Market Research Future (MRFR) has announced a new release on the global submersible pumps market. The report endeavors to show the inner workings of the market in detail so that readers can formulate winning strategies to succeed in the market. According to the report, the global submersible pumps market is expected to rise from a 2017 valuation of USD 10,204.7 million to a 2023 valuation of USD 14,127.2 million. It can expand at a CAGR of 5.57% during the forecast period (2018-2023). A detailed analysis report of COVID-19 impact on Submersible Pumps Market is provided with the report.
Submersible Pumps Market Key Companies Studied in This Research Report Are:
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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Global Submersible Pumps Market Overview
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 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.
The increase in mining activities around the world is likely to be a key driver for the global submersible pumps market over the forecast period. The dependence of various high-tech industries such as consumer electronics on rare earth metals is likely to be a major driver for the mining industry in the coming years, as metals such as lanthanum, neodymium, and cerium have taken on a hugely important role in the electronics industry.
Submersible Pumps Market Segmentation
The global submersible pumps market is segmented by well type, operation, power rating, end-use industry, and region.
By well type, the market is segmented into open well and bore well. The bore well segment is expected to exhibit the dominant share in the global submersible pumps market over the forecast period.
By operation, the market is segmented into single-stage and multi-stage.
By power rating, the submersible pumps market is segmented into low power, medium power, and high power. The high-power segment accounted for the highest share in the global market in 2017 and is likely to remain a major contributor over the forecast period.
By end use, the market is segmented into water and wastewater, agriculture and irrigation, construction, mining, oil and gas, and others.
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.
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List of Tables
Table 1 Global Submersible Pump Market, By Industry, 2016-2023 (USD Million)
Table 2 Global Submersible Pump Market, By Well Type, 2016-2023 (USD Million)
Table 3 Global Submersible Pump Market, By Operation, 2016-2023 (USD Million)
Table 4 Global Submersible Pump Market, By Power Rating, 2016-2023 (USD Million)
Table 5 Global Submersible Pump Market, By Region, 2016-2023 (USD Million)
Table 6 North America: Submersible Pump Market, By Country, 2016-2023 (USD Million)
Continued……
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