Pune, Oct. 12, 2020 (GLOBE NEWSWIRE) -- The global electric submersible pumps market size is projected to reach USD 14.76 billion by the end of 2026. Driven by the increasing demand for hydrocarbons across the world, the market will rise at a considerable rate in the coming years. According to a report published by Fortune Business Insights, titled “Electric Submersible Pumps Market Size, Share & Industry Analysis, By End-User (Residential & Commercial, Water & Wastewater, Mining, Agriculture, Oil & Gas, Chemicals, Construction, Others), By Operation (Single-Stage, Multi-Stage), By Capacity (Low, Medium, High), By Type (Open well, Bore Well), and Regional Forecast, 2019-2026,” the market was worth USD 9.43 billion in 2018 and will exhibit a CAGR of 5.8% during the forecast period, 2019-2026.
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Electric submersible pumps are used across diverse industry verticals, including residential, mining and construction, agriculture, wastewater treatment, and oil and gas. The advancements in manufacturing design, coupled with the increasing investment in the development of newer products as well as the betterment of existing products will fuel the demand for the products across the world. The excellent operational characteristics and the ability of the product to operate under harsh environmental conditions will have a direct impact on the growth of the market in the coming years. The increasing demand for wastewater treatment will emerge in favor of the companies operating in the market.
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The report offers insights into the ongoing electric submersible pumps market trends. Additionally, the report encompasses several factors that have contributed to the growth of the market in recent years. The report provides forecast values for the market for the period of 2019-2026. It highlights leading companies in the market and discusses the strategies that these companies have adopted in recent years. The competitive landscape scenario has been discussed in detail. Factual figures have been evaluated through trusted sources. Other forecast valued have been gathered through interviews and opinions of experienced market research professionals.
Increasing Number of Product Launches Will Aid Market Growth
Among all factors that have contributed to the growth of the market in recent years, the increasing number of product launches have made the highest impact on the market. The increasing investment in product R&D have yielded several innovations in recent years. In November 2019, HOMA Pupenfabrik introduced a new line of electric submersible pumps made of stainless steel material that is suitable for handling high-density effluents. Through these products, the company plans to expand in the chemical industry, with an aim to launch products that can handle abrasive fluids and wastewater. The report highlights a few of the major product launches of recent times and gauges their impact on the global market.
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Asia Pacific to Emerge Leading; Increasing Need for Wastewater Treatment to Aid Growth
On the basis of region, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, the market in Asia Pacific is projected to emerge dominant in the coming years. The increasing number of hydrocarbon extraction and mining activities will create several opportunities for the growth of the market in this region. The increasing investment in the development of wastewater as well as abrasive-fluid handling equipment will favour market growth. The constantly rising population will contribute to the growth of the market in this region. As of 2018, the market in Asia Pacific was worth USD 3.13 billion and this value is likely to increase further in the coming years.
List of key companies Profiled in the Electric Submersible Pump market are:
- Sulzer
- Kirloskar Brothers Limited
- oddesse Pumpen- Und Motorenfabrik GmbH
- KSB Company
- Multiquip Inc.
- GRUNDFOS
- Hitachi America
- Xylem Inc.
- Caprari
- Crompton Greaves Consumer Electricals Limited
- Weatherford
- TSURUMI PUMP
- ZUWA-Zumpe GmbH
- Homa Pumpenfabrik GmbH
- Quadt Kunststoffapparatebau GmbH
November 2019: HOMA Pumpenfabrik introduced a new line of electric submersible pumps that are made of stainless steel material. These products have been developed with the aim of handling high-density effluents.
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Detailed Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Global Electric Submersible Pumps Market Analysis (USD Billion), Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Operation
- Single-Stage
- Multi-Stage
- Market Analysis, Insights and Forecast – By Capacity
- Low
- Medium
- High
- Market Analysis, Insights and Forecast – By Type
- Open well
- Borewell
- Market Analysis, Insights and Forecast – By End-User
- Residential & Commercial
- Water & Wastewater
- Mining
- Agriculture
- Oil & Gas
- Chemicals
- Construction
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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