Submersible
Pumps For Mining Sector Market Analysis
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 Submersible
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.
Submersible
Pumps For Mining Sector Industry 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.
Related Reports:
No comments:
Post a Comment