Pumps For Mining Sector Market - Overview
The mining industry faces a lot of technical
challenges in its operations. The
extraction and processing of minerals require robust and efficient equipment.
Pumps form an indispensable part of the mining process as they are essential
for nuisance-free extractions and the mining sector heavily relies upon
submersible pumps for the same. Market Research Future (MRFR's) recently
published an in-depth report on Pumps
For Mining Sector Market contains
valuable market insights that have derived after careful analysis of the
pertinent trends and factors impacting the market. MRFR has predicted an
impressive CAGR over the forecast period.
Submersible pumps in the mining sector are used for
water procurement, dewatering, and distribution. Regulation of water is one of
the most common problems in the mining industry due to mine dewatering
practices are compulsory for the prevention of hazards. Submersible pumps are
leveraged to remove unnecessary water, which generates substantial demand
within the market. Rapid industrialization across the globe has accelerated
mining and exploration activities across the globe, which has fostered the
growth of the submersible pumps for the mining sector.
Product development by market players along with the
expansion of existing product lines has made submersible pumps available in
various designs as well as diverse configurations which can withstand extreme
conditions have further boosted the growth of the market. Moreover, manufacturers
are increasingly developing energy efficient, reliable pumping stations which
adhere to environmental standards and regulations generate further demand
within the market.
Contrarily, the market growth might be hindered by
the high cost of submersible pumps, high cost of motor failure and
troubleshooting, and the availability of substitutes.
Pumps For Mining Sector Market Segmentation
The submersible pumps for mining sector market has
been segmented based on well type, pump stage, and power ratings.
By well type, the submersible pumps for mining
sector has been segmented into bore well and open well. The bore well segment
dominated the market in 2016 with a share of 65.9% and is estimated to expand
at a CAGR of 5.38% over the forecast period.
By pump stage, the submersible pumps for mining
sector has been segmented into multistage and single stage. The multistage
segment accounts for the foremost share of the market and is likely to expand
at a CAGR of 5.51% over the forecast period.
By power ratings, the submersible pumps for mining
sector has been segmented into high power, low power, and medium power. The
high-power segment is the largest segment and is expected to capture the
highest CAGR of 5.66% over the forecast period.
Regional Analysis
Region-wise, the submersible pumps for mining sector
market has been segmented into North America, Rest-of-the-World (RoW), Europe,
and Asia Pacific (APAC).
The APAC is the largest submersible pumps for mining
sector market and is likely to dominate the global market throughout the forecast
period. The market growth can be credited to the continuous demand generated by
the mining and sludge treatments sector. Fast track industrialization has
further supported the growth of the mining industry, which has further boosted
the growth of the market. In 2016, China held the largest share of 33.59% of
the market, with a valuation of USD
208.6 Mn. China is projected to capture the highest CAGR of 6.41% over the
forecast period. Furthermore, the economic upturn in the emerging economies of
the region has greatly influenced the growth of the mining industry in the
region, which has favored the growth of the APAC submersible pumps for mining
sector market.
The market growth in the developed regions such as
North America and Europe is not as impressive as in the emerging economies,
although these markets account for a significant share of the market.
Competitive Landscape
Sulzer Ltd (Switzerland), Xylem Inc. (U.S.), Ebara
Corporation (Japan), The Weir Group Plc. (Scotland), Atlas Copco AB (Sweden),
The Gorman-Rupp Company (U.S.), KSB Aktiengesellschaft (Germany), Tsurumi
Manufacturing Co., Ltd (Japan), Grundfos Group (Demark), and Flowserve
Corporation (U.S.) are the notable players in the global submersible pumps for
mining sector market.
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