According to the latest report by IMARC Group, titled “Submersible Pumps Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global submersible pumps market size reached US$ 10.7 Billion in 2019. Also known as an electric submersible pump (ESP), a submersible pump is designed for being immersed in a well, tank or container. It pushes water to the surface from its submerged position by converting rotary energy into pressure energy. Its motor is encased in oil-filled compartments that do not have contact with the substance they are pumping. It is efficient, conserves energy and prevents the formation of vapor cavities in a liquid. Consequently, it finds application in irrigation, water treatment and oil extraction across the globe.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Submersible Pumps Market Trends:
The market is experiencing growth on account of the escalating demand for oil and gas in the industrial, transportation and residential sectors across the globe. Due to a significant decline in the availability of oil reserves, there is a rise in the utilization of submersible pumps to conduct extraction activities in deep-sea reserves. Moreover, a surge in the demand for efficient wastewater and sewage management systems is strengthening the market growth. Apart from this, governments of numerous countries are implementing policies to recycle wastewater, manage sewage and provide safe drinking water on account of the growing environmental concerns. Furthermore, the increasing utilization of the Internet of Things (IoT) for in-depth monitoring, data capturing, and remote access are impacting the market growth positively. Looking forward, the market value is projected to grow at a CAGR of 7% during the forecast period (2020-2025).
- Based on the type, the market has been segmented into open well, borewell and non-clog.
- On the basis of the operation, the market has been bifurcated into single and multi-stage.
- The market has been analyzed on the basis of the power rating into low, medium and high.
- Based on the application, the market has been segregated into water and wastewater, mining and construction, pulp and paper, energy and power, food and beverages, chemicals and pharmaceuticals, and others.
- Region-wise, the market has been classified into North America (the United and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others); Europe (the United Kingdom, Germany, France, Italy, Spain, Russia and others); Latin America (Brazil, Mexico and others); and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Atlas Copco Group, Flowserve Corporation, Grundfos Holding A/S, ITT Goulds Pumps, Inc., Kirloskar Brothers Limited, KSB SE & Co. KGaA, Schlumberger N.V., Sulzer Ltd., Weir Group Plc., Wilo SE and Xylem Inc.
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