Authored By: Sarah
23 Nov 2020

Submersible Pump Market Size to Grow by $ 2.77 bn through 2020-2024 | Forecast and Trend Analysis

Technavio has been monitoring the submersible pump market and it is expected to grow by $ 2.77 bn, accelerating at a CAGR of almost 2% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking View Free Sample Report

Submersible Pump Market: Emerging Trends to Impact Market Growth

Increased demand in wastewater treatment to emerge as a key trend in the industrial submersible pump market. This report provides a detailed analysis of all the trends that are likely to influence the growth of individual segments within the market as well as the overall market in focus. This analysis will enable clients to assess their play in the market and plan for growth opportunities.

Submersible Pump Market to Grow by USD 2.77 Billion During 2020-2024

Submersible Pump Market: Vendor Analysis

The market is fragmented due to the presence of several players. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Atlas Copco AB, Flowserve Corp., General Electric Co., Grundfos Holding AS, Halliburton Co., Multiquip Inc., Schlumberger Ltd., Sulzer Ltd., The Weir Group Plc, and Xylem Inc. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.

Technavio custom reports provide market insights at the global and regional level along with a pipeline analysis of new product launches. It also provides a peek into the latest R&D along with an impact analysis of government regulations.

For more insights into this market:Download a Free Sample Report

Technavio has been monitoring the global submersible pump market and it is expected to grow by USD 2.77 billion accelerating at a CAGR of over 2% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking. Download latest version with COVID-19 analysis Free Sample Report

Submersible Pump Market to Grow by USD 2.77 Billion During 2020-2024

Submersible Pump Market: Segmentation by Type

During 2019, the borewell segment accounted for the major share of the Submersible Pump Market. The growth of the borewell submersible pump segment is primarily driven by the industrial sector, which requires a continuous flow of water for various operations. The low maintenance and adaptability of these pumps in acidic and sandy water conditions make them ideal for industrial applications. Also, the ease of installation because of the compact design makes it easy for end-users to transport, deploy, and dismantle these pumps. Borewell pumps are primarily used in the industrial sector although they are finding applications in domestic water supplies in regions that have water scarcity. These pumps are cost-effective and require lesser time for installation compared with open well submersible pumps. This report provides an accurate prediction of the contribution of all the segments to the growth of the submersible pump market size.

The rapid growth in the construction sector is identified as one of the key factors driving the global submersible pump market growth. Since these pumps are indispensable during construction activities, the growth in the construction activities globally has aided productivity growth in the submersible pump market. Construction activities have increased significantly in developing economies of APAC such as India, China, and countries in South East Asia. The infrastructural development segment received a boost in these countries due to government initiatives such as India’s Make in India and China’s Belt Road Initiative (BRI). The growing construction activities in the emerging economies of South East Asia such as Malaysia, Vietnam, Thailand, Hong Kong, Indonesia, Singapore, and the Philippines will boost the demand for submersible pumps in the next few years.

Submersible Pump Market: Vendor Analysis

The market is fragmented. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Atlas Copco AB, Flowserve Corp. and General Electric Co. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.

Technavio offers custom research reports with detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will help clients keep up with new product launches in direct & indirect COVID-19 related markets. It will also provide insights on upcoming developments along with pipeline analysis of vendor operations and the impact of government regulations.

Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19 Download a Free Sample Report 

 

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