Industry
Highlights:
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 at a CAGR of 5.57% over the forecast period (2018-2023), as
per the findings of Market Research Future (MRFR). 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 top 40 mining companies
declared a cumulative revenue figure of close to USD 600 billion in 2017, demonstrating
the scope for growth in the mining sector. 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. The steady demand for coal, which remains one of the
prime energy resources around the world, is also likely to drive the mining
sector in the coming years.
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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.
Research
Methodology:
MRFR’s analysis is based on strenuous examination of
data gathered from primary and secondary research, based on years of
industry-specific expertise. Detailed information about the market’s present
and past movement is used to forecast the market’s future growth trajectory.
Varying trends in each region and segment are studied to provide a
comprehensive view of the global submersible pumps market.
Submersible
Pumps Market Segments 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. 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. Multi-stage configurations accounted for a majority
share of more than 68% in the market in 2017 and are likely to remain the
dominant contributor to the market over the forecast period.
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.
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Regional
Market 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
Analysis:
Leading players in the global submersible pumps market
include Xylem (U.S.), KSB Group (Germany), Flowserve Corporation (U.S.), EBARA
CORPORATION (Japan), Tsurumi Manufacturing Co. Ltd. (Japan), The Gorman-Rupp
Company (U.S.), Atlas Copco AB (Sweden), The Weir Group PLC (U.K.), Sulzer Ltd.
(Switzerland), and Grundfos (Denmark).
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