The new submersible pump market research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Submersible Pump Market 2020-2024 (Graphic: Business Wire).
Get detailed insights on the COVID-19 pandemic Crisis and Recovery analysis of the submersible pump market.
"One of the primary growth drivers for this market is the rapid growth in the construction sector", says a senior analyst for the Industrials industry at Technavio. As the markets recover, Technavio expects the submersible pump market size to grow by USD 2.77 billion during the period 2020-2024.
Submersible Pump Market Segment Highlights for 2020
The submersible pump market is expected to post a year-over-year growth rate of -2.65%.
Based on the type, the market saw maximum growth in the borewell segment. Borewell pumps are low on maintenance and can adapt to acidic and sandy water conditions which make them ideal for industrial applications. This is one of the key factors driving the growth of the segment.
The growth of the market will be significant in the segment during the forecast period.
53% of the growth will originate from the APAC region.
The growing adoption of IoT in the oil and gas industry is one of the key factors driving the growth of the market in APAC.
China and India are the key markets for submersible pumps in APAC. Market growth in this region will be faster than the growth of the market in other regions.
Click here to learn about report detailed analysis and insights on how you can leverage them to grow your business.
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The submersible pump market size is expected to accelerate at a CAGR of over 2% during the forecast period.
The submersible pump market is segmented by type (Borewell and Open well) and geography (APAC, Europe, North America, MEA, and South America).
The market is fragmented due to the presence of many established vendors holding significant market share.
The research report offers information on several market vendors, including Atlas Copco AB, Flowserve Corp., General Electric Co., Grundfos Holding AS, Halliburton Co., Multiquip Inc., Schlumberger Ltd., Sulzer Ltd., The Weir Group Plc, and Xylem Inc.
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