Global Submersible Pump Market 2018-2022
About this market
IoT devices are increasingly being adopted by key-end user industries such as oil and gas for data capture and in-depth monitoring. This have resulted in improved overall performance efficiency for submersible pumps. The moderate recovery in crude oil prices in 2017 have prompted rig operators and oil producers to focus on the improvement of energy efficiency of oilfields. Pressure, oil viscosity, market prices, and oil well conditions are some of the factors which affect daily oil production. Several key vendors such as Flowserve, Sulzer, and Grundfos are offering IoT enabled submersible pumps. These devices help in real time data collection and allows remote access and faster troubleshooting of oilfield equipment. Thus, the growing adoption of IoT in oil and gas industry will drive the growth of the submersible pump market during the forecast period. Technavio’s analysts have predicted that the submersible pump market will register a CAGR of close to 4% by 2022.
Rapid growth in construction sector
The construction and renovation sector have witnessed a rapid growth in developed economies such as the US and countries in Western Europe. Emerging economies of the APAC region such as India, China, and South East Asian countries also witnessed significant growth in the construction sector. Submersible pumps are used to pump water, slurries and wastewater at construction sites. Thus, the increase in construction activities all around the world will boost the growth of the submersible pump market.
High ownership and maintenance costs
Submersible pumps are costlier than jet pumps. Moreover, the cost of installation, maintenance, and equipment and spares of submersible pumps are much higher than other types of pumps. Several vendors such as Xylem and KSB are offering submersible pumps on rent to end-user industries such as oil and gas. This will result in huge losses for submersible pump manufacturers. Thus, the high ownership and maintenance cost of submersible pumps are hampering the growth of the market during the forecast period.
For the detailed list of factors that will drive and challenge the growth of the submersible pump market during 2018-2022, view our report.
The market appears to be fragmented and with the presence of several companies including Flowserve, and Grundfos the competitive environment is quite intense. Factors such as the rapid growth in global construction activities, will provide considerable growth opportunities to submersible pump manufacturers. Flowserve, Grundfos, Schlumberger, Sulzer, and The Weir Group are some of the major companies covered in this report.
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