Burnaby, B.C. – According to a report by research firm TechSci, a growing industrial sector coupled with continuous decline in fresh underground water levels will drive global submersible pumps market through 2026.
“Global Submersible Pumps Market By Type, By Mode of Operation, By Power Rating, By Head, Competition Forecast & Opportunities, 2017 – 2026″ indicates the global submersible pumps market is forecast to surpass $ 16 billion by 2026, the firm said in a news release.
Submersible pumps are in huge demand in industrial and agricultural sectors, the report says. Growing industrialization and huge investments for infrastructure and water treatment developments are expected to increase demand for submersible pumps internationally through the next decade. An increase in the number of food and beverage, pharmaceutical, chemical and other manufacturing units also is expected to positively influence the submersible pumps market.
The report separates these pumps into three categories: open well submersible pumps, borewell submersible pumps and non-clog submersible pumps. Non-clog submersible pumps are the most widely used type of submersible pumps due to their compact size, low noise, easy installation and maintenance and resistance to cavitation damage. Asia-Pacific controlled the largest share in international submersible pumps market in 2016 supported by robust growth of the industrial sector and a strong decline in freshwater resources.
Increasing applications of submersible pumps in oil and gas industry and growing deep-water exploration activities are the prime factors expected to boost the demand for submersible pumps in Asia-Pacific from 2017 to 2026.
“Backed by growing population, increasing demand for food & beverage products and freshwater among consumers is boosting the demand for submersible pumps for water extraction and circulation systems across the globe,” said Karan Chechi, research director with TechSci Research.
“Global Submersible Pumps Market By Type, By Mode of Operation, By Power Rating, By Head, Competition Forecast & Opportunities, 2012 – 2026” has evaluated the future growth potential of global submersible pumps market and provides statistics and information on market size, structure and future market growth.
For more on the report, visit www.techsciresearch.com
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