Submersible Pump Market to Reach USD 20.58 Million by 2026; Growing Environmental Concerns to Bolster Growth, states Fortune Business Insights™
Key Companies Covered in Submersible Pump Market Research Report are Crompton Greaves Consumer Electricals Limited (India), Sulzer (Switzerland), Pedrollo S.p.A. (Italy), ZUWA-Zumpe GmbH (Germany), Weatherford (U.S.), Homa Pumpenfabrik GmbH (Germany), Xylem Inc. (U.S.), Kirloskar Brothers Limited (India), oddesse Pumpen- Und Motorenfabrik GmbH (Germany), Zoeller Company (U.S.), KSB Company (U.S.), Quadt Kunststoffapparatebau GmbH (Germany), Multiquip Inc. (U.S.), TSURUMI PUMP (Japan), Hitachi America (U.S.), GRUNDFOS (Denmark), Caprari (Italy)
Pune, March 27, 2020 (GLOBE NEWSWIRE) -- The global submersible pump market size is predicted to reach USD 20.58 million by 2026, exhibiting a CAGR of 6.0% during the forecast period. The growing concerns regarding environment will subsequently aid the development of the submersible pump market during the forecast period. Moreover, the rising emphasis regarding wastewater discharges will fuel demand for submersible pump, which in turn will boost the submersible pump market trends. In addition, the growing focus of key players towards enhancing and improving the operational performance of submersible pump will aid expansion of the market during the forecast period. For instance, in May 2019, Caprari, a world leader in pumps and centrifugal electric pumps announced to increase the operational performance of its submersible motor’s portfolio called MAC series. The improvement is achieved by using High Thrust (HT) bearings in the units to increase axial load resistance and durability of the products.
According to the report, published by Fortune Business Insights, titled “Submersible Pump Market Size, Share and Industry Analysis, By Capacity (Low, Medium, High), By Pump Type (Electrical Submersible Pumps, Grinder Pumps, Effluent Pumps, Bilge Pumps, Others), By End-User (Residential & Commercial, Water & Wastewater, Mining, Agriculture, Oil & Gas, Chemicals, Construction, Others) and Regional Forecast, 2019-2026” the market size stood at USD 12.95 billion in 2018. The submersible pump market size encompasses a complete assessment of the market. It contains facts, thoughtful insights, historical information, industry-validated market information, and projections with a suitable set of assumptions and methodology. It offers valuable insights into all the notable developments of the market. It shares a complete overview of all the segments and parts of the market and also provides statistical data on all the regions. It is created after extensive research followed by an all-encompassing analysis to benefit companies, stakeholders, financers, and potential investors. Moreover, it also includes product launches, acquisitions, collaborations and partnerships, and industry developments.
Launch of UPA S 200 by KSB Group to Stimulate Market Growth
The KSB Group, a global supplier of pumps, valves and systems announced that it will unveil of its new UPA S 200 submersible borehole pump, designed for water supply, irrigation, groundwater management and pressure boosting applications, at this year’s IFAT trade fair, which is due on 7–11 September 2020. The announcement of KSB Group is likely to spur sales opportunities for the submersible pump market owing to its efficiency and hydraulic design, metal casing wear rings and silicon carbide bearings, leading to low energy consumption even when there is high grit contents in the fluid handled.
Furthermore, the rising utilization of submersible pumps oil & gas production will boost the submersible pumps market growth during the forecast period. The surge in exploration actives for oil and gas will spur business opportunities for the market, states our lead analysts at Fortune Business Insights. For instance, in February 2020, the U.S. Energy Information Administration (EIA) projected that the global petroleum and liquid fuel demand is set to increase by over 1.3 billion million barrels per day (BPD) in 2020, resulting in 101.97 BPD by the year-end.
Rising Mining and Construction Activities to Propel Market in North America
The market in North Americaa generated a revenue of USD 4.22 billion in 2018. The growth in the region is attributed to growing mining and construction activities. Additionally, the rising extraction of hydrocarbons from conventional and unconventional reserves will aid the market in North America. Moreover, the surge in chemical production will also spur opportunities for the market in North America. Likewise, the growing exploration activities for oil and gas will enable growth in the market. Asia Pacific is predicted to grow rapidly owing to the surge in construction industry in the developing countries.
List of Key Companies Operating in the Submersible Pump Market are
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