In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
August 1, 2017: Ebara Corporation, shipped a double suction single stage vertical suspended submersible motor pump with world-leading output of 3,350 HP for a pump station that supplies water for daily use to Las Vegas, Nevada, U.S.
July 2, 2019: One of the leading global water technology company, Xylem, unveiled the new Flygt N3069 stainless steel submersible pump. This pump is designed to offer next-level customization and durability, and to solve the toughest pumping challenges in complex industrial applications.
Hydraulic submersible pumps are hydraulic turbine-driven downhole pumps that are used for pumping clean or contaminated water and slurry on building sites, in flooded excavations, in cellars and in wells. In this type of pumps, the impeller at top sets the water in a circular movement, which by centrifugal force creates a cone shaped structure, therefore allowing very little contact between the water and the impeller. Such a compact technology helps largely to reduce the wear and tear of the parts inside the pump as compared to other pump types. Hydraulic submersible pumps are designed for dewatering applications, trash-handling, and for pumping dirty liquids. They also serve the purpose for pumping sewage from digester and holding tanks as well as sewer bypass applications.
As the advancement in industry infrastructure is growing at a rapid rate, there is a growing need for hydraulic submersible pumps which helps in treating sewage and waste water and also improves the efficiency in water management processes. The global hydraulic submersible pumps market is anticipated to record a robust CAGR over the forecast period, i.e., 2021-2029. The market is segmented by application into industrial, commercial, municipal, dewatering, and agricultural. Based on this, the segment for industrial is anticipated to hold the leading share in the market on account of wide-scale application in industrial usage such as in sewage, wastewater, and other effluent treatment activities, drainage of water from holes in mining & construction activities, and providing continuous supply of water for various processes.
Huge Demand for Hydraulic Submersible Pumps in Municipalities and Water Management Projects to Boost the Market Growth
According to the United Nations, wastewater treatment plays a major role in meeting the growing demand for water in rapidly expanding cities and in supporting sustainable agriculture. The statistics also stated that 80% of wastewater around the world flowed back into the ecosystem without being treated or reused.
A significant rise in infrastructural developments and urban industrialization globally has resulted in a substantial increase in the requirement of clean and quality water resources by industrial as well as for residential usage, which is raising the need for the deployment of hydraulic submersible pumps. Additionally, on account of rising waste and sewage water, the municipalities are laying emphasis on increasing the capacities of sewage water treatment and drinking water treatment plants. Furthermore, increasing number of deep-water exploration and irrigation activities, strict regulations for wastewater treatment across industries coupled with the government support in several countries is anticipated to significantly expand the hydraulic submersible pumps market. CLICK TO DOWNLOAD SAMPLE REPORT
Flexibility in the Mechanical Characteristics of Hydraulic Submersible Pumps to Drive the Market Growth
The hydraulic submersible pumps help in providing maximum efficiency in pumping different types of materials and are hence widely used to meet various applications such as sewage bypass. Furthermore, this pump is designed to fit through large size manholes and have no suction limitations. They are also well suited for applications where electricity is hazardous and thus are more efficient than constant-speed, generator-driven electric submersibles. Such factors are anticipated to drive the growth of the global hydraulic submersible pump market over the forecast period.
High Maintenance and Operation Costs of Hydraulic Submersible Pumps
Despite the advancing technology in pumps, high maintenance and operation costs associated with hydraulic submersible pumps may negatively affect the market growth. Further, there is also a large replacement cost involved in case of motor failure when compared to the conventional ones which is estimated to hinder the growth of the global hydraulic submersible pumps market in the future.
Our in-depth analysis of the global hydraulic submersible pumps market includes the following segments:
On the basis of regional analysis, the global hydraulic submersible pumps market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market for hydraulic submersible pumps in Asia Pacific is anticipated to hold the largest share in the market on account of the presence of leading market players in the region which manufacture and market hydraulic submersible pumps. Moreover, the advancement in technology and innovation in pumps used in agricultural, industrial, residential and infrastructural development in this region further increases the product demand. Moreover, huge investments made in building city infrastructure, in commercial and domestic water extraction as well as irrigation activities in the region, coupled with the emerging urban development and the expansion in the capacity of water treatment and sewage treatment plants are some of the factors anticipated to raise the demand for hydraulic submersible pumps in the region.
The global hydraulic submersible pumps market is further classified on the basis of region as follows:
Ans: Increasing demand for hydraulic submersible pump from water treatment projects and construction industry is one of the major factors driving the market growth.
Ans: The market is anticipated to attain a robust CAGR over the forecast period, i.e., 2021-2029.
Ans: The major players in the market are EBARA International Corporation, Xylem, SPP Pumps Ltd., Gorman-Rupp Pumps, Hydra-Tech Pumps, Stanley Black & Decker, Inc., Franklin Electric Co. Inc., and others.
Ans: The company profiles are selected based on the revenues generated from segments, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The hydraulic submersible market is majorly segmented by product, impeller, application and by region.
Ans: The industrial segment, which is a sub-segment of the application segment, is anticipated to hold the largest market share during the forecast period.
Ans: Concerns for the high maintenance costs along with the large replacement cost of hydraulic submersible pumps is one of the major factors estimated to act as barriers to the growth of the market.