LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global submersible pump market is growing at a CAGR of close to 6% during the forecast period.
This research report titled ‘Global Submersible Pump Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
The global submersible pump market witnessed a stable growth till 2016, and as estimated, it will gain a good market share during the forecast period. The major contributors to this market are the water and wastewater management plants. There is increased demand for wastewater management, due to the rising rate of urbanization globally. The energy efficiency of submersible pumps makes business owners to implement them in their operations for cost effectiveness. It can be said that the major driver behind such growth of the market is the efficiency of the pumps which adds to saving power and reduced energy bills for the end-users.
This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing
Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free.
Technavio’s heavy industry research analysts categorize the global submersible pump market into the following segments by end-user. They are:
- Water and wastewater management
- Mining and construction
- Petroleum
- Others
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
The top three end-user segments for the global submersible pump market are discussed below:
Water and wastewater management
Water and wastewater management makes maximum use of submersible pumps. Wastewater management is the process of converting wastewater, which is no longer in a condition to be reused, to water which can be reused or returned to the water cycle without any negative impact on the environment. Wastewater treatment involves the removal of impurities from discharged water.
According to Bharath Kanniappan, a lead unit operations research analyst from Technavio, “Wastewater management has become an issue of concern. Rapid industrialization and urbanization increase the demand for water, and the unavailability of freshwater cannot fulfill the rising demand. Moreover, a major challenge faced is the proper disposal of water. Development of infrastructure and growth in high rise buildings result in the reduced availability of free space for wastewater disposal.”
Mining and construction
Mining is a water-intensive activity where water is used for extraction of minerals, such as iron, coal, and other gravels. Water in mining is required for raw water supply, dewatering, acid mine drainage, and leaching. Mining contributes a major part to a country's economic growth. It provides the basic resources, for instance, coal that adds value to a country's economy. Thus, more the requirement for mining activities, leads to more requirement of water driving the global submersible pump market.
“Construction activities are at their peak in developing countries like China and India. These activities require submersible pumps during the constructional period, renovating period, as well as during the completion of construction. In constructional areas, there is high demand for water. On the other hand, buildings, such as hotels and apartments, which have swimming pools require submersible pumps as well.,” adds Bharath.
Petroleum
The petroleum sector is the next major contributor to the global submersible pump market. As there is always a rising demand for oil and gas, this sector will drive the market during the forecast period. There was a sudden decrease in the price of oil, which had a negative impact on the petroleum sector. However, the prices are expected to stabilize eventually and will allow the sector to concentrate more on efficient production.
The global onshore petroleum projects create high demand for submersible pumps. In general, there are more number of onshore projects than offshore projects under progress at present. Thus, the level of oil has lowered, which adds to the demand for the pumps.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Baker Hughes
- General Electric
- Grundfos
- Halliburton
- Schlumberger
Browse Related Reports:
- Global Commercial Air Conditioners Market 2017-2021
- Global Air Handling Unit Market 2017-2021
- Global Industrial Refrigeration Market 2017-2021
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at media@technavio.com.
