Submersible Pump Market by Type and Geography - Forecast and Analysis 2020-2024

  • Published: Nov 2020
  • Pages: 120
  • SKU: IRTNTR45698
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The submersible pump market size has the potential to grow by USD 2.77 billion during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.

This report provides a detailed analysis of the market by type (borewell and open well) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Atlas Copco AB, Flowserve Corp., General Electric Co., Grundfos Holding AS, Halliburton Co., Multiquip Inc., Schlumberger Ltd., Sulzer Ltd., The Weir Group Plc, and Xylem Inc.

Market Overview

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Market Competitive Analysis

The submersible pump market is fragmented. Atlas Copco AB, Flowserve Corp., and General Electric Co. are some of the major market participants. Market drivers such as the rapid growth in the construction sector will offer immense growth opportunities to the vendors. However, challenges such as the high ownership and maintenance costs will impede the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

To help clients improve their market position, this submersible pump market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this submersible pump market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

This report provides information on the production, sustainability, and prospects of several leading companies, including:

 

  • Atlas Copco AB
  • Flowserve Corp.
  • General Electric Co.
  • Grundfos Holding AS
  • Halliburton Co.
  • Multiquip Inc.
  • Schlumberger Ltd.
  • Sulzer Ltd.
  • The Weir Group Plc
  • Xylem Inc.

 

Submersible Pump Market: Segmentation by Geography

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APAC was the largest submersible pump market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The growing adoption of IoT in the oil and gas industry will significantly drive submersible pump market growth in this region over the forecast period.

53% of the market’s growth will originate from APAC during the forecast period. China and India are the key markets for submersible pumps in APAC. Market growth in this region will be faster than the growth of the market in other regions.

Submersible Pump Market: Segmentation by Type

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The growth of the borewell submersible pump segment is primarily driven by the industrial sector, which requires a continuous flow of water for various operations. The low maintenance and adaptability of these pumps in acidic and sandy water conditions make them ideal for industrial applications. Also, the ease of installation because of the compact design makes it easy for end-users to transport, deploy, and dismantle these pumps. Borewell pumps are primarily used in the industrial sector although they are finding applications in domestic water supplies in regions that have water scarcity. These pumps are cost-effective and require lesser time for installation compared with open well submersible pumps. This report provides an accurate prediction of the contribution of all the segments to the growth of the submersible pump market size.

Submersible Pump Market: Key Drivers and Trends

The rapid growth in the construction sector is identified as one of the key factors driving the global submersible pump market growth. Since these pumps are indispensable during construction activities, the growth in the construction activities globally has aided productivity growth in the submersible pump market. Construction activities have also increased in developing economies of APAC such as India, China, and countries in South East Asia. The infrastructural development segment received a boost in these countries due to government initiatives such as India’s Make in India and China’s Belt Road Initiative (BRI). The growing construction activities in the emerging economies of South East Asia such as Malaysia, Vietnam, Thailand, Hong Kong, Indonesia, Singapore, and the Philippines will boost the demand for submersible pumps in the next few years.

The growing adoption of IoT in the oil and gas industry is one of the key submersible pump market trends gaining traction. The overall performance efficiency of submersible pumps is improving due to the adoption of IoT devices for in-depth monitoring and data capturing in key end-user industries such as oil and gas. As a result, various market vendors are offering IoT enabled submersible pumps to enable remote access and troubleshooting for oilfield equipment. The trend of adoption of IoT in the oil and gas industry is expected to fuel the submersible pump market growth at a CAGR of over 2% during the forecast period.

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Submersible Pump Market: Key Highlights of the Report for 2020-2024

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive submersible pump market growth during the next five years
  • Precise estimation of the submersible pump market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the submersible pump industry across APAC, Europe, MEA, North America, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of submersible pump market vendors

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Executive Summary

    Market Landscape

    • Market ecosystem
    • Value chain analysis

    Market Sizing

    • Market definition
    • Market segment analysis
    • Market size 2019
    • Market outlook: Forecast for 2019 - 2024

    Five Forces Analysis

    • Five forces summary
    • Bargaining power of buyers
    • Bargaining power of suppliers
    • Threat of new entrants
    • Threat of substitutes
    • Threat of rivalry
    • Market condition

    Market Segmentation by Type

    • Market segments
    • Comparison by Type
    • Borewell - Market size and forecast 2019-2024
    • Open well - Market size and forecast 2019-2024
    • Market opportunity by Type

    Customer Landscape

      Geographic Landscape

      • Geographic segmentation
      • Geographic comparison
      • APAC - Market size and forecast 2019-2024
      • Europe - Market size and forecast 2019-2024
      • North America - Market size and forecast 2019-2024
      • MEA - Market size and forecast 2019-2024
      • South America - Market size and forecast 2019-2024
      • Key leading countries
      • Market opportunity by geography
      • Market drivers – Demand led growth
      • Market challenges
      • Market trends

      Vendor Landscape

      • Vendor Landscape
      • Landscape disruption

      Vendor Analysis

      • Vendors covered
      • Market positioning of vendors
      • Atlas Copco AB
      • Flowserve Corp.
      • General Electric Co.
      • Grundfos Holding AS
      • Halliburton Co.
      • Multiquip Inc.
      • Schlumberger Ltd.
      • Sulzer Ltd.
      • The Weir Group Plc
      • Xylem Inc.

      Appendix

      • Scope of the report
      • Currency conversion rates for US$
      • Research methodology
      • List of abbreviations

      Research Framework

      Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

      TechnavioINFORMATION SOURCES

      Primary sources

      • Manufacturers and suppliers
      • Channel partners
      • Industry experts
      • Strategic decision makers

      Secondary sources

      • Industry journals and periodicals
      • Government data
      • Financial reports of key industry players
      • Historical data
      • Press releases
      Technavio

      TechnavioDATA ANALYSIS

      Data Synthesis

      • Collation of data
      • Estimation of key figures
      • Analysis of derived insights

      Data Validation

      • Triangulation with data models
      • Reference against proprietary databases
      • Corroboration with industry experts
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      TechnavioREPORT WRITING

      Qualitative

      • Market drivers
      • Market challenges
      • Market trends
      • Five forces analysis

      Quantitative

      • Market size and forecast
      • Market segmentation
      • Geographical insights
      • Competitive landscape
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      The submersible pump market growth will increase by $2772.89 million during 2019-2024.
      The submersible pump market is expected to grow at a CAGR of 2.44% during 2019-2024.
      Technavio has segmented the submersible pump market by type (Borewell and Open well) and geographic (APAC, Europe, North America, MEA, and South America).
      Atlas Copco AB, Flowserve Corp., General Electric Co., Grundfos Holding AS, Halliburton Co., Multiquip Inc., Schlumberger Ltd., Sulzer Ltd., The Weir Group Plc, Xylem Inc. are a few of the key vendors in the submersible pump market.
      APAC will register the highest growth rate of 52.88% among the other regions. Therefore, the submersible pump market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
      • US
      • China
      • India
      • Russian Federation
      • Germany
      The key factors driving the submersible pump market growth are:
      • Rapid growth in construction sector
      The submersible pump market vendors should focus on grabbing business opportunities from the borewell segment as it accounted for the largest market share in the base year.
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