The submersible pump market will register a CAGR of close to 4% by 2022.
IoT devices are increasingly being adopted by key-end user industries such as oil and gas for data capture and in-depth monitoring. This have resulted in improved overall performance efficiency for submersible pumps.
The moderate recovery in crude oil prices in 2017 have prompted rig operators and oil producers to focus on the improvement of energy efficiency of oilfields. Pressure, oil viscosity, market prices, and oil well conditions are some of the factors which affect daily oil production.
Several key vendors such as Flowserve, Sulzer, and Grundfos are offering IoT enabled submersible pumps. These devices help in real time data collection and allows remote access and faster troubleshooting of oilfield equipment. Thus, the growing adoption of IoT in oil and gas industry will drive the growth of the submersible pump market during the forecast period.
The construction and renovation sector have witnessed a rapid growth in developed economies such as the US and countries in Western Europe. Emerging economies of the APAC region such as India, China, and South East Asian countries also witnessed significant growth in the construction sector.
Submersible pumps are used to pump water, slurries and wastewater at construction sites. Thus, the increase in construction activities all around the world will boost the growth of the submersible pump market.
- The Weir Group
1. Executive Summary
2. Scope of the Report
3. Research Methodology
4. Market Landscape
5. Market Sizing
6. Five Forces Analysis
7. Market Segmentation by Operation
8. Market Segmentation by Type
9. Customer Landscape
10. Market Segmentation by End-User
11. Regional Landscape
12. Decision Framework
13. Drivers and Challenges
14. Market Trends
15. Vendor Landscape
16. Vendor Analysis
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