Submersible Pumps Market Estimated to Record Highest CAGR by 2021-2030 | Says Kenneth Research

In a recent published report, Kenneth Research has updated the market report for Submersible Pumps Market  for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Submersible Pumps Market  products.

The Submersible Pumps Market is anticipated to grow at a notable CAGR over the forecast period on the back of the growing demand for renewable energy from several end user industries, which according to the statistics by the International Renewable Energy Agency (IRENA), reached 2,532,866MW in the year 2019 from 1,223,533MW from the year 2010. Renewable energy is used nowadays in almost each and every industry on the back of the growing concern for the environment and the stringent norms by the government for environmental pollution.

Market analysis 

Submersible pumps are utilized in siphoning liquids while being submerged in oil wells. They use impellers that push the liquid dynamically towards the top. The expansion in mining activities all around the world is probably going to be a key driver for the global submersible pumps market over the forecast period. The benefits of submersible pumps over the customary jet pumps are probably going to bring about expanding adoption of the former framework over the coming years. The higher proficiency offered by submersible siphons has a genuine effect in the mining and oil and gas segments, where drawing out all the liquid from a cavity is a fundamental procedure. Submersible pumps are likewise exceedingly utilized by all the major end-users. By the year 2023, the market is expected to reach the vaue of SD 14,127.2 million by augmenting at a CAGR of 5.57% during the forecast period (2018-2023). 

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Market segmentation 

The global submersible pumps market based on its well type, is bifurcated into bore well and open well. On the basis of its operation, the market is segmented into multi-stage and single-stage. Based on its power rating, the market is divided into medium power, low power, and high power. On the basis of its end user, the market is segmented into agriculture and irrigation, water and wastewater, construction, oil and gas, mining, and others.

Regional analysis

Geographically, the global submersible pumps market is divided into global regions like Europe, North America, Asia- Pacific, Middle East, LATAM, and Africa. 

Major players 

The Weir Group PLC (U.K.), Sulzer Ltd. (Switzerland), and Grundfos (Denmark), Tsurumi Manufacturing Co. Ltd. (Japan), EBARA CORPORATION (Japan), Atlas Copco AB (Sweden), among others are some of the major players in the global submersible pumps market.

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Kenneth Research is a reselling agency providing market research solutions in different verticals such as Automotive and Transportation, Chemicals and Materials, Healthcare, Food & Beverage and Consumer Packaged Goods, Semiconductors, Electronics & ICT, Packaging, and Others. Our portfolio includes set of market research insights such as market sizing and market forecasting, market share analysis and key positioning of the players (manufacturers, deals and distributors, etc), understanding the competitive landscape and their business at a ground level and many more. Our research experts deliver the offerings efficiently and effectively within a stipulated time. The market study provided by Kenneth Research helps the Industry veterans/investors to think and to act wisely in their overall strategy formulation

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