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.
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.
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 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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Prominent Players:
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:
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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