Industry Highlights:

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 at a CAGR of 5.57% over the forecast period (2018-2023), as per the findings of Market Research Future (MRFR). 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 top 40 mining companies declared a cumulative revenue figure of close to USD 600 billion in 2017, demonstrating the scope for growth in the mining sector. 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.

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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.

Research Methodology:

MRFR’s analysis is based on strenuous examination of data gathered from primary and secondary research, based on years of industry-specific expertise. Detailed information about the market’s present and past movement is used to forecast the market’s future growth trajectory. Varying trends in each region and segment are studied to provide a comprehensive view of the global submersible pumps market.

Submersible Pumps Market Segments Analysis:

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.

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.

By end use, the market is segmented into water and wastewater, agriculture and irrigation, construction, mining, oil and gas, and others.

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Regional Market Analysis

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.

Competitive Analysis:

Leading players in the global submersible pumps market include Xylem (U.S.), KSB Group (Germany), Flowserve Corporation (U.S.), EBARA CORPORATION (Japan), Tsurumi Manufacturing Co. Ltd. (Japan), The Gorman-Rupp Company (U.S.), Atlas Copco AB (Sweden), The Weir Group PLC (U.K.), Sulzer Ltd. (Switzerland), and Grundfos (Denmark).

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