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Submersible Pumps For Mining Sector Market Estimated to Grow with a Healthy CAGR During Forecast Period 2020-2023

Submersible Pumps for Mining Sector Market Highlights

Market Research Future (MRFR’s) recently published an in-depth report on submersible pumps for mining sector market contains valuable market insights that have derived after careful analysis of the pertinent trends and factors impacting the market. MRFR has predicted an impressive CAGR over the forecast period. A detailed analysis report of COVID-19 impact on Submersible Pumps For Mining Sector Market Research is provided with the report.

Submersible pumps in the mining sector are used for water procurement, dewatering, and distribution. Regulation of water is one of the most common problems in the mining industry due to mine dewatering practices are compulsory for the prevention of hazards. Submersible pumps are leveraged to remove unnecessary water, which generates substantial demand within the market. Rapid industrialization across the globe has accelerated mining and exploration activities across the globe, which has fostered the growth of the submersible pumps for the mining sector.

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The global submersible pumps for mining sector market is a very dynamic market and is expected to witness high growth over the forecast period. The growth of submersible pumps for mining sector market is influenced by growing urban population, rapid industrialization, and huge investments for infrastructure development in the region. Moreover, submersible pumps are waterproof and prevent leakage of the liquid or electric charge when the pumps are immersed in liquid. Additionally, these pumps do not need extra space or utility room for their existence and can be immersed deeper in the liquid unlike any other pumps.

Key Players

The key players of global Submersible pumps for mining sector 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.)

Industry Segmentation

The global Submersible pumps for mining sector market has been segmented, based on Well Type, Pump Stage, Power Ratings and region.

On the basis of pump stage, multistage segment accounted for the largest market share with a CAGR of 5.51% during the forecast period.

On the basis of well type, bore well segment dominates the global submersible pumps for mining sector market with a share of 65.9% in 2016, and expected to grow at a CAGR of 5.38% during the forecast period.

On the basis of power ratings, high power segment accounted for the largest market share and is projected to grow at the highest CAGR of 5.66%, during the forecast period

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Regional Analysis

Region-wise, the submersible pumps for mining sector market has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).

The APAC is the largest submersible pumps for mining sector market and is likely to dominate the global market throughout the forecast period. The market growth can be credited to the continuous demand generated by the mining and sludge treatments sector. Fast track industrialization has further supported the growth of the mining industry, which has further boosted the growth of the market. In 2016, China held the largest share of 33.59% of the market, with a valuation of USD 208.6 Mn. China is projected to capture the highest CAGR of 6.41% over the forecast period. Furthermore, the economic upturn in the emerging economies of the region has greatly influenced the growth of the mining industry in the region, which has favored the growth of the APAC submersible pumps for mining sector market.

The market growth in the developed regions such as North America and Europe is not as impressive as in the emerging economies, although these markets account for a significant share of the market.

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