The report "Submersible Pumps Market, By Type (Openwell and Borewell), by Operation (Single-stage and Multi-stage), by Power Rating (Low Power, Medium Power, and High Power), by Industry (Water & Wastewater, Energy & Power, Mining & Construction, and Others), and Region - Global Forecast to 2028". The submersible pumps market size is projected to grow from US$ 9.8 billion in 2018 to US$ 17.5 billion by 2028. The global submersible pumps market is expected to register moderate growth over the forecast period. This is attributed to the increasing infrastructural development activities and introduction of novel and innovative submersible pumps by manufactures for various end-use applications. However, high cost of the submersible pumps is expected to hamper growth of the target market over the forecast period.
Companies operating in the target market can focus on development of submersible pumps that can pump water containing a high concentration of dissolved gases which in turn creates lucrative growth opportunities for new as well as existing players to gain competitive edge.
Key Market Insights from the report:
The global market accounted for US$ 9.8 billion in 2018 and is projected to register a moderate CAGR of 6.1% over the forecast period. The market report has been segmented on the basis of type, operation, power rating, industry, and region.
· By type, borewell segment accounted for major revenue share in 2018. Rapidly growing urbanization and dependency of farmer mainly on groundwater has in turn boosted demand for borewell, thereby driving growth of the target market over the forecast period.
· By operation, the multi-stage submersible pump is expected to register fastest growth over the forecast period.
· By power rating, the high power segment is expected to register highest CAGR over the forecast period.
· By region, Asia-Pacific submersible pumps market accounted for major revenue share of the global market and is further anticipated to maintain its dominance over the forecast period. This is attributed to the presence of major manufacturers, coupled with growing investments by public and private sector for infrastructures development in the region.
Browse 80 market data tables* and 40 figures* through 15s0 slides and in-depth TOC on "Global Submersible Pumps Market” By Type (Openwell and Borewell), by Operation (Single-stage and Multi-stage), by Power Rating (Low Power, Medium Power, and High Power), by Industry (Water & Wastewater, Energy & Power, Mining & Construction, and Others), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa) - Global forecast till 2028
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· In February 2014, for instance, Avantha Group Company Crompton had launched energy efficient pumps to fast track huge energy savings. For the agricultural sector, the company had launched four new premium submersible pumps.
· In June 2011, ShinMaywa (America), Ltd. launched the explosion proof series of non-clog scroll submersible pumps for the North America market. The application of this pump includes raw water transfer in the pump stations, raw water transfer in sewage treatment plants etc.
The prominent player operating in the global submersible pumps market includes Xylem Inc., Sulzer AG, KSB Group, Grundfos A/S, Ebara Corporation, Atlas Copco AB, Flowserve Corporation, General Electric Company, Halliburton Company, and The Gorman-Rupp Company.
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