Regionally, the submersible pump market is segmented into North America, Europe, Asia-Pacific and Rest of World (ROW). Among these, Asia-Pacific is anticipated to witness a significant growth and occupy the largest share of the submersible pump market by 2021.
Globally, the submersible pump market is anticipated to reach USD 12.5 Million by the end of 2020 witnessing a compound annual growth rate of 5.5% over the period of forecast. The rapid expansion of the market is attributed to the increasing demand of submersible pumps in oil and gas industry and favorable government regulation towards the establishment of water and waste water management plants and this will further propel the demand of submersible pumps across the globe.
Asia-Pacific accounted for the highest percentage share of 42% to the global market in 2014, however the market is estimated to reach USD 2.8 billion by 2016. This can be attributed to various factors such as growing urbanization, rapid growth in industrialization, increasing population and emerging economy of developing nations such as India, China and Japan. North America market is anticipated to reach USD 2 billion by the end of 2023 witnessing a compound annual growth rate of 5.5% over the period of forecast.
Increasing Population and Urbanization: Uplift
Increasing Population and Urbanization of developing countries will further increase the demand of water supply for household utility, the government of these countries are concerned about the shortage of water supply and this will result into the establishment of advanced water and waste water treatment plants boosting the submersible pump market over the forecast period
Growing Environmental Concerns: Impetus
Excessive wastage of ground water has raised the environmental concern across the globe. Research studies shows that only 8% of the total water usage is recycled for reuse resulting into the disturbance of ground water table. Now government has taken the initiatives and new environmental legislations has forced manufactures to produce energy-efficient pumps and this will further propel the growth of submersible pump market over the forecast period.
The report titled “Global Submersible Pump Market Outlook 2023” delivers detailed overview of the submersible pump in terms of market segmentation by regions, by types, by applications.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the submersible pump industry which includes company profiling of Xylem Inc (U.S), Sulzer AG (Switzerland), KSB Group (Germany), Ebara Corporation (Japan) etc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview on the global submersible pump market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
To know more about this research, kindly visit https://www.researchnester.com/reports/submersible-pump-market-global-demand-growth-analysis-opportunity-outlook-2023/198