prediction that mining will grow 5.5 per cent. Other sectors are expected to have less growth or remain relatively flat.
Looking at the big moments of 2017 for pumps, Pumps & Systems went directly to industry leaders in their State of Industry coverage. These experts offered their thoughts on what 2017 brought to the innovation table. Using data more strategically was one mention as was the Internet of Things (IoT), both of which have huge implications for the future of pumping, making it more efficient and effective.
Challenges and opportunities will shape pumping in the years to come. Traditional pump companies will need to evolve to show their value, some of which could come with improved technology and the ability to use data to optimise production. These “smart pumps” will have sensors to detect flow rate. Creating pumps that work better yields many benefits for users, including higher productivity and reduced costs.
Another emerging trend will be the use renewable energy. The Australian government has actually been vocal about its desire to consider pumped hydro storage options. The Australian National University (ANU) has identified no less than 22,000 locations that would be ideal for pumped hydro storage plants. Combining this with wind and solar can help Australia become completely powered by renewable energy.
Some of our noteworthy projects included delivering water storage for fire protection at the new Perth City Link bus port extension to the Perth Arena, a sewage system for the National Anzac Centre in Albany, and helping conservation efforts at Lake Mabel Talbot.
The City of Subiaco had an initiative to improve water quality. The focus was on reducing pollutants in Lake Mabel Talbot. The lake is in the conservation category wetland, under the Environment Protection policy and functions as a Water Corporation compensating basin.
Technology and innovation are critical for a sustainable industry, but respondents of the Pump Industry survey still believe that offering great service, being responsive to customer needs, and hard work are still valued in the industry. They plan to continue efforts to fulfil these service expectations by attracting, training, and retaining a great workforce.
To read the entire State of the Industry survey, you can find it here.
How can we help you with your pumping and water treatment requirements? Get in touch today.