Growth opportunities in the submersible pumps market look promising over the next six years. This is mainly due to continuous industrial development, the rapid increase in the urban population, rising incidences of motor failure, and the growing population rate.
Submersible Pumps Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The ongoing industrial expansions throughout the world accompanied by the accelerating population rate are the prominent drivers contributing to the growth of the global submersible pumps market. Also, the rising investments in the oil and gas projects, primarily in the GCC region, will result in enormous growth opportunities, thereby strengthening the market size. End-Users across the nation are looking for improved pumps with sleek designs and better functionality which is a major factor encouraging the manufacturers to indulge in research and development activities for product innovation, further promoting the market growth. Moreover, growing urbanization coupled with the increasing occurrence of motor failure is supplementing the market growth. However, the high cost associated with these pumps will adversely affect the market growth.
Application Segment Drivers
Based on the Application, the market is segmented into the industrial, agricultural, and domestic sectors. Amongst which, the industrial segment is projected to witness a higher CAGR over the forecast period. This is due to the augmenting acquisition of these pumps in different verticals such as sewage treatment, wastewater, draining out water from holes in construction, and mining activities. Moreover, the fuelling number of subsea operations and deepwater exploration activities will promote the market demand.
Industry Segment Drivers
Based on the Industry, the mining & construction segment is expected to dominate the market over the forecast period because of the enlargement in the construction activities. Countries such as UAE and Saudi Arabia are emphasizing infrastructural development, like the Smart city project, to enhance the life quality of their citizen. These factors together are propelling the construction activities, thereby raising the market growth. The submersible pump is extensively used to pump excess water from construction sites.
Regional Drivers
Based on regional coverage, Asia-Pacific is predicted to expand at a faster CAGR during the forecast period. This is primarily due to the swift boost in population, majorly in India, Indonesia, and China. The growth in the various sectors, which include the agricultural and industrial sectors, and the increasing expenditure on infrastructural development in the evolving economies will contribute to the market growth.
Submersible Pumps Market’s leading Manufacturers:
- Halliburton and The Gorman-Rupp Company
- Flowserve Corporation
- Ebara Corporation
- KSB Group
- Xylem Inc.
- General Electric Company
- Atlas Copco
- Grundfos Group
- Sulzer Ltd.
Submersible Pumps Market Segmentation:
Segmentation by Type:
- Openwell
- Borewell
Segmentation by Operation:
- Single Stage
- Multi Stage
Segmentation by Application:
- Agricultural Sector
- Industrial Sector
- Domestic Sector
Segmentation by Power Rating:
- Low Power
- Medium Power
- High Power
Segmentation by Industry:
- Water& Wastewater
- Energy & Power
- Mining & Construction
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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