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.
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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
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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.
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
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