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). Submersible pumps
are used in pumping fluids while being submerged in oil wells. They utilize a
series of impellers that push the fluid progressively towards the top.
Submersible pumps present a stark contrast to jet pumps, which pull the fluid
out rather than pushing it. As a result, they are more efficient than jet
pumps.
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
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.
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.
By
end use, the market is segmented into water and wastewater, agriculture and
irrigation, construction, mining, oil and gas, and others.
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Geographic Analysis
By
region, the global submersible pumps market is segmented into North America,
Europe, Asia Pacific, and the rest of the world.
Asia
Pacific is likely to be the leading contributor to the global submersible pumps
market over the forecast period due to the growing offshore exploration and
production activities in countries such as China. The growing water and
wastewater industry in countries such as China and India, who are looking to
modernize their water management procedures and manage the demands of their
growing populations, is also likely to be major driver for the submersible
pumps market in Asia Pacific, which accounted for close to 42% of the global
submersible pumps market in 2017.
Competitive Landscape:
Leading
players in the global submersible pumps market include Flowserve Corporation
(U.S.), Grundfos (Denmark), The Gorman-Rupp Company (U.S.), Xylem (U.S.), EBARA
CORPORATION (Japan), Tsurumi Manufacturing Co. Ltd. (Japan), KSB Group
(Germany), Sulzer Ltd. (Switzerland), Atlas Copco AB (Sweden), and The Weir
Group PLC (U.K.).
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