Pune, India, Nov. 09, 2021 (GLOBE NEWSWIRE) -- Electric Submersible Pumps Market to Reach $14.76 Billion by 2026, AT CAGR 5.8%
The global electric submersible pumps market size is projected to reach USD 14.76 billion by the end of 2026. Driven by the increasing demand for hydrocarbons across the world, the market will rise at a considerable rate in the coming years. According to a report published by Fortune Business Insights, titled “Electric Submersible Pumps Market Size, Share & Industry Analysis, By End-User (Residential & Commercial, Water & Wastewater, Mining, Agriculture, Oil & Gas, Chemicals, Construction, Others), By Operation (Single-Stage, Multi-Stage), By Capacity (Low, Medium, High), By Type (Open well, Bore Well), and Regional Forecast, 2019-2026,” the market was worth USD 9.43 billion in 2018 and will exhibit a CAGR of 5.8% during the forecast period, 2019-2026.
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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Report Scope and Segmentation:
| Report Coverage | Details |
| Forecast Period | 2019 to 2026 |
| Forecast Period 2019 to 2026 CAGR | 5.8 % |
| 2026 Value Projection | USD 14.76 Billion |
| Base Year | 2018 |
| Market Size in 2018 | USD 9.43 Billion |
| Historical Data for | 2015 to 2017 |
| No. of Pages | 123 |
| Segments covered | By Operation, By Capacity, By Type, By End User, By Region |
| Growth Drivers | Efficient Manufactured Design And Operational Characteristics Boost the Demand for Electric Submersible Pumps |
| Increasing Demand For Water Management Products Is Set To Propel the Market Growth | |
| Fragmented Market Participants Along With Some Major Players Are Shaping Industry Trends | |
| Pitfalls & Challenges | High Investment And Complicated Process Will Hamper Market Growth |
Increasing Number of Product Launches Will Aid Market Growth
Among all factors that have contributed to the growth of the market in recent years, the increasing number of product launches have made the highest impact on the market. The increasing investment in product R&D have yielded several innovations in recent years. In November 2019, HOMA Pupenfabrik introduced a new line of electric submersible pumps made of stainless steel material that is suitable for handling high-density effluents. Through these products, the company plans to expand in the chemical industry, with an aim to launch products that can handle abrasive fluids and wastewater. The report highlights a few of the major product launches of recent times and gauges their impact on the global market.
List of key companies Profiled in the Electric Submersible Pump market are:
- Sulzer
- Kirloskar Brothers Limited
- oddesse Pumpen- Und Motorenfabrik GmbH
- KSB Company
- Multiquip Inc.
- GRUNDFOS
- Hitachi America
- Xylem Inc.
- Caprari
- Crompton Greaves Consumer Electricals Limited
- Weatherford
- TSURUMI PUMP
- ZUWA-Zumpe GmbH
- Homa Pumpenfabrik GmbH
- Quadt Kunststoffapparatebau GmbH
November 2019: HOMA Pumpenfabrik introduced a new line of electric submersible pumps that are made of stainless steel material. These products have been developed with the aim of handling high-density effluents.
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Part 2:-
Submersible Pump Market to Reach USD 20.58 Million by 2026, At CAGR 6.0%
The global submersible pump market size is predicted to reach USD 20.58 million by 2026, exhibiting a CAGR of 6.0% during the forecast period. The growing concerns regarding the environment will subsequently aid the development of the submersible pump market during the forecast period. Moreover, the rising emphasis regarding wastewater discharges will fuel demand for submersible pumps, which in turn will boost the submersible pump market trends. In addition, the growing focus of key players towards enhancing and improving the operational performance of submersible pumps will aid the expansion of the market during the forecast period. For instance, in May 2019, Caprari, a world leader in pumps and centrifugal electric pumps announced to increase the operational performance of its submersible motor’s portfolio called MAC series. The improvement is achieved by using High Thrust (HT) bearings in the units to increase axial load resistance and durability of the products.
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Competitive Landscape
Launch of UPA S 200 by KSB Group to Stimulate Market Growth
The KSB Group, a global supplier of pumps, valves, and systems announced that it will unveil its new UPAS 200 submersible borehole pump, designed for water supply, irrigation, groundwater management and pressure boosting applications, at this year’s IFAT trade fair, which is due on 7–11 September 2020. The announcement of KSB Group is likely to spur sales opportunities for the submersible pump market owing to its efficiency and hydraulic design, metal casing wear rings and silicon carbide bearings, leading to low energy consumption even when there are high grit contents in the fluid handled.
Furthermore, the rising utilization of submersible pumps oil & gas production will boost the submersible pumps market growth during the forecast period. The surge in exploration actives for oil and gas will spur business opportunities for the market, states our lead analysts at Fortune Business Insights. For instance, in February 2020, the U.S. Energy Information Administration (EIA) projected that the global petroleum and liquid fuel demand is set to increase by over 1.3 billion million barrels per day (BPD) in 2020, resulting in 101.97 BPD by the year-end.
Regional Analysis
Rising Mining and Construction Activities to Propel Market in North America
The market in North America generated a revenue of USD 4.22 billion in 2018. The growth in the region is attributed to growing mining and construction activities. Additionally, the rising extraction of hydrocarbons from conventional and unconventional reserves will aid the market in North America. Moreover, the surge in chemical production will also spur opportunities for the market in North America. Likewise, the growing exploration activities for oil and gas will enable growth in the market. Asia Pacific is predicted to grow rapidly owing to the surge in the construction industry in developing countries.
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Please visit: https://www.fortunebusinessinsights.com/industry-reports/submersible-pump-market-101654
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