The
Submersible Pumps Market is anticipated to achieve a CAGR of 5.57% while
accumulating revenues worth USD 14,127.2 million in the forecast period. 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
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.
Global Submersible Pumps Market Segmental
Analysis
The
evaluation of the submersible
pumps market research report 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.
Companies Covered
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).
Global Submersible Pumps Market 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.
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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