The mining industry faces a lot of technical challenges in its operations. The extraction and processing of minerals require robust and efficient equipment. Pumps form an indispensable part of the mining process as they are essential for nuisance-free extractions and the mining sector heavily relies upon submersible pumps for the same.
Submersible Pumps for Mining Sector Market is expected to grow at CAGR 5.38% from 2017 to 2023. Submersible pumps in the mining sector are used for water procurement, dewatering, and distribution. Regulation of water is one of the most common problems in the mining industry due to mine dewatering practices are compulsory for the prevention of hazards. Submersible pumps are leveraged to remove unnecessary water, which generates substantial demand within the market.
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Rapid industrialization across the globe has accelerated mining and exploration activities across the globe, which has fostered the growth of the submersible pumps for the mining sector.
Product development by market players along with the expansion of existing product lines has made submersible pumps available in various designs as well as diverse configurations which can withstand extreme conditions have further boosted the growth of the market. Moreover, manufacturers are increasingly developing energy efficient, reliable pumping stations which adhere to environmental standards and regulations generate further demand within the market.
Contrarily, the market growth might be hindered by the high cost of submersible pumps, high cost of motor failure and troubleshooting, and the availability of substitutes.
- Sulzer Ltd (Switzerland),
- Xylem Inc. (U.S.),
- Ebara Corporation (Japan),
- The Weir Group Plc. (Scotland),
- Atlas Copco AB (Sweden),
- The Gorman-Rupp Company (U.S.),
- KSB Aktiengesellschaft (Germany),
- Tsurumi Manufacturing Co., Ltd (Japan),
- Grundfos Group (Demark), and
- Flowserve Corporation (U.S.)
The submersible pumps for mining sector market has been segmented based on well type, pump stage, and power ratings.
By well type, the submersible pumps for mining sector has been segmented into bore well and open well. The bore well segment dominated the market in 2016 with a share of 65.9% and is estimated to expand at a CAGR of 5.38% over the forecast period.
By pump stage, the submersible pumps for mining sector has been segmented into multistage and single stage. The multistage segment accounts for the foremost share of the market and is likely to expand at a CAGR of 5.51% over the forecast period.
By power ratings, the submersible pumps for mining sector has been segmented into high power, low power, and medium power. The high-power segment is the largest segment and is expected to capture the highest CAGR of 5.66% over the forecast period.
Region-wise, the submersible pumps for mining sector market has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).
The APAC is the largest submersible pumps for mining sector market and is likely to dominate the global market throughout the forecast period. The market growth can be credited to the continuous demand generated by the mining and sludge treatments sector. Fast track industrialization has further supported the growth of the mining industry, which has further
boosted the growth of the market. In 2016, China held the largest share of 33.59% of the market, with a valuation of USD 208.6 Mn. China is projected to capture the highest CAGR of 6.41% over the forecast period. Furthermore, the economic upturn in the emerging economies of the region has greatly influenced the growth of the mining industry in the region, which has favored the growth of the APAC submersible pumps for mining sector market.
The market growth in the developed regions such as North America and Europe is not as impressive as in the emerging economies, although these markets account for a significant share of the market.
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