Growing demand for submersible pumps from industrial & agriculture sectors to boost global submersible pumps market through 2028
According to TechSci Research report, “Submersible Pumps Market By Type, By Mode of Operation, By Power Rating, By Head, By Sector, By Application, By Region, Competition Forecast & Opportunities, 2028’’, global submersible pumps market is forecast to surpass $ 19 billion by 2028. Submersible pumps push the fluid from submerged position to the surface, and thus are in huge demand in industrial and agricultural sectors. Growing industrialization coupled with huge investments for infrastructure and water treatment developments is expected to increase demand for submersible pumps across the globe during forecast period. Moreover, increasing number of food & beverages, pharma, chemical and other manufacturing units across the world is further expected to positively influence global submersible pumps market during forecast period.
Global submersible pumps market stood at $ 9.9 billion in 2018 and is anticipated to grow at a CAGR of around 7% to reach $ 19.3 billion by 2028, on account of increasing demand for submersible pumps in agriculture sector for irrigation purposes, growing need to treat wastewater generated from industrial sector and declining groundwater levels. Moreover, rising industrialization coupled with huge investments in infrastructure and water treatment development is expected to increase demand for submersible pumps across the globe during forecast period. Growing demand for water in emerging countries such as India and China owing to increasing construction agriculture activities is further expected to boost demand for submersible pumps. Additionally, factors such as increasing investment in oil & gas exploration, real time monitoring of submersible pumps operations and increasing competition leading to low price of submersible pumps would further drive the market over the next five years.
Browse 7 Tables and 108 Figures spread through 110 Pages and an in-depth TOC on “Global Submersible Pumps Market“
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Objective of the Study:
- To describe, examine and forecast global submersible pumps market.
- To provide a detailed analysis of global submersible pumps market on the basis of type, mode of operation, power rating, head, applications and region.
- To determine and forecast the market size, by segmenting the global market into five regions – Asia-Pacific, Europe, North America, Middle East & Africa, and South America.
- To evaluate the demand for submersible pumps in various industry verticals globally such as water & wastewater, mining & construction, chemicals & pharmaceuticals, pulp & paper, food & beverages, energy & power, and others.
- To scrutinize the competitive developments such as new product launches and mergers & acquisitions in global submersible pumps market.
- To provide detailed information regarding the crucial factors influencing the growth of global submersible pumps market.
- To analyze the technical trends of global submersible pumps market.
- To identify and strategically profile the leading players operating in global submersible pumps market.
Based on type, global submersible pumps market has been broadly segmented into three categories, namely, open well submersible pumps, borewell submersible pumps and non-clog submersible pumps. Among these categories, non-clog submersible pumps are the most widely used type of submersible pumps globally owing to their compact size, low noise, easy installation & maintenance and less chance of cavitation damage. Asia-Pacific controlled the largest share in global submersible pumps market in 2018 supported by robust growth of the industrial sector coupled with strong decline in freshwater resources in the region. Increasing applications of submersible pumps in oil & gas industry and growing deep-water exploration activities are other factors that are expected to boost demand for submersible pumps in Asia-Pacific during forecast period. Factors such as demand for wastewater treatment facilities is anticipated to increase in economies such as India and China due to rapid urbanization in these countries.
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“Growing population, increasing demand for food & beverage products and freshwater among consumers is boosting demand for submersible pumps for water extraction and circulation systems across the globe. Moreover, increasing investments in order to modernize the existing water supply coupled with growing applications such as groundwater pumping, subsea operations, etc., would further steer growth in global submersible pumps market during forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Submersible Pumps Market By Type, By Mode of Operation, By Power Rating, By Head, By Sector, By Application, By Region, Competition Forecast & Opportunities, 2028” has evaluated the future growth potential of global submersible pumps market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global submersible pumps market.
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