A submersible pump, also known as an electric submersible pump, refers to a pump that can be fully submerged into water and has a hermetically sealed motor close-coupled to the pump body. The submersible pump prevents pump cavitation and is more efficient as compared to the jet pumps. These pumps push water to the surface through the process of converting rotary energy into kinetic energy and then into pressure energy. There are two types of submersible pumps available in the market, including the openwell and borewell submersible pumps.
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The key drivers propelling the growth of the global submersible pumps market include the continuous industrial development at the global level, followed by the rising population rate. The growing investments in the oil & gas projects, especially in the GCC region, is creating innumerable growth opportunities in the coming years. The end-users across the world are seeking for advanced pumps with sleek designs and optimal functionality. This factor is encouraging the manufacturers to invest in the R&D activities for product innovation, thereby strengthening the market growth. In addition to this, the rapid increase in the urban population, along with rising incidences of motor failure, will further complement the submersible pumps market globally. The submersible pump offers an energy saving feature and creates lesser noise as compared to the ordinary pumps. On the other hand, the high cost of these submersible pumps is likely to have a negative impact on the growing demand of the market.
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Various notable players are operating in the global submersible pumps market, including Xylem Inc., Sulzer Ltd., KSB Group, Grundfos Group, Ebara Corporation, Atlas Copco, Flowserve Corporation, General Electric Company, Halliburton and The Gorman-Rupp Company, among others.
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The global Submersible Pumps market has been segmented on the basis of type, operation, application, power rating, industry and region. Based on type, the market is segmented into openwell and borewell. Based on operation, the market is segmented into single stage and multi stage. Based on application, the market is segmented into agricultural sector, industrial sector and domestic sector. Based on power rating, the market is segmented into low power, medium power and high power. Based on industry, the market is segmented into water & wastewater, energy & power, mining & construction and others.
Key questions answered in this research report:
- At what pace is global submersible pumps market growing? What will be the growth trend in the future?
- What are the key drivers and restraints in submersible pumps market? What will be the impact of drivers and restraints in the future?
- What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global submersible pumps market?
- Which type generated maximum revenues in 2019 and identify the most promising type during the forecast period?
- What are the various application areas of global submersible pumps market and how they are poised to grow?
- What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?
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