Submersible Pumps Market Research Report: by Industry (Water & Wastewater, Oil & Gas, Agriculture & Irrigation, Construction, Mining, Others), by Well Type (Bore Well, Open Well), by Operation (Multi Stage, Single Stage), by Power Rating (High Power, Medium Power, Low Power), and Region - Forecast to 2023
Market analysis
Submersible pumps are utilized in siphoning liquids while being submerged in oil wells. They use impellers that push the liquid dynamically towards the top. The expansion in mining activities all around the world is probably going to be a key driver for the global submersible pumps market over the forecast period. The benefits of submersible pumps over the customary jet pumps are probably going to bring about expanding adoption of the former framework over the coming years. The higher proficiency offered by submersible siphons has a genuine effect in the mining and oil and gas segments, where drawing out all the liquid from a cavity is a fundamental procedure. Submersible pumps are likewise exceedingly utilized by all the major end-users. By the year 2023, the market is expected to reach the vaue of SD 14,127.2 million by augmenting at a CAGR of 5.57% during the forecast period (2018-2023).
Market segmentation
The global submersible pumps market based on its well type, is bifurcated into bore well and open well. On the basis of its operation, the market is segmented into multi-stage and single-stage. Based on its power rating, the market is divided into medium power, low power, and high power. On the basis of its end user, the market is segmented into agriculture and irrigation, water and wastewater, construction, oil and gas, mining, and others.
Regional analysis
Geographically, the global submersible pumps market is divided into global regions like Europe, North America, Asia- Pacific, Middle East, LATAM, and Africa.
Major players
The Weir Group PLC (U.K.), Sulzer Ltd. (Switzerland), and Grundfos (Denmark), Tsurumi Manufacturing Co. Ltd. (Japan), EBARA CORPORATION (Japan), Atlas Copco AB (Sweden), among others are some of the major players in the global submersible pumps market.
