The subsea production activities have created a substantial impetus for the development of the submersible pumps. Reports that appraise the energy and power industry have been made accessible by Market Research Future which generates reports on several industry verticals that analyze the market growth and prospects. The market is anticipated to achieve a CAGR of 5.57% while accumulating revenues worth USD 14,127.2 million in the forecast period.

The reliance on rare earth metals has increased the demand for the submersible pumps market globally. Because the rare earth metals are increasingly used in consumer electronics the demand for rare earth metals is expected to lead to an expansion of the demand of submersible pumps. Furthermore, the stable demand from the mining sector is expected to bolster the demand for the submersible pump market in the forecast period.

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Segmental Analysis

The evaluation of the submersible pumps market is carried out on the basis of operation, well type, end-use industry, power rating, and region.

Based on the well type, the submersible pumps market is segmented into bore well and open well.

Based on operation, the submersible pumps market is segmented into multi-stage and single-stage.

On the basis of power rating, the submersible pumps market is segmented into medium power, low power, and high power.

The segmentation of the submersible pumps market by end use industry comprises of agriculture and irrigation, water and wastewater, construction, oil and gas, mining, and others.

Based on the region, the submersible pumps market is segmented into Europe, North America, Asia Pacific, and the rest of the world.

Regional Analysis

The regional assessment of the submersible pumps market is segmented into regions such as Europe, North America, Asia Pacific, and the rest of the world.

The Asia Pacific region is expected to be the top contributor for the submersible pumps market throughout the forecast period owing to the expanding offshore search and production activities in nations such as China. The growing water and wastewater industry in nations such as China and India, who are modernizing their water management procedures while overseeing the demands of their mounting populations, is also expected to be a chief driver for the submersible pumps market in the Asia Pacific region. The Asia Pacific region was accountable for up to 42 % of the submersible pumps market in 2017.

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Prominent Players:

The principal companies in the submersible pumps market globally comprise of KSB Group (Germany), Ebara Corporation (Japan), Flowserve Corporation (U.S.), The Gorman-Rupp Company (U.S.), Xylem (U.S.), Atlas Copco AB (Sweden), The Weir Group PLC (U.K.), Sulzer Ltd. (Switzerland), Tsurumi Manufacturing Co. Ltd. (Japan), and Grundfos (Denmark).

Industry Updates:

Mar 2019 A Denmark-based pump producer, Grundfos recently stated that it is doing efforts to come up with an inexpensive innovation for the groundwater market in the nation. The company states that products like water treatment solutions and solar-powered pumps have an immense possibility in India. Moreover, the company also noted that the solar-powered submersible products, as well as water distribution and water treatment solutions, have vast prospects in India.

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