Market Synopsis of Submersible pumps for mining industry Market:
Growing infrastructural development activities, rising urbanization and rapid industrialization are some of the key growth drivers for submersible pumps market Declining ground water level coupled with increasing agricultural practices have contributed to the demand for submersible pumps in the country. During the forecast period, growing industrial applications such as, mining, power utilities, and oil & gas are likely to complement the expansion of submersible pumps market.Globally, the market for Submersible pumps for mining industry is growing at a CAGR of 5.14% during forecasted period (2016-2022). The submersible pump for mining sector is primarily driven by strong industrialization & increasing urbanization and increasing demand from mining & sludge treatment industry. Strong growth prospectus of construction industry in Asia-Pacific region is expected to drive demand for submersible pumps for mining sector in the coming years.
Submersible pumps for mining sector market is one of the fastest growing markets owing to its increased application dewatering mines. The market is driven by various factors such as submersible pumps provide ideal solution for dewatering mines and performs noiseless & energy efficient operation. However, submersible pumps for mining sector market has various restraints that hinder the growth of the market such as the high cost of submersible pumps and other substitute pumps and submersible motor failure & high troubleshooting cost.
The key players in market includes Xylem Inc. (U.S.), Grundfos Group (Demark), KSB Aktiengesellschaft (Germany), Sulzer Ltd (Switzerland), Ebara Corporation (Japan), Atlas Copco AB (Sweden), Flowserve Corporation (U.S.), The Weir Group Plc (Scotland), Tsurumi Manufacturing Co., Ltd (Japan) and The Gorman-Rupp Company (U.S.)
The submersible pumps market is relatively fragmented, owing to presence of large number of foreign and domestic players across the country. Moreover, domestic manufacturers are rigorously focusing towards expansion through mergers and tie-ups with several international players.
- The global Submersible pumps for mining industry market is expected to reach USD 24189.3 million by 2023
- Regionally, North- America has the largest market of USD 692.5 million by 2023
- China accounted for the largest market share of 33.6% in 2016, with a market value of USD 208.6 Million and is projected to grow at the highest CAGR of 6.41% during the forecast period. India was the second-largest market in 2016, valued at USD 176.8 Million in 2016; it is projected to grow at a CAGR of 5.37%.
- Bore Well market accounted for the largest market share registering CAGR of 5.47% during the forecasted period
- On basis of pump stage, Multi stage holds the market share of 67.9% in 2016
The report covers brief analysis of geographical region includes
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Middle East
Study Objectives of Submersible pumps for mining industry Market
- To study detail of Submersible pumps for mining industry market by source, by application and by region in forecasted period 2023.
- To identify the market dynamics of Submersible pumps for mining industry market dynamics by drivers, restrains, opportunities and challenges.
- To analyze various factors like value chain analysis and porters five forces model.
- To provide historical and forecast revenue of market segment with respect to North America, Europe, APAC and RoW.
- To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market.
- To track mergers and acquisitions, strategic alliances, new product development of specified company.
- Manufacturers and distributors of Submersible pumps
- Suppliers and traders of Submersible pumps for mining industry.
- Government, associations and industrial bodies.
- Investors and Trade experts.
- Consulting experts.