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.
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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).
Industry Updates:
Oct 2019 Atlas Copco Power Technique revealed three novel electric submersible pumps intended explicitly for drainage and sludge pumping uses. The WEDA S60 and S30 pumps are sludge/trash pumps, whereas the WEDA D80 is a drainage pump. The WEDA pumps are 15 to 30 percent less heavier and use up to 20 percent less energy than comparable models.
Mar 2019 A Denmark-based pump producer, Grundfos recently stated that it is doing efforts to come up with an inexpensive innovation for the groundwater market in the nation. The company states that products like water treatment solutions and solar-powered pumps have an immense possibility in India. Moreover, the company also noted that the solar-powered submersible products, as well as water distribution and water treatment solutions, have vast prospects in India.
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