Sharper focus by governments to ensure clean water availability is heightening submersible pumps uptake for water treatment operations
ROCKVILLE, MD / ACCESSWIRE / January 28, 2021 / The global submersible pump market is likely to experience moderate gains through 2021, according to a recently published forecast on the landscape by award winning market research company Fact.MR. As per Fact.MR's projections, the market is poised to register a slight increase over 2020, with the resumption of construction and infrastructure development projects post the COVID-19 lockdowns.
Given the gradual recovery rate across key industries, growth projections for the next decade appear largely sluggish. Anticipated CAGR for the 2021-2031 forecast period is expected to be valued at just over 3%. In spite of this stunted estimate, expansion prospects are expected to remain promising, given the increased scramble for achieving environmental sustainability, especially with regard to water conservation and purification initiatives.
According to the UN World Water Report published in 2018, nearly 6 billion people are expected to suffer from clear water scarcity by 2050. Aggrandizing freshwater body pollution by industries, an explosive population growth and rapid urbanization are primary contributing factors. At present, nearly 50% of the global population has no access to potable water. Hence, country wide efforts to curb this threat have prompted an increase in the number of wastewater treatment projects, thus stimulating demand for submersible pumps.
"Manufacturers are in the quest to offer highly customizable solutions, thus prompting unprecedented advancements in pump designs in terms of enhanced flexibility, durability and choice of construction material," opines the Fact.MR analyst.
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Key Takeaways from Fact.MR's Submersible Pumps Market Study
- Borewell submersible pumps is likely to hold the dominant share, attributed to the growing need for ensuring equitable water distribution
- Water & wastewater treatment likely to remain primary application area, mining applications catching up
- By head type, pumps exceeding 100 meters likely to register maximum sales through 2021
- U.S to capture impressive revenue share, owing to rising applications of submersible pumps in oil & gas exploration projects
- U.K to exhibit positive annual growth, owing to a flourishing mining industry
- Germany and France to remain key growth hotspots across Europe
- India to remain a lucrative market amid heightened demand for potable water, Japan, South Korea and China to emerge as lucrative markets
Submersible Pumps Market- Prominent Drivers
- Extensive urbanization has paved way for housing projects requiring consistent water supply, thereby accelerating submersible pumps demand
- Manufacturers are targeting emerging economies such as India, Indonesia and China owing to the presence of a robust construction industry
- Developed regions concentrating on rebuilding existing pumps infrastructure, generating prolific opportunities for aftermarket sales
Submersible Pumps Market- Key Restraints
- High incidence of motor failure and expensive troubleshooting is hindering submersible pumps adoption
- Stiff competition from regional manufacturers to limit penetration of established global players as the former offer cheaper alternatives
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Competitive Landscape
Prominent players included in Fact.MR's submersible pumps market coverage include Kirloskar Brothers Limited, Kubota Corporation, Wacker Neuson Group, KSB SE & Co. KGaA, Atlas Copco Group, Ebara Corporation, Grundfos, Sulzer AG, The Weir Group PLC, Tsurumi Manufacturing Co. Ltd., Ingeroll-Rand PLC and Sumitomo Heavy Industries Ltd. among others.
Product customization to offer industry specific products remains the core marketing strategy of the above mentioned players, besides approaches such as capacity expansion, collaborations, acquisitions, mergers, etc. In February 2019, Kirloskar Brothers Ltd. introduced three new product lines: the KU-6 oil-filled 6 inches borewell submersible pump, the K-Kleen 25 and the Kirloskar Vertical Multi-stage (KVM) pump respectively.
In September 2020, Ebara Corporation launched the ECAROS solar pumps series across Brazil, as part of its long-term objective of meeting domestic water demands of every region around the world. In Brazil, the intention is to provide adequate water supply to generate electricity in deficient areas.
More Valuable Insights on the Submersible Pump Market:
Fact.MR, in its new offering, presents an unbiased analysis of the global submersible pump market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. The study divulges essential insights on the submersible pump market on the basis of product (bore well, non-clog, open well), head type (below 50 meters, 50-100 meters, above 100 meters), and application (agriculture, construction, firefighting, water & wastewater, mining, oil & gas, and other industrial) across six major regions.
Key question covered in the report:
- How much will the global submersible pump market be worth in the future?
- Which region will lead the global submersible pumps market?
- Who are the key contenders profiled in the global submersible pumps market?
- COVID-19's impact on the global submersible pump market
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