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.
Submersible pump system is the most effective mechanical device to pump fluid to the surface; these have a wide range of application in oil and gas plants, water treatment plants due to its high efficiency, low-cost and maintenance, and low space requirement. Submersible pumps is the most attractive product in oil field lift systems due to its high volume efficiency and resistance to pump cavitation which is caused by high elevation difference between the pump and the fluid surface. Most of the countries are going through the shortage of drinking water due to the excessive wastage of ground water, government of these countries are now concerned about recycling of waste water to meet the upcoming demand and this will further propel the demand of submersible pumps over the forecast period.
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The Global submersible pump market is anticipated to reach USD 12.5 billion in 2023 witnessing a CAGR of 5.5% over the forecast period 2015-2023. 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.
The 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. This can be attributed to the reauthorization of Safe water drinking act, 1996 this will facilitate the establishment of advanced water and wastewater industry in the United States. Further, increasing population and rapid urbanization has resulted into the high demand of water supply in residential as well as commercial sector, vendors are investing a huge amount of capital to fulfill the increased demand of water supply in these sectors and further this will fuel the growth of pump industry in the coming 5-6 years.
On the basis of components used in structural monitoring systems, the market can be segmented into following categories:-
On the basis of operating voltages of the pumps, the market can be segmented into following categories:-
Submersible pumps find wide range of application in end use industry, the market can be segmented into following categories:-
Global Submersible Pump Market is further classified on the basis of region as follows:
The boost in the submersible pump industry is because of the growing environmental concerns, government initiative to recycle the waste water to over the shortage of drinking water and huge investment of government as well as vendors to develop infrastructure for waste water management and safe drinking water. Environment legislation that has forced manufactures to produce energy-efficient pumps and this will further propel the growth of submersible pump market over the forecast period.
Growth in the infrastructure development due to rapid urbanization in the developing countries such as India and China this will further attract international process manufacturing organizations to set up their plants in these countries that will further boost up the demand of submersible pumps.
Increasing subsea operations and deep water exploration activities in oil and gas industry, increasing sewage treatment & other effluent management activities will further expand the submersible pump market across the globe, however factor like high operational and maintenance cost, high-cost of product are some factors that can restraint the market growth over the forecast period.