Global Submersible Pump Market to Grow at a CAGR of 6.83% During 2024-2032, Aided by the Rising Applications of the Product in the Mining and Construction Sectors

The global market for submersible pump is driven by the rising applications of the product in the construction sector owing to the increasing residential and commercial construction projects. The rapid urbanisation and infrastructure development activities in emerging economies are likely to provide impetus to the market in the forecast period.

The increasing efforts by the leading market players to develop pumps engineered for handling solid particles and abrasive applications with fit-for-purpose design are expected to support the market growth in the forecast period. In April 2021, Weir Minerals introduced new Warman submersible pump, which is versatile and provides robust solution for slurry and sludge removal. The applications of the pump include mine dewatering, moving slurry and dirty water with solid content, and removing mill scale. Meanwhile, in July 2017, Halliburton Company (NYSE: HAL) announced the acquisition of Summit ESP, a prominent provider of electric submersible pump technology and services. The addition of Summit’s comprehensive know-how, including its industry-leading customer service and artificial lift offerings, helped Halliburton strengthen its artificial lift portfolio for its clients globally.

In terms of region, North America accounts for a significant share of the market and is anticipated to witness a considerable growth in the forecast period. The market in the region is driven by factors such as the rising investments in wastewater management projects, growing infrastructural development activities, and expansion of the oil and gas sector in countries like the US.

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Market Breakup by Type, Drive Type, Head, End User, and Region:

• The market is segmented based on type into borewell submersible pump, openwell submersible pump, and non-clog submersible pump. 

• Based on drive type, the market is divided into electric, and hydraulic, among others.

• On the basis of head, the market is segmented into below 50m, between 50m and 100m, and above 100m.

• The major end users considered in the market report include water and wastewater, oil and gas industry, and mining and construction industry, among others. 

• Region-wise, the global market for submersible pump can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The global market for submersible pump is being driven by the rising applications of the product in the construction and oil and gas sectors.

• The increasing government investments in wastewater management projects are anticipated to favour the market growth. 

• The rapid technological advancements and the growing demand for electric pumps are likely to contribute to the growth of the market. 

• The market is further expected to be aided by the increasing research and development activities by the key market players to develop submersible pumps with superior characteristics.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for submersible pump for the periods (2018-2023) and (2024-2032). 

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the types, drive types, heads, end users, and major regions of submersible pump.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global submersible pump market are Baker Hughes Company, Schlumberger Limited, Halliburton Energy Services, Inc., Weir Group PLC, Sulzer Ltd., Grundfos Holding A/S, The Gorman-Rupp Company, Flowserve Corporation, Atlas Copco AB, and Ebara Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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