According to the latest report by IMARC Group, titled “Submersible Pumps Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the global submersible pumps market is currently witnessing strong growth in 2019. Submersible pumps are mechanical devices that utilize a series of impellers for pumping fluid to the surface from underwater conditions. They are easy to install, involve low maintenance costs and space requirements, and are considered an effective alternative to jet pumps. Owing to these benefits, they are extensively utilized in the oil and gas, mining and construction industries.
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Rising construction activities around the world represent one of the key factors driving the global submersible pumps market growth. Furthermore, they find applications in water and wastewater management, and in the agriculture sector for irrigation purposes. Additionally, the declining groundwater levels and the rising demand for safe drinking water on account of the growing population are further catalyzing the demand for submersible pumps. Manufacturers are also integrating the internet of things (IoT) solutions with these pumps for enabling remote access and troubleshooting oilfield equipment. These innovations are further expected to create a positive outlook for the market in the coming years. Looking forward, IMARC Group expects the market to register a CAGR of around 7% during 2020-2025.
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