Submersible Pumps Market
The market for submersible pump market is projected to expand at a CAGR of more than 5.64% over the forecast period, i.e., 2020-2025. The rigorous norms enforced for wastewater treatment across different industries and the expansion in construction industry has strengthened the market growth. The surge in the industrial infrastructure will further elevate the market growth.
Request for a FREE Sample Report on Submersible Pumps Market
Submersible Pumps Market Dynamics
The intensified investment towards oil and gas projects, primarily in the GCC region is a major force supplementing the growth of the global submersible pumps market. Further, the continuous innovations in the industrial segment and the mounting population rate will supplement the Submersible Pumps market size. Besides this, the increasing incidences of motor failure have elevated the market growth. The submersible pump provides a power saving option and produces lower noise than the ordinary pumps. The end-users throughout the nation are opting for modernised pumps with smooth design and optimum serviceability. This is persuading the producers to invest in the research and development activities for product invention, which is thereby bolstering the market growth. On the other hand, the inflated cost of these submersible pumps will restrain the Global Submersible Pump market share.
Application Segment Drivers
Based on the Application, the global submersible pumps market can be bifurcated into industrial, agricultural, and domestic sector. Amongst which, the industrial sector segment is projected to expand at an exponential rate over the forecast period. This is attributed to the rising adoption of submersible pumps across various end use industries, such as sewage treatment, wastewater, draining out water from pits in several construction and mining activities. Moreover, as per the Submersible Pump market analysis, the accelerating number of deepwater investigation activities and subsea functions will further elevate the market growth.
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
Address: Dublin, Ireland
Website: www.gmiresearch.com
For More Info:
smart grid data analytics market
Switch Mode Power Supply Transformers Market