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.
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