Tethered Manned Submersible Market Industrial Analysis and Growth Trends
Increasing number of the construction activities is one of the major factors driving the growth of the market
The increasing number of the construction activities across the world is one of the major factors driving the growth of the market. Increasing urbanization across the world, is further increases the development of infrastructural activities across the world. For instance, according to the WorldBank.org the urban population in 2014 was 53.8% of global population, which reached up to 54.3%, globally. Development in Infrastructure results in increased construction activities, which eventually creates a demand for tethered manned submersible pump in order to extract water from the surface, further creating new sources of water for the residential, industrial, and commercial purposes.
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This in turn, is expected to propel growth of the tethered manned submersible market over the forecast period. Moreover, increasing government investments in infrastructure development is another factor fostering growth of the market. For instance, in January 2016, according to the press release of financier worldwide magazine, between US$ 700 billion and US$ 800 billion is invested in infrastructure development worldwide each year, of which around US$ 550 billion is invested in emerging economies. Therefore, increasing infrastructure development is expected to increase the demand for tethered manned submersible pumps for extracting oil and water from the surface, which in turn helps meet the increasing demand for water and oil across the world. Hence, all these factors help boost growth of the global tethered manned submersible pump market.
High cost associated with maintenance of tethered manned submersible pumps is one of the major factors restraining growth of the market
The high cost involved in maintenance of tethered manned submersible pumps is one of the major factors restraining growth of the market. Moreover, while extracting fluid from the surface, the motor of the pump fails to operate optimally, which poses as a restraint. Additionally, the cost of repairing is based on the type of pump. For instance, according to Coherent Market Insights analysis, the average cost to repair a sump pump is US$ 485. The final price could range between US$ 110 and US$ 1,000, depending on the extent of the service. Homeowners pay between US$ 293 and US$ 684 for repairs on an average. This factor in turn, is hampering growth of the tethered manned submersible market size.
Global Tethered Manned Submersible Market: Regional Insights
On the basis of region, the global tethered manned submersible market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa. Asia Pacific accounted for the largest market share in 2017 and is expected to retain its dominance during the forecasted period. Major factors that attribute to this growth include rapid urbanization and industrialization in emerging economies such as China and India, which are experiencing increased investments on housing, road network, urban transport, water supply, power-related infrastructures, smart cities, and other forms of urban management. For instance, a white paper released by Government Technology under the name, “Evolution of Smart Cities and Connected Communities”, co-sponsored by the United Parcel Service (UPS) and the Consumer Technology Association reported development of around 600 smart city projects in India and around 285 similar projects in China. Therefore, increasing urbanization is expected to significantly increase the demand for infrastructural development and residential facilities, which in turn, is expected to boost demand for tethered manned submersible pumps. This factor will help fuel growth of the market in Asia Pacific.
Global Tethered Manned Submersible Market: Competitive Landscape
Major players operating in the global tethered manned submersible market include Baker Hughes, General Electric, Grundfos Pumps India Private Ltd., Halliburton, Schlumberger Ltd, Borets International Ltd, Ebara Corporation, Falcon Pump, Walrus America, WILO SE, and Xylem, Inc.
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