Global Submersible Pump Market - Growth, Trends, and Forecast (2018 - 2023)
The major consumers of the submersible pumps are water and wastewater sector, oil & gas industry, mining industry, and agriculture industry. The increasing regulations on wastewater treatment, and growing exploration and production activity, particularly offshore, are expected to be the major drivers of the market. The slow growth of agriculture sector is expected to restrain the market during the forecast period.
Slower Growth of Agriculture Sector to Restrain the Market
The global population growth rate is expected to decline during the forecast period, which in turn is expected to decrease the demand for agriculture products. Furthermore, the cost of the fertilizers is growing. Many countries, particularly developed countries in Europe, due to concerns over air pollution, have put in place stricter regulations on the use of fertilizers, which in turn has hampered the agricultural production. The slow growth of agricultural product consumption, increase in the cost of fertilizers, and stricter regulations are expected to restrain the growth of the agricultural industry, in turn, resulting in lower demand for submersible pumps in the agriculture industry.
Growing Oil & Gas Activity to Drive the Market in North America
The oil & gas production in the two major oil producing regions in the United States, Permian Basin of Texas and Gulf of Mexico, registered a CAGR of about 13.5%, during the 2014-17 period. The US government also announced that it plans to open almost all the US waters for exploration & production activity in the coming years. The offshore industry contributes heavily to the market, due to the requirements of a large number of sophisticated submersible pumps. Canada, with stability in oil prices, is expected to experience increasing investments in the oil & gas industry, allowing private players to explore some of its most prominent oil sand reserves. The growing production from existing fields in the US and supportive government policy to encourage upstream activity in the US and Canada are expected to drive the oil and gas activity, in turn, resulting in increased demand for the submersible pump in the region during the forecast period.
Growing Investments in Mining Industry to Drive the Market in India
In 2016, India was the third-largest producer of coal and crude steel in the world. The country has the fifth-largest coal reserve in the world. India allows 100% foreign direct investment (FDI) in the mining industry. In recent years, the Government of India has introduced policies to encourage mining activities. Owing to supportive government policies, major investments are expected during the forecast period in the mining industry. Vedanta Resources PLC has announced its plan to invest USD 9 billion in India’s mining industry. Growing investments are expected to drive the demand for submersible pumps in the mining industry during the forecast period.
Key Developments in the Market
August 2017: PumpMan Holdings LLC announced that it has completed the acquisition of Bartley Pump. Bartley Pump specializes in the different type of water pumps, including the submersible pumps. The acquisition is expected to help PumpMan Holding in expanding its business in the agriculture sector.
The major players include - Baker Hughes A GE Co, Schlumberger Limited, Halliburton Company, Weir Group PLC, Sulzer AG, Grundfos Group, amongst others.
Reasons to Purchase This Report
Current and future submersible pump market outlook in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
Regions that are expected to the witness fastest growth during the forecast period
Identify the latest developments and strategies employed by the major market players
3 months analyst support, along with the Market Estimate sheet (in excel)
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