Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
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.
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. CLICK TO DOWNLOAD SAMPLE REPORT
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.
Overview of the Parent Market
Analyst View
Segmentation
By Regions
Global Submersible Pump Market has been studied on countries and regions like:
Market Dynamics
Supply & Demand Risk
Competitive Landscape
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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