Submersible Pumps Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The submersible pumps market had a market size of around USD 11.12 billion in 2020, and it is expected to reach USD 17.11 by 2027, registering a CAGR of 5.5% during 2022 to 2027.
The COVID-19 pandemic had a negative impact on the submersible pumps market. The slowdown was mainly due to economic contractions, resulting from a halt in investments from various end-use industries. For instance, in 2020, the oil and gas industry got struck by the COVID-19 impact far more significantly than any other shocks that the sector came across in the past, and submersible pumps are widely used in the oil and gas industry. The oil prices that started declining at the end of the first quarter were slashed entirely by the end of April. The OPEC basket benchmark crude oil prices, which at the starting of 2020 were USD 68.89 per barrel, came down to USD 12.41 per barrel by the end of April, which affected the market negatively in the first half of 2020. The major factors driving the market are the strict regulations for wastewater treatment across industries, recovery in the oil and gas and mining industries, growth in the construction industry, and a surge in industrial infrastructure. However, this market faces certain challenges, such as high maintenance and operation costs and volatility in oil and gas prices. These factors act as a roadblock to the growth of the market.
Key HighlightsThe market for submersible pumps remains to be highly fragmented, and some of the key players include Borets International Ltd, the Gorman-Rupp Company, Flowserve Corporation, Grundfos Group, and Sulzer Ltd.
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