Submersible Pumps Market To Achieve USD 14,127.2 Million In The Forecast Period By 2023

Submersible Pumps Market Overview

The expansion of the mining sector has laid a favorable base for the development of the market for submersible pumps. Reports that investigate the energy and power industry have been presented by Market Research Future, which produces reports on industry verticals that appraise the market expansion and prospects. A value of USD 14,127.2 million is anticipated to boost the market at a CAGR of 5.57 % in the forecast period.

The reliance on rare earth metals has increased the demand for the submersible pumps market globally. Because the rare earth metals are increasingly used in consumer electronics the demand for rare earth metals is expected to lead to an expansion of the demand of submersible pumps. Furthermore, the stable demand from the mining sector is expected to bolster the demand for the submersible pump market in the forecast period.

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The demand for rare minerals in the consumer sector is expected to enhance the submersible pump market further. Moreover, the constant demand for coal around the world is anticipated to push the market expansion of the submersible pumps market in the approaching period.

Segmental Analysis

The evaluation of the submersible pumps market is carried out on the basis of operation, well type, end-use industry, power rating, and region.

Based on the well type, the submersible pumps market is segmented into bore well and open well.

Based on operation, the submersible pumps market is segmented into multi-stage and single-stage.

On the basis of power rating, the submersible pumps market is segmented into medium power, low power, and high power.

The segmentation of the submersible pumps market by end use industry comprises of agriculture and irrigation, water and wastewater, construction, oil and gas, mining, and others.

Based on the region, the submersible pumps market is segmented into Europe, North America, Asia Pacific, and the rest of the world.

Regional Analysis

The regional review of the submersible pumps market is segmented into regions such as Europe, North America, Asia Pacific, and other global regions.

The Asia Pacific region is likely to be the uppermost supplier for the submersible pumps market through the forecast period due to the increasing offshore search and production operations in countries such as China. The mounting water and wastewater industry in countries such as China and India, who are streamlining their water management procedures while managing the demands of their swelling populations, is also anticipated to be a topmost driver for the submersible pumps market in the Asia Pacific region. The Asia Pacific region was accountable for approximately 42 % of the overall share in the submersible pumps market in 2017.

Competitive Analysis

The principal companies in the submersible pumps market globally comprise of KSB Group (Germany), Ebara Corporation (Japan), Flowserve Corporation (U.S.), The Gorman-Rupp Company (U.S.), Xylem (U.S.), Atlas Copco AB (Sweden), The Weir Group PLC (U.K.), Sulzer Ltd. (Switzerland), Tsurumi Manufacturing Co. Ltd. (Japan), and Grundfos (Denmark).

Industry Updates:

Oct 2019 Atlas Copco Power Technique revealed three novel electric submersible pumps intended explicitly for drainage and sludge pumping uses. The WEDA S60 and S30 pumps are sludge/trash pumps, whereas the WEDA D80 is a drainage pump. The WEDA pumps are 15 to 30 percent less heavier and use up to 20 percent less energy than comparable models.

Mar 2019 A Denmark-based pump producer, Grundfos recently stated that it is doing efforts to come up with an inexpensive innovation for the groundwater market in the nation. The company states that products like water treatment solutions and solar-powered pumps have an immense possibility in India. Moreover, the company also noted that the solar-powered submersible products, as well as water distribution and water treatment solutions, have vast prospects in India.

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