T he global submersible pump market was valued at US$ 8.7 billion in 2020 and it is anticipated to add value worth US$ 3.5 billion during the forecast period.

The outbreak of COVID-19 will leave a residual impact on the long-term outlook of the market with growth projected at a sluggish CAGR of 3.4% through 2030. Stunted growth is foreseen due to latency in application industries amid stringent lockdowns in many countries.

Trade suspensions across leading countries to prevent the spread of COVID-19 has drastically impacted the market and is causing a sharp dip in overall revenue. Decelerating demand in the oil & gas industry coupled with a slowdown in the construction sector has ushered in huge revenue losses for submersible pump market players. However, in the second half of the forecast period, as the impact of the pandemic fades, the market is anticipated to rebound and pave way for notable opportunities.

Key Takeaways of Submersible Pump Market Study:

READ: How hydraulic submersible pumps work

“The outbreak of COVID-19 will leave an unprecedented impact on the global submersible pump market as demand for its myriad applications witness a decline. However, as the global business economy rebounds post-pandemic, the market is poised to witness significant opportunity” says the Fact.MR analyst.

New-Age Product Offerings to Revitalize Market Prospects

The global submersible pump market is highly competitive in nature. Key players are focusing on critical research and development in order to develop new solutions according to specific requirements. For instance,

Fact.MR, in its new offering, presents an unbiased analysis of the global submersible pump market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. The study divulges essential insights on the submersible pump market on the basis of product (bore well, non–clog, open well), head type (below 50 meters, 50-100 meters, above 100 meters), and application (agriculture, construction, firefighting, water & wastewater, mining, oil & gas, and other industrial) across six major regions.

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