London, 13 August 2015: Technavio, the independent tech-focused global research firm, has published a report on the global submersible pump market 2015-2019, which is expected to grow at a CAGR of 6.7% during the forecast period of 2014-2019.
Increasing investments in the water and wastewater recycling plants are expected to bolster the prospects for growth in this market. Factors such as rapid urbanization, decrease in fresh water resources, and growth in the construction industry have augmented deep-water exploration activities and investments in the water recycling plants. This is expected to play a crucial role in boosting the demand for submersible pumps as these pumps are an integral part of the crude oil extraction process.
“The emergence of smart submersible pump systems will boost the global submersible pump market during the forecast period. An intelligent pump can control and regulate the flow or pressure of fluids. It can adjust to process changes and pump system changes, and has a fault-tolerant design,” says Faisal Ghaus, Vice President of Technavio.
“Many manufacturers are likely to adopt these smart pumps to reduce the total cost of ownership without affecting the performance. In addition, these systems also adhere to energy consumption regulations imposed by the regulatory authorities.”
Key Market Drivers:
- Growth in process industries
- Rise in infrastructure development and urbanization
- Energy-efficient submersible pumps
- Increased use in water and wastewater management sector
Key Market Trends:
- Emergence of smart submersible pump systems
- Development of micro submersible water pump technology
- Outsourcing of manufacturing activities to China
Key Market Vendors:
- Baker Hughes
- GE Energy
- Grundfos Group
- Halliburton
To define the market circumstances in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges, and trends featuring data on product segmentations, vendor shares, growth rate by revenue, and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
