(MENAFN- America News Hour) The global submersible pump market is segmented into product type such as non-clog submersible pump, open well submersible pump and bore well submersible pump. Among these segments, open well submersible pump segment is expected to occupy top position in overall submersible pump market during the forecast period. The demand for open well submersible pump is increasing on the back of factors such as increasing adoption of these pumps in the agricultural sector. Further, agriculture sector is witnessing significant boost in the developing countries such as China, India and others. This factor is anticipated to provide a robust growth in the demand for open well submersible pump market.
Global submersible pump market is expected to flourish at a significant CAGR of 5.5% during the forecast period. Moreover, the global submersible pump market is expected to garner USD 12.5 Billion by the end of 2023.Increasing agriculture activities and favorable government initiatives to boost the agriculture is believed to propel the growth of the submersible pump market during the forecast period. Further, factors such as heavy utilization in various industries and advancement in technology are expected to intensify the growth of the submersible pump market during the forecast period.
Asia Pacific dominated the global submersible pump market in 2016 and is projected to continue its dominance during the forecast period. Growth in the agricultural activities in the region is expected to help Asia Pacific to maintain its dominance during the forecast period. Moreover, growing industrialization in the region is expected to propel the growth of the submersible pump in the region. North America is expected to make significant contribution to the growth of the global submersible pump market.
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Increasing adoption by Farmers and Industries
With the development and rising investment in agricultural sector in the developing nations, the adoption for submersible pumps in the agricultural sector is high. Moreover, increasing demand from wastewater treatment industries is also expected to propel the growth of submersible pump market over the forecast period.
Government policies and funding for wastewater systems is expected to intensify the demand for submersible pump during the forecast period. Moreover, development of energy efficient submersible pumps by key manufacturers such as Kirloskar Brothers Ltd. is anticipated to strengthen the growth of the market during the forecast period.
Although, low quality offerings by local manufacturers and high-power consumption are some of the factors is likely to dampen the growth of submersible pump market during the forecast period.
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Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter's five force model.
This report also provides the existing competitive scenario of some of the key players of the global submersible pump market which includes company profiling of Kirloskar Brothers Limited, The Weir Group PLC, Sulzer Ltd., Ruhrpumpen Group, WILO SE, Ebara Corporation, KSB AG, Flowserve Corporation, Xylem Inc. and GRUNDFOS. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the Global submersible pump market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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