The global submersible pumps market is currently witnessing strong growth. Looking forward, the market is projected to register a CAGR of around 7% during 2020-2025.
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.
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
How has the global submersible pump market performed so far and how will it perform in the coming years?
What are the key regional markets?
What is the breakup of the market based on the type?
What is the breakup of the market based on the operation?
What is the breakup of the market based on the power rating?
What is the breakup of the market based on the application?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global submersible pump market and who are the key players?
What is the degree of competition in the industry?
Key Topics Covered
2 Scope and Methodology
3 Executive Summary
4 Introduction 4.1 Overview 4.2 Key Industry Trends