The report, now available on ASDReports, “Submersible Pump Market by Industry (Chemical, Construction, Energy and Power, Water and Sewage, and Others), by Application (Industrial, Agriculture, and Domestic), and by Geography - Global Trends and Forecasts (2014-2019)” defines and segments the global submersible pump market with an analysis and forecast of the value. The submersible pump market will grow from $14,172 million market size in 2014 to $18,914 million by 2019 at a CAGR of 5.9% from 2014 to 2019.
Asia-Pacific: The largest market for submersible pump market
Asia-Pacific holds the largest market share with the most number of activities in energy and power, water and sewage, chemicals, and construction in countries such as China, India, Indonesia Australia, and Japan. The others which includes Malaysia, Thailand, Philippines, and New Zealand is also growing at a fast pace. The increase in the demand for energy and water due to the rise in population in the Asia-Pacific region, along with the types of industry and application, are the major factors behind submersible pumps being produced in these parts of the globe.
Energy and Power: Largest market by industry type
Submersible pumps are widely used in energy and power industry globally. The abundance of oil and gas and the demand for water in regional pockets make it a widely used submersible pump. The energy and power industry has the largest share in the submersible pump market. It is widely used in Asia-Pacific, Europe, North America, and Middle East and Africa where oil and gas fields are largely available as these regions includes countries that have abundant coal and gas reserves and dense population. Submersible pump is also widely used in the South American region in the oil and power industry.