Submersible Pumps Market
– Overview
The expansion of the
mining sector has laid a favorable base for the development of the market for
submersible pumps. Reports that investigate the energy and power industry have
been presented by Market Research Future, which produces reports on industry
verticals that appraise the market expansion and prospects. A value of USD
14,127.2 million is anticipated to boost the market at a CAGR of 5.57 % in the
forecast period.
The demand for rare
minerals in the consumer sector is expected to enhance the submersible pump
market further. Moreover, the constant demand for coal around the world is
anticipated to push the market expansion of the submersible pumps market in the
approaching period.
Segmental Analysis
The assessment of the submersible
pumps market is conducted on the basis of end-use industry, operation, well
type, power rating, and region. Based on the well type, the market for
submersible pumps is segmented into bore well and open well. On the basis of operation,
the market for submersible pumps is segmented into multi-stage and
single-stage. Based on power rating, the submersible pumps market is segmented
into low power, medium power, and high power. By end-use industry, the
segmentation of the submersible pumps market comprises of water and wastewater,
agriculture and irrigation, mining, construction, oil and gas, and others.
Based on the region, the market for submersible pumps is segmented into Europe,
North America, Asia Pacific, and other global regions.
Regional Analysis
The regional review of
the submersible pumps market is segmented into regions such as Europe, North
America, Asia Pacific, and other global regions. The Asia Pacific region is
likely to be the uppermost supplier for the submersible pumps market through
the forecast period due to the increasing offshore search and production
operations in countries such as China. The mounting water and wastewater
industry in countries such as China and India, who are streamlining their water
management procedures while managing the demands of their swelling populations,
is also anticipated to be a topmost driver for the submersible pumps market in
the Asia Pacific region. The Asia Pacific region was accountable for
approximately 42 % of the overall share in the submersible pumps market in
2017.
Competitive Analysis
The geopolitical
conflicts and strategies are further intensified by the power tussles in
international governments. The revolution noticed in the economies of numerous
emerging nations is anticipated to push the market’s development in the
forecast period. The need to stabilize the market conditions is expected to be
a primary concern in the period of the forecast. Also, the consumer trends are
anticipated to boost the market expansion in the coming years. The developments
in the manufacturing sector in terms of equipment and facility space are
expected to bolster the market’s development in the forecast period. The
market’s development is dictated by the influence of market forces at play. The
market is right now experiencing a chapter of dramatic developments. The
formation of beneficial commerce strategies by quite a few countries is
anticipated to amend the market’s growth perspective.
The primary contenders in
the submersible pumps market are Ebara Corporation (Japan), Atlas Copco AB
(Sweden), Flowserve Corporation (U.S.), The Gorman-Rupp Company (U.S.), KSB
Group (Germany), Tsurumi Manufacturing Co. Ltd. (Japan), Xylem (U.S.), The Weir
Group PLC (U.K.), Sulzer Ltd. (Switzerland), and Grundfos (Denmark).
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