Global Submersible Pump Market is estimated to Witness High Growth Owing to Growing Investments in Construction Industry and Rising Urbanization
Overview:
Submersible
pump is a mechanical device that lifts liquid to a higher elevation. It is used
for industrial, commercial and residential applications. It is composed of
three main components: impeller, diffuser and housing or casing (different from
the wellbore casing). These elements work together to transform rotary energy
into kinetic energy. The kinetic energy from the impeller is converted into
pressure head to lift fluid. ESP pumps are widely used in the oil and gas
industry to extract oil from deep wells, and they also serve as pumps for
mining operations. They are specially designed to operate under extreme
conditions and to cope with a variety of liquids, including water with high
levels of acid and suspended solids.
Market Dynamics:
Growing
product launches are estimated to augment growth of the global
submersible pump market over the forecast period. For instance, the NEO
Series 4-in, a new series of borewell submersible pumps was launched by
Kirloskar Brothers Limited in September 2021. These pumps have been designed
for domestic, community and rural water supply markets. Moreover, easy availability
of cheap alternatives are anticipated to restrain growth
of the global submersible pump
market over the forecast period.
Impact of COVID-19:
COVID-19 was first
recognized in Wuhan in 2019 and in 2020 it was declared as a public health
emergency by the World Health Organization. The pandemic affected several
nations across the world and it led to shutting down of many businesses. Many
manufacturing units were shut down due to strict government restrictions. Raw
materials were unavailable and supply chains were disrupted in many
regions. This affected the economy
globally. The pandemic also affected the investments from several end-use
industries. The market was facing several challenges like operation costs, volatility
in oil and gas prices and high maintenance. These factors hindered the growth
of the global
submersible pump market.
Key Takeaways:
The global submersible pump market is expected to witness high growth, exhibiting CAGR of 6.10% over the forecast period, due to rowing expansion. For instance, Wilo has established their new production facility and headquarters in Cedarburg, Wisconsin, US in May 2020. This new headquarter will bring operations of Scot Pump, Wilo USA, and Weil Pump in a single production site.
Asia Pacific is anticipated to witness significant growth in the global submersible pump market over the forecast period, owing to growing crude oil production and rapid urbanization.
Major players operating in the global submersible pump market are Sulzer Ltd., Xylem, The Weir Group
PLC, Flowserve Corporation, Atlas Copco AB, EBARA CORPORATION, The Gorman-Rupp
Company, and Tsurumi Manufacturing Co. Ltd.
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