Submersible Pumps for Mining Sector Market set to garner higher revenue globally
The global submersible pumps for the mining sector is a vigorous market and is estimated to experience high expansion during the review period. The submersible pumps for the mining sector market is estimated to rise at a CAGR of 5.38%. The expansion of submersible pumps for the mining sector market 2020 is affected by the increasing industrialization, rising urban population, and large investments for infrastructure development in the region. Additionally, submersible pumps are waterproof and counter leakage of the liquid or electric charge when the pumps are drenched in liquid. Furthermore, these pumps do not demand extra space or service room for their presence and can be drenched deeper in the liquid, unlike any other pumps. Whereas, high expenses of the submersible pumps & other substitute pumps, are a huge obstruction for the expansion of the sector.
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The advancement of modern technologies is generating lucrative opportunities within the spheres of the mining industry. Worldwide demand for submersible pumps is rising owing to the infrastructural advancement steps taken worldwide. Submersible centrifugal pumps coupled with electric drive is another type of pump used in oil production and vertical pumping of water. Submersible pumps with hydraulic drive and piston type, are also utilized in some other nations. The constant rising energy demand, increasing offshore new exploration, and production activities, rising investments in the oil and gas industry and expansion in agriculture and other sectors, are affecting the market. However, environmental concerns and expenses associated with operations are hindering the expansion of the market. With respect to region, APAC will have maximum participation in the submersible pump market during the review period. The domination of the market is credited to primary elements such as industrialization, robust urbanization, and the primary developing economies including China and India.
The new trends being witnessed are research and development with a focus on advantageous locations for production, and short-distance supply to reduce costs. Submersible pumps for mining sector market are expected to flourish during the forecast period due to the crucial driving factors such as Ideal solution for dewatering mines, and noise-free and energy effective operation activities affecting the market.
The submersible pumps for the mining sector industry have been segregated on the basis of well type, pump stage, power ratings, and region.
On the basis of well type, the market can be divided into the open well and bore well.
On the basis of pump stage, the market can be divided into single-stage and multi-stage.
On the basis of power rating, the market can be divided into high power, medium power, and low power.
With respect to region, Asia Pacific amassed the largest submersible pumps mining sector market share and is expected to maintain its position in the market during the review period. The submersible pump for the mining sector is majorly driven by increasing urbanization and strong industrialization along with rising demand from the mining & sludge treatment sector. The strong growth of the construction industry is forecasted in the APAC region, which will majorly drive demand for submersible pumps for the mining sector in the forthcoming period. China acquired the maximum market share of 33.59% in 2016, holding a market value of USD 208.6 million, and is estimated to expand at the highest CAGR of 6.41% during the review period.
The leading competitors of global Submersible pumps for mining sector market comprise of Tsurumi Manufacturing Co., Ltd (Japan), Grundfos Group (Demark), Xylem Inc. (U.S.), Sulzer Ltd (Switzerland), Flowserve Corporation (U.S.), Atlas Copco AB (Sweden), KSB Aktiengesellschaft (Germany), The Weir Group Plc. (Scotland), Ebara Corporation (Japan), and The Gorman-Rupp Company (U.S.)
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