Global Submersible Pumps Market Size to Hit USD 20.58 billion, at CAGR of 6.0% by 2026; Increasing Demand for Agricultural Activities & Growing Adoption of Treating Wastewater to foster growth of market
Pune, India, April 05, 2022 (GLOBE NEWSWIRE) -- The global Submersible Pumps market size is projected to grow USD 20.58 billion in 2026, at a CAGR of 6.0% between 2019 and 2026. This is ascribable to factors such as increasing impetus to treat wastewater and growing agricultural activities across the globe. Fortune Business Insights, publish this information in its latest report, titled “Submersible Pumps Market Size, Share and Industry Analysis, with Regional Forecast, 2019-2026.” The global Submersible Pumps market was valued USD 12.95 billion in 2018.
A Submersible Pumps, also known as an electric pump, is a type of pump that is completely submerged in water. Additionally, it pushes the water to the surface by efficiently converting the rotary energy into kinetic energy and further into pressure energy. Furthermore, these pumps are a boon to areas that face acute water shortage and are very efficient, as they do not require huge energy to move water into the pumps. Several manufacturers such as the Kirloskar, Topland, and Aquaforce, among others have best Submersible Pumps in their stable that are highly efficient and reliable. Moreover, these pumps are adopted for treating wastewater and aid in reuse of the water across the globe.
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Increasing Adoption of Efficient Wastewater Treatment Methods to Aid Growth
Water being a scarce resource is vital for the survival of humanity. However, the natural resource is fast depleting owing to pollution and contamination by the large industries and other factors. To curb the growing incidents of contamination of water, the government agencies across the globe have established stringent policies and guidelines that aim to limit the contamination level and further treat the wastewater to render it potable for human consumption. Special impetus on treating and reusing of wastewater is expected to drive the market growth in the forthcoming years. For instance, in May 2018, the government of Gujrat in India had introduced a policy framework known as “Reuse of Treated Waste Water Policy.” As per the policy, impetus is specially on reusing the polluted water by treating them through special Sewage Treatment Plants (STP), while reducing the reliance on natural freshwater sources.
Capacity, Pump Type, End-User, Region
Capacity, Pump Type, End-User, Region
Increasing Agricultural Activities Is Set to Augment Industry Outlook
Rising Measures to Treat and Reuse Discharged Wastewater Will Propel the Industry Size
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What does the Report Include?
The market report includes detailed quantitative and qualitative analysis of several factors such as the key drivers and restraints that will affect market growth. In addition to this, the report provides insights into the regional analysis that covers the different regions, which are contributing to the growth of the market. Furthermore, it includes the competitive landscape that involves leading companies and adoption of strategies by them to innovate novel products, announce partnerships, and collaboration that will contribute to the growth of the market between 2019 and 2026. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.
Increasing Exploration of Hydrocarbons in Asia-Pacific to Promote Growth
Among the regions, Asia-Pacific was worth USD 4.22 billion in 2018 and is likely to hold the highest global Submersible Pumps market revenue during the forecast period. This is ascribable to factors such as increasing demand for energy consumption that is propelling the demand for exploration activities of the hydrocarbon reserves. Europe, on the other hand is expected to be the second-most leading region during the forecast period. This is attributable to factors such as favorable wastewater treatment policies, increasing agricultural activities, and growing constructional activities for new commercial and private spaces between 2019 and 2026.
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According to Fortune Business Insights, there are several companies proliferating in the global Submersible Pumps market. The companies are striving to gain major market share and maintain stronghold by adopting strategies such as merger and acquisition, product launches, and partnership. For instance, in February 2020, Tsurumi announced its holding of a major stake in Obart Pumps, Ltd., the United Kingdom-based pump distributor. According to the company, the merger is expected to consolidate its position by offering novel products and efficient services to the lucrative regional marketplace.
September 2019: Sulzer announced its launch of new submersible dewatering pump to its Submersible Pumps offerings. The new pump, XJ900, according to the company, will deliver economical and reliable operations backed by its low operational costs.
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List of the Companies Operating in the Market:
Crompton Greaves Consumer Electricals Limited (India)
Pedrollo S.p.A. (Italy)
oddesse Pumpen- Und Motorenfabrik GmbH (Germany)
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