The Global submersible pump market is anticipated to reach USD 12.5 billion in 2023 witnessing a CAGR of 5.5% over the forecast period 2015-2023. Asia-Pacific accounted for the highest percentage share of 42% to the global market in 2014, however the market is estimated to reach USD 2.8 billion by 2016 This can be attributed to various factors such as growing urbanization, rapid growth in industrialization, increasing population and emerging economy of developing nations such as India, China and Japan.
“Submersible Pump Market: Global Demand, Growth Analysis & Opportunity Outlook 2023”
The global submersible pump market is segmented into product type such as non-clog submersible pump, open well submersible pump and bore well submersible pump. Among these segments, open well submersible pump segment is expected to occupy top position in overall submersible pump market during the forecast period.
The demand for open well submersible pump is increasing on the back of factors such as increasing adoption of these pumps in the agricultural sector. Further, agriculture sector is witnessing significant boost in the developing countries such as China, India and others.
This factor is anticipated to provide a robust growth in the demand for open well submersible pump market.
Global submersible pump market is expected to flourish at a significant CAGR of 5.5% during the forecast period. Moreover, the Global Submersible Pump Market is expected to garner USD 12.5 Billion by the end of 2023.
Increasing agriculture activities and favorable government initiatives to boost the agriculture is believed to propel the growth of the submersible pump market during the forecast period. Further, factors such as heavy utilization in various industries and advancement in technology are expected to intensify the growth of the submersible pump market during the forecast period.
Asia Pacific dominated the global submersible pump market in 2016 and is projected to continue its dominance during the forecast period. Growth in the agricultural activities in the region is expected to help Asia Pacific to maintain its dominance during the forecast period.
Moreover, growing industrialization in the region is expected to propel the growth of the submersible pump in the region. North America is expected to make significant contribution to the growth of the global submersible pump market.
Increasing adoption by Farmers and Industries
With the development and rising investment in agricultural sector in the developing nations, the adoption for submersible pumps in the agricultural sector is high. Moreover, increasing demand from wastewater treatment industries is also expected to propel the growth of submersible pump market over the forecast period.
Government policies and funding for wastewater systems is expected to intensify the demand for submersible pump during the forecast period. Moreover, development of energy efficient submersible pumps by key manufacturers such as Kirloskar Brothers Ltd.
is anticipated to strengthen the growth of the market during the forecast period. Although, low quality offerings by local manufacturers and high power consumption are some of the factors is likely to dampen the growth of submersible pump market during the forecast period.
The report titled “Submersible pump Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global submersible pump market in terms of market segmentation by type, by source, by application and by region. Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
Request For TOC Here: www.researchnester.com/request-toc-198
This report also provides the existing competitive scenario of some of the key players of the global submersible pump market which includes company profiling of Kirloskar Brothers Limited, The Weir Group PLC, Sulzer Ltd., Ruhrpumpen Group, WILO SE, Ebara Corporation, KSB AG, Flowserve Corporation, Xylem Inc. and GRUNDFOS. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
On the whole, the report depicts detailed overview of the Global submersible pump market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
Research Nester is a leading service provider for strategic market research and consulting. We aim to provide unbiased, unparalleled market insights and industry analysis to help industries, conglomerates and executives to take wise decisions for their future marketing strategy, expansion and investment.
We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds. Our out of box thinking helps our clients to take wise decision so as to avoid future uncertainties.
Access This Premium Reports Now @ www.researchnester.com/payment/rep-id-198
Category: Market Research Publishers and RetailersCompany about: Research Nester is a leading service provider for strategic market research and consulting. We aim to provide unbiased, unparalleled market insights and industry analysis to help industries, conglomerates and executives to take wise decisions for their future marketing strategy, expansion and investment etc. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds. Our out of box thinking helps our clients to take wis ...
For more information:Make an Inquiry about this report HERE!