Submersible Pumps Market – Overview
Market Research Future (MRFR) has announced a new release on the global submersible pumps market. The report endeavours to show the inner workings of the market in detail so that readers can formulate winning strategies to succeed in the market. According to the report, the global submersible pumps market is expected to rise from a 2017 valuation of USD 10,204.7 million to a 2023 valuation of USD 14,127.2 million. It can expand at a CAGR of 5.57% during the forecast period (2018-2023).
The increase in mining activities around the world is likely to be a key driver for the global submersible pumps market over the forecast period. The dependence of various high-tech industries such as consumer electronics on rare earth metals is likely to be a major driver for the mining industry in the coming years, as metals such as lanthanum, neodymium, and cerium have taken on a hugely important role in the electronics industry. The steady demand for coal, which remains one of the prime energy resources around the world, is also likely to drive the mining sector in the coming years.
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The reliance on rare earth metals has increased the demand for the submersible pumps market globally. Because the rare earth metals are increasingly used in consumer electronics the demand for rare earth metals is expected to lead to an expansion of the demand of submersible pumps. Furthermore, the stable demand from the mining sector is expected to bolster the demand for the submersible pump market 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.
Competitive Landscape:
- Flowserve Corporation (U.S.),
- Grundfos (Denmark),
- The Gorman-Rupp Company (U.S.),
- Xylem (U.S.),
- EBARA corporation (Japan),
- Tsurumi Manufacturing Co. Ltd. (Japan),
- KSB Group (Germany),
- Sulzer Ltd. (Switzerland),
- Atlas Copco AB (Sweden), and
- The Weir Group PLC (U.K.).
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
By region, the global submersible pumps market is segmented into North America, Europe, Asia Pacific, and the rest of the world.
Asia Pacific is likely to be the leading contributor to the global submersible pumps market over the forecast period due to the growing offshore exploration and production activities in countries such as China. The growing water and wastewater industry in countries such as China and India, who are looking to modernize their water management procedures and manage the demands of their growing populations, is also likely to be major driver for the submersible pumps market in Asia Pacific, which accounted for close to 42% of the global submersible pumps market in 2017.
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