Submersible Pumps Market to grow at 5.4%

Submersible Pumps Market to grow at 5.4The global Submersible Pumps Market is projected to grow at a CAGR of 5.4% from 2015 to 2020, reaching a value of USD 12.2 Billion in 2020, says a report by MarketsandMarkets. The report defines and segments the Submersible Pumps Market with analysis of market size, market share of leading players, and forecast for future trends. It also identifies the driving forces, restraining factors, and challenges for the market, highlighting the latest trends, and identifying .

The current and forecasted market size estimations are done considering the latest industry trends, usage pattern of various submersible pumps by the end users, and investments being made in the applicable industries industrial, agricultural and domestic sector around the globe.

In 2014, Asia-Pacific region was the largest market for submersible pumps and accounted for a market share of about 42% in terms of value. This can be attributed to various factors such as growing urban population, rapid industrialization, and huge investments for infrastructure development in this region. This region also houses the leading developing economies such as China, India, and Indonesia that have huge population and have been exhibiting high economic growth rate.

With investments being made to modernize existing water supply, initiatives taken towards maintaining a proper sewage system, and growing process industries, agriculture as well as domestic sector globally, the demand for submersible pumps bound to increase
during the forecast period. India, Indonesia, China, Saudi Arabia, and South Africa are expected to be the high growth avenues for the Submersible Pumps Market. Industrial applications such as water & wastewater treatment, mining, construction and oil production will drive most of the demand for submersible pumps across the globe. Market for submersible pumps used in domestic and commercial scale water extraction will also grow at a steady pace, helped by demand from growing cities with scarce freshwater resources.

Leading players in the global Submersible Pumps Market include Xylem, Inc. (U.S.), Sulzer AG (Switzerland), KSB Group (Germany), Grundfos Group (Denmark), and Ebara Corporation (Japan) among others. Players in the global Submersible Pumps Market make
investments in R&D to enhance the efficiency of their products. These companies are expanding into new territories to take advantage of opportunities in the emerging regions such as Asia-Pacific, Middle East & Africa, and South America through joint-ventures, mergers and acquisitions, and partnerships. This will help them to venture into new markets, minimize the risk of company’s revenue being concentrated on one single region and help them to sustain even if economic growth is low in some regions.