Submersible Pumps Market: 2021 COVID-19 Impact In-Depth Analysis & Global Forecast to 2023
Market Highlights:
Market
Research Future (MRFR) has announced a new release on the global submersible
pumps market. The report endeavors 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
growing demand for offshore exploration and subsea production activities in the
oil and gas sector is likely to be a major driver for the global submersible
pumps market over the forecast period. The falling levels of onshore oil and
gas reservoirs have led to an increased interest in offshore exploration and
production. The increasing profitability of offshore ventures has led to a
steady rise in government as well as private funding for the sector, resulting
in a growing demand for accessories such as submersible pumps. This is likely
to be a major driver for the global submersible pumps market over the forecast
period.
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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Segmentation:
The
global submersible pumps market is segmented by well type, operation, power
rating, end-use industry, and region.
By
well type, the market is segmented into open well and bore well. The bore well
segment is expected to exhibit the dominant share in the global submersible
pumps market over the forecast period. The bore well segment accounted for
close to 66% of the global submersible pumps market in 2017 and is likely to
remain similarly dominant over the forecast period and beyond.
By
operation, the market is segmented into single-stage and multi-stage.
Multi-stage configurations accounted for a majority share of more than 68% in
the market in 2017 and are likely to remain the dominant contributor to the
market over the forecast period.
By
power rating, the submersible pumps market is segmented into low
power, medium power, and high power. The high power segment accounted for the
highest share in the global market in 2017 and is likely to remain a major
contributor over the forecast period. The high power segment accounted for 41.46%
of the global submersible pumps market in 2017.
By end
use, the market is segmented into water and wastewater, agriculture and
irrigation, construction, mining, oil and gas, and others. The water and
wastewater industry is likely to remain the leading end-use segment of the
global submersible pumps market over the forecast period, having accounted for
39.85% of the market in 2017.
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.
Competitive Landscape:
Leading
players in the global submersible pumps market include 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.).
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Report Details @
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About Market Research Future:
Market Research Future (MRFR) is a global market research firm
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client with a comprehensive understanding of the current key trends, upcoming
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