Submersible Pump Market Overview:
The global market report
analyzing the Submersible
Pumps Market reveals that the market has a chance of
crossing USD 14,127.2 million by 2023. This increase will be supported by 5.57%
CAGR during the forecast period covering 2018 to 2023.
Market Research Future
(MRFR) includes a proper study of all the factors that can help the market in
increasing its revenue. The market will benefit substantially from the mining
sector. The top 40 companies in the sector had a total revenue figure of around
USD 600 billion in 2017, which shows how much the submersible pumps market can
benefit from it. This would be backed further by the growing demand for rare
metals to support the consumer electronics segment. Its high efficiency in
drawing out fluids is also expected to help the market in its expansion in the
oil & gas exploration sector.
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Global Submersible Pump
Market Segmentation:
The global report with
details of the submersible pumps market includes a proper study of segmentation
that includes operation, power rating, well type, and end-use industry. These
segments provide various records to facilitate the understanding of different
aspects of the market. Data received from these have solid backing from various
scientific methods and established parameters.
By well type, the review
of the submersible pumps market includes a study of an open well and bore well.
By operation, the study
of the submersible pumps market comprises single-stage and multi-stage.
By power rating, the
understanding of the submersible pumps market includes segments like medium
power, low power, and high power.
By end use, the report on
the submersible pumps market includes a study of agriculture and irrigation,
construction, water and wastewater, oil and gas, mining, and others. The water
& wastewater segment is getting huge traction for its rising application
due to rapidly increasing urbanization. The mining industry is also playing a
crucial role in bolstering the demand for the product.
Regional Analysis:
The regional review of
the Submersible
Pumps Industry 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:
Flowserve Corporation
(U.S.), Sulzer Ltd. (Switzerland), Xylem (U.S.), KSB Group (Germany), Tsurumi
Manufacturing Co. Ltd. (Japan), EBARA CORPORATION (Japan), Atlas Copco AB
(Sweden), The Weir Group PLC (U.K.), The Gorman-Rupp Company (U.S.), and
Grundfos (Denmark) are companies with prominent contributions in the global
submersible pump market. These companies and their strategic tools have the
strength to help the market in its evolution. As definitive measures, these
companies are getting involved in procedures including merger, innovation,
research-related funding hike, tie-up, acquisition, branding, the launching of
products, and others. MRFR tracked these steps and recorded them to gauge how
well the market can benefit from these factors and what trends are paving the
way for the market.
Industry News:
The global submersible
pump market found it difficult to move forward during the COVID-19 crisis as
the associated industries got badly hurt by the pandemic. The manufacturing
sector and construction industry, along with mining, witnessed a decline in
revenues due to lockdowns, disruption in the workflow, and others. These
reasons also forced companies to stop their intake of various tools, which
affected the global submersible pump market. Countries, however, are trying to
find alternatives to ensure a proper retracing of the growth trajectory by
relaxing norms and taking other supportive measures. These can help the
submersible pump market to register a gradual growth during the forecast
period.
Access Complete Submersible Pump Market
Research Report at: https://www.marketresearchfuture.com/reports/submersible-pumps-market-1351
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