Global Submersible Pump Market 2018-2022 | Adoption of IoT to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--Dec 5, 2018--The global submersible pump market research report by predicts the market to post a CAGR of close to 4% during the period 2018-2022.
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Technavio has released a new market research report on the global submersible pump market for the period 2018-2022. (Graphic: Business Wire)
A key driver for the global submersible pump market is the increased demand for submersible pumps in wastewater treatment. There has been an increase in the global focus on investments in water treatment plants owing to the rapid depletion of freshwater sources because of land and water pollution. During the forecast period, the investments for the installation of the required machinery and upgradation of water and wastewater treatment facilities are expected to be driven by the growing demand for clean water for domestic, commercial, and industrial usage.
This research report also provides an analysis of the most important trends expected to impact the market outlook during the period 2018-2022. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
In this report, Technavio highlights the growing adoption of IoT in the oil and gas industry as one of the key trends in the global submersible pump market:
Global submersible pump market: Growing adoption of IoT in the oil and gas industry
The overall performance efficiency of submersible pumps is improving due to the adoption of IoT devices for in-depth monitoring and data capture in key end-user industries such as oil and gas. The rig operators and oil producers are placing a high emphasis on the energy efficiency of oilfields as the crude oil prices exhibited moderate recovery in 2017.
“The major factors that affect the daily oil production include oil viscosity, pressure, market prices, and oil well conditions. The real-time data collection has significantly increased with many major vendors such as Grundfos, Flowserve, and Sulzer offering IoT enabled submersible pumps. IoT enables remote access and troubleshooting for oilfield equipment,” says a senior analyst at Technavio for research on unit operations.
Global submersible pump market: Segmentation analysis
This submersible pump market analysis report segments the market by operation (multistage submersible pumps and single stage submersible pumps), type (borewell submersible pump and open well submersible pump), end-user (water and wastewater management, mining and construction, petroleum, and others), and geography (the Americas, APAC, and EMEA).
The water and wastewater management segment held the largest submersible pump market share in 2017, accounting for more than 46% of the market. This end-user segment is expected to dominate the global market throughout the forecast period.
The APAC region led the market in 2017 with more than 38% of the market share, followed by EMEA and the Americas respectively. The APAC region is expected to dominate the market throughout the period 2018-2022.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
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SOURCE: Technavio Research
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PUB: 12/05/2018 10:00 AM/DISC: 12/05/2018 10:01 AM