Submersible Pumps Market – Overview
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 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.
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.
Competitive Analysis
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).
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