E&P Activities in Oil & Gas Industry to Drive Demand in Global Submersible Pumps Market

 

Submersible pumps are water pumps submerged in the water and provide extensive applications ranging from agriculture to wastewater treatment. They are capable of delivering voltage at low power levels and fluctuations in voltage as well. The global submersible pumps market report by Market Research Future (MRFR) covers trends and opportunities for the industry as well as estimations for the period of 2018 to 2023 (forecast period). The COVID-19 outbreak and its implications are highlighted in the report.

Market Scope

The global submersible pumps market is expected to rise from a 2017 valuation of USD 10,204.7 million to a 2023 valuation of USD 14,127.2 million at a CAGR of 5.57% over the forecast period, as per the findings of Market Research Future (MRFR). The anti-corrosive and anti-resistant nature of submersible pumps can be used in handling foreign liquids and solids. Its reliable nature and ability to function in harsh environments can drive the market demand over the forecast period.

Rise in mining and renewal of licenses in certain regions can drive the market demand significantly. Reliance on rare earth metals such as cerium, neodymium, and lanthanum and coal by consumer electronic manufacturers can compel its demand by mining companies to ensure a steady supply of raw materials. Advantages over jet pumps and efficiency of submersible pumps in extracting fluids from cavities can favor the market till 2023.

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Segmentation

By well type, the market is segmented into open well and bore well. The bore well segment is expected to gain a large share of the market till the end of the assessment period.

By operation, the market is segmented into single-stage and multi-stage. Multi-stage operations are likely to dominate the market in the coming years owing to heavy demand for rare elements.

By power rating, the submersible pumps market is segmented into low power, medium power, and high power. The high power segment is expected to lead in the market till the end of the forecast period.

By end use, the market is segmented into water and wastewater, agriculture and irrigation, construction, mining, oil and gas, and others. The oil and gas sector is expected to gain a major market share owing to submersible pumps being effective in lifting large volumes of fluids from wells. In addition, the ability of the pumps to work quietly in an environment can lead to heavy demand from the market.

Regional Analysis

By region, the global submersible pumps market is segmented into North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).

APAC is likely to be the leading contributor to the global submersible pumps market over the forecast period due to the growing offshore exploration and production activities. The growing water and wastewater treatment industry in the region and efforts to reduce pollution levels of the water in rivers are likely to drive market demand. The region accounted for 42% market share in 2017.

Competitive Outlook

Flowserve Corporation, The Gorman-Rupp Company, Sulzer Ltd., EBARA CORPORATION, The Weir Group PLC, Grundfos, Tsurumi Manufacturing Co. Ltd., Xylem, KSB Group, and Atlas Copco AB are key players of the global submersible pumps market.

Recently, Upwing Energy and Mitsubishi Heavy Industries were awarded by DeepStar, an offshore research and development group, for conducting a successful trial of an electric submersible pump. This can be used in subsea and deepwater offshore applications. The magnetic drive system integrated in its design can improve production and lower expenses considerably.

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