Submersible pumps are used in pumping fluids while being submerged in oil wells. They utilize a series of impellers that push the fluid progressively towards the top. Submersible pumps present a stark contrast to jet pumps, which pull the fluid out rather than pushing it. As a result, they are more efficient than jet pumps.
The global submersible pumps market is expected to rise from a 2017 valuation of USD 10,204.7 million to a 2023 valuation of USD 14,127.2 million at a CAGR of 5.57% over the forecast period (2018-2023), as per the findings of Market Research Future (MRFR). The increase in mining activities around the world is likely to be a key driver for the global submersible pumps market over the forecast period. The top 40 mining companies declared a cumulative revenue figure of close to USD 600 billion in 2017, demonstrating the scope for growth in the mining sector.
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The dependence of various high-tech industries such as consumer electronics on rare earth metals is likely to be a major driver for the mining industry in the coming years, as metals such as lanthanum, neodymium, and cerium have taken on a hugely important role in the electronics industry. The steady demand for coal, which remains one of the prime energy resources around the world, is also likely to drive the mining sector in the coming years.
The advantages of submersible pumps over conventional jet pumps are likely to result in increasing adoption of the former over the coming years. The higher efficiency offered by submersible pumps makes a real difference in the mining and oil and gas sectors, where drawing out all the fluid from a cavity is a vital process. Submersible pumps are also highly reliable and require very little maintenance, which is a major benefit for all the end users. For wells that are 50 meters or more in depth, they also present the most economical option, making them highly popular in the oil and gas and mining sectors.
The report takes a close look at the segmentation of the global submersible pumps market in order to present a clear view of the granular structure of the market. The leading segments in the global submersible pumps market are highlighted with extensive data mining and research. The key players in the global submersible pumps market are also profiled with a view to explaining the market’s competitive structure and competitive dynamics. The major drivers and restraints affecting the global submersible pumps market are elaborated upon in the report with the help of detailed statistics, along with a study of the macroeconomic and microeconomic factors underpinning the submersible pumps market’s growth. The market is thus analyzed in detail in the report in order to provide readers with a clear idea of where the market stands at present and its subsequent developments over the coming years.
The global submersible pumps market is segmented by well type, operation, power rating, end-use industry, and region. By well type, the market is segmented into open well and bore well. By operation, the market is segmented into single-stage and multi-stage. By power rating, the submersible pumps market is segmented into low power, medium power, and high power. By end use, the market is segmented into water and wastewater, agriculture and irrigation, construction, mining, oil and gas, and others. By region, the submersible pumps market is segmented into North America, Europe, Asia Pacific, and the rest of the world.
MRFR’s analysis is based on strenuous examination of data gathered from primary and secondary research, based on years of industry-specific expertise. Detailed information about the market’s present and past movement is used to forecast the market’s future growth trajectory. Varying trends in each region and segment are studied to provide a comprehensive view of the global submersible pumps market.
Leading players in the global submersible pumps market include Xylem (U.S.), KSB Group (Germany), Flowserve Corporation (U.S.), EBARA CORPORATION (Japan), Tsurumi Manufacturing Co. Ltd. (Japan), The Gorman-Rupp Company (U.S.), Atlas Copco AB (Sweden), The Weir Group PLC (U.K.), Sulzer Ltd. (Switzerland), and Grundfos (Denmark).
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Base Year – 2017
Projection Period – From 2018 to 2023
Market Valuation – USD Million
Water & Wastewater
Agriculture & Irrigation
Oil & Gas
Rest of Europe
Rest of Asia Pacific
The Middle East & Africa
Power and energy associations
State and national regulatory authorities and policy makers
Submersible Pump manufacturers, dealers, and suppliers
Government and research organizations
Industrial Distribution utilities
Companies in energy & power sector
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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
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