(MENAFN- GetNews) Increasing investments in construction industry attributing to rapid urbanization, and high demand for submersible pumps in the agricultural sector are the key factors driving the growth of the submersible pumps market.
According to the new market research report “Submersible Pumps Market by Type (Electric, Hydraulic, Air-Driven), Application (Open Pit, Borewell), Operation (Single-stage, Multi-stage), Power Rating (15 HP), Sector (Industrial, Agricultural, Domestic), Region – Global Forecasts to 2025″ , The submersible pumps market is projected to reach USD 15.5 billion by 2025 from an estimated USD 11.2 billion in 2020, at a CAGR of 6.7% during the forecast period. High demand for submersible pumps in agricultural sector, and increasing investments in construction industry attributing to rapid urbanization are the key factors driving the growth of the submersible pumps market. Likewise, adoption of solar-powered submersible pumps, and the upgradation of aging and construction of new water & wastewater treatment facilities are expected to offer lucrative opportunities for the submersible pumps market during the forecast period.
Download PDF Brochure @
Asia Pacific is expected to grow at the highest CAGR during the forecast period. Asia Pacific region has been segmented, by country, into China, India, Australia, Indonesia, Japan, and Rest of Asia Pacific. Rest of Asia Pacific includes Malaysia, Thailand, Philippines, and South Korea. According to the World Bank, Asia Pacific is the fastest-growing region in the world, experiencing continued economic growth. The International Monetary Fund (IMF) has deemed China and India to be two of the fastest-growing economies in the world. This is expected to increase industrial activities and population, which will, in turn, play a significant role in driving the demand for water & wastewater treatment plants and further boost the submersible pumps market in the region.
The submersible pumps market, by operation, is segmented into single-stage and multi-stage. The single-stage segment is projected to grow at the highest CAGR from 2020 to 2025. The reliability and low maintenance costs of single-stage pumps in applications with moderate dynamic heads such as water pumping stations, which are some of the most common applications of submersible pumps, are expected to boost their demand for single-stage pumps across the globe.
The report segments the submersible pumps market, by application, into open-pit and borewell. Open-pit pumps are generally used in open tanks, reservoirs, containers, and water bodies. Open pit submersible pumps are expected witness the highest demand from industrial applications, particularly from the water supply and treatment sector, as well as the mining and construction industries, where they play an important role in dewatering open pits.
Request Sample Pages @
On the basis of sector, the submersible pumps market is segment three major sectors, namely, industrial, agricultural, and domestic. The industrial sector has been classified into four sub-segments: water & wastewater, mining & construction, energy & power, and others (pulp & paper, chemical & pharmaceutical, and food & beverage). The submersible pumps market is expected to witness most of its demand from the industrial sector in the next 5 years, especially from Asia Pacific, which is quickly becoming the center of global economic growth in terms of production as well as consumption.
Browse related reports:
Centrifugal Pump Market by Type (Overhung Impeller, Vertically Suspended, Between Bearing), Operation Type (Electric, Hydraulic, Air Driven), Stage (Single Stage, Multistage), End-User (Industrial, Commercial, Residential), Region- Global Forecast to 2026
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Aashish Mehra
630 Dundee Road
Suite 430 Northbrook,
USA : 1-888-600-6441
Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.