December 22, 2021 06:45 ET | Source: Market Research Future Market Research Future

New York, Dec. 22, 2021 (GLOBE NEWSWIRE) -- Submersible Pumps Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Submersible Pumps Market Research Report: by Industry (Water & Wastewater, Oil & Gas, Agriculture & Irrigation, Construction, Mining, Others), by Well Type (Bore Well, Open Well), by Operation (Multi Stage, Single Stage), by Power Rating (High Power, Medium Power, Low Power), and Region - Forecast to 2030”.

Market Research Future’s Review on Submersible Pumps Market

Submersible Pumps Market is projected to be worth USD 24.78 billion by 2030, registering a CAGR of 7.22% during the forecast period (2022 - 2030), The market was valued at USD 11.81 billion in 2020.

Eminent industry players profiled in the global submersible pumps market report include

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COVID-19 Analysis Supply chain disruptions, economic situations, fluctuations in demand share, along with long term and immediate effect of the novel coronavirus possessed a negative impact on the submersible pumps market growth. This outbreak has slowed the economic activity, thus pushing the economy in a steep recession. With the roots originating in China, supply chains across the globe are facing shutdown and unprecedented disruption. Following the relaxation of lockdowns, this market is likely to get back to normal in the days to come.

Drivers  Growing Need for Oil & Gas from Various Sectors to Boost Market Growth  The constantly growing need for oil & gas from various sectors like residential, transportation, and industrial will boost market growth over the forecast period. Following a substantial fall in the accessibility of oil reserves across the world, there has a wide use of submersible pumps for conducting extracting activities in deep-sea reserves. 

Opportunities  Increase Use of IoT to offer Robust Opportunities  The increasing utilization of the (IoT) internet of things for remote access, data capturing, and in-depth monitoring will offer robust opportunities for the submersible pumps market over the forecast period.  Besides, increasing investments in oil & gas exploration, increasing competition resulting in low price of submersible pumps, and real time monitoring of submersible pumps operations are also adding market growth. Also, the growing emphasis about wastewater discharges, the rising focus of key players to enhance and improve the operational performance of submersible pump, and increase in exploration activities for oil & gas are fuelling market growth. 

Browse In-depth Market Research Report (190 pages) on Submersible Pumps Industry

https://www.marketresearchfuture.com/reports/submersible-pumps-market-1351

Restraints  High Troubleshooting Cost to act as Market Restraint  The high troubleshooting cost, motor failure, and high competition from regional and local players may act as market restraints over the forecast period. 

Challenges  Volatility in Oil & Gas Prices to act as Market Challenge  The volatility in oil & gas prices and high operation & maintenance cost may act as market challenges over the forecast period. 

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Market Segmentation  The global submersible pumps market is bifurcated based on end use, power rating, operation, and well type. 

By well type, the bore well segment will lead the market over the forecast period. 

By operation, the multi-stage segment will dominate the market over the forecast period. 

By power rating, the high power segment will spearhead the market over the forecast period. 

By end use, the water & wastewater segment will have the lions share in the market over the forecast period. 

Regional Analysis APAC to Domineer Submersible Pumps Market  The APAC region will domineer the submersible pumps market over the forecast period. Growing offshore exploration, increasing production activities in China, the booming water & wastewater industry in India and China that are looking to modernize their water management procedures and managing the needs of their growing populations, rapid economic expansion, the region attracting investors for setting up production facilities owing to availability of labor & raw materials at lower prices, increase in industrial activities for low manufacturing costs as well as the support from local governments, increasing investments in research and development, continued economic growth, China and India being the fastest growing economies, rise in industrial activities, and the growing need for water & wastewater treatment plants are adding to the global submersible pumps market growth in the region. Besides, the governments in various developing countries like China and India formulating policies for proliferating the industrial sector growth, expansion of industries like construction, and oil & gas that have widespread application of submersible pumps, rapid growth in urbanization in China that has boosted population density in urban areas leading to a fall in water quality, substantial increase in produced wastewater in the country, the Government of China increasing the regulation and incentives for the industrial sector for treating wastewater, the municipalities increasing investments on sewage water treatment as well as drinking water treatment plants, increasing water scarcity issues, increasing population, increasing need for packaged drinking water, growth in water treatment plants, as well as expanding capacity of existing facilities are also adding market growth. 

The global submersible pumps market is both fragmented and also competitive for the presence of numerous international and also domestic industry players. Such key players have incorporated various innovative strategies for remaining at the vanguard and also catering to the burgeoning need of the esteemed clients including, partnerships, contracts, collaborations, new product launches, geographic expansions, joint ventures, and more. Besides, they are also investing in numerous research & development activities.

Segmentation of Market covered in the research:

Submersible Pumps Market Research Report: by Industry (Water & Wastewater, Oil & Gas, Agriculture & Irrigation, Construction, Mining, Others), by Well Type (Bore Well, Open Well), by Operation (Multi Stage, Single Stage), by Power Rating (High Power, Medium Power, Low Power), and Region - Forecast to 2030

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