The global submersible pumps market is currently witnessing strong growth. A submersible pump is a mechanical device that is completely submerged to pump fluids to the surface. It consists of an end-suction pump with a submersible motor, which is covered with a water-cooled jacket to provide cooling and circulate the fluid around the motor. Bladder, grinder, well, borehole, fountain and utility pumps are some of the most commonly available types of submersible pumps. These pumps are highly energy-efficient and are extensively utilized for irrigation, water treatment and oil extraction.
The continually rising demand for oil and gas from industrial, transportation and residential sectors is one of the major factors driving the market growth. Owing to a substantial decline in the availability of oil reserves across the globe, there has been a widespread adoption of submersible pumps to conduct extraction activities in deep-sea reserves. Furthermore, the growing demand for efficient wastewater and sewage management systems is also providing a boost to the market growth. Resulting from industrial developments and increasing environmental concerns, governments of both the developed and emerging nations are implementing policies to recycle wastewater, manage sewage and provide safe drinking water. Additionally, the increasing usage of the Internet of Things (IoT) for in-depth monitoring, data capturing, and remote access are impacting the market positively. Other factors, including increasing mining activities, along with advancements in pump and motor designs resulting in lightweight product variants with enhanced operational efficiencies, are also projected to drive the market further. Looking forward, IMARC Group expects the market to register a CAGR of around 7% during 2020-2025.
Breakup by Type:
Breakup by Operation:
Breakup by Power Rating:
Breakup by Segments:
Breakup by Application:
Breakup by Region:
The competitive landscape of the industry has also been examined with some of the key players being Atlas Copco, Flowserve Corporation, Grundfos Holding A/S, ITT Gould’s Pumps Inc., Kirloskar Brothers Limited, KSB Aktiengesellschaft, Schlumberger, Sulzer AG, Weir Group Plc., Wilo SE, Xylem Inc., etc.
Key Questions Answered in This Report:
The global submersible pumps market was worth around US$ 10.7 Billion in 2019.
According to the estimates by IMARC Group, the global submersible pumps market will exhibit moderate growth during the next five years.
The growing utilization of submersible pumps in numerous oil and gas, irrigation, and water treatment activities represents one of the key factors impelling the global submersible pumps market growth.
The increasing utilization of the Internet of Things (IoT) for in-depth monitoring, data capturing, and remote access of submersible pumps represents one of the key trends in the submersible pumps market.
With the sudden outbreak of the COVID-19 pandemic, in early 2020, there is a decelerating demand for submersible pumps in the oil & gas industry, along with temporary halt in construction activities leading to cancellation of several contracts for submersible pumps.
On the basis of the type, the market has been bifurcated into open well, borewell and non-clog, where borewell accounts for the largest market share.
On the basis of the operation, the market has been bifurcated into single stage and multi-stage operations.
Based on the power rating, the market has been segmented into low, medium, and high, where medium power rating holds the largest market share.
On the basis of the segments, the market has been bifurcated into electric, hydraulic, dewatering, and borewell, where electric accounts for the largest market share.
On the basis of the application, the market has been bifurcated into water and wastewater, mining and construction, pulp and paper, energy and power, food and beverages, chemicals and pharmaceuticals, and others. In this segment, water and wastewater holds the largest market share.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where Asia Pacific dominates the global market.
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