Submersible Pumps Market – Overview
The subsea production activities have created a substantial impetus for the development of the submersible pumps. Reports that appraise the energy and power industry have been made accessible by Market Research Future which generates reports on several industry verticals that analyze the market growth and prospects. The market is anticipated to achieve a CAGR of 5.57% while accumulating revenues worth USD 14,127.2 million in the forecast period. A detailed analysis report of COVID-19 impact on Submersible Pumps Market Size is provided with the report.
The growing demand for offshore exploration and subsea production activities in the oil and gas sector is likely to be a major driver for the global submersible pumps market over the forecast period. The falling levels of onshore oil and gas reservoirs have led to an increased interest in offshore exploration and production. The increasing profitability of offshore ventures has led to a steady rise in government as well as private funding for the sector, resulting in a growing demand for accessories such as submersible pumps. This is likely to be a major driver for the global submersible pumps market over the forecast period.
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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.
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Regional Analysis
The regional assessment of the submersible pumps market is segmented into regions such as Europe, North America, Asia Pacific, and the rest of the world. The Asia Pacific region is expected to be the top contributor for the submersible pumps market throughout the forecast period owing to the expanding offshore search and production activities in nations such as China. The growing water and wastewater industry in nations such as China and India, who are modernizing their water management procedures while overseeing the demands of their mounting populations, is also expected to be a chief driver for the submersible pumps market in the Asia Pacific region. The Asia Pacific region was accountable for up to 42 % of 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).
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