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.
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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.
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.
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.
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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