Submersible pumps to hit £11bn
14 Jul 2014
The value of the global submersible pump market is likely to reach $18.9 billion (£11 billion) by 2019, according to new research.
Research & Markets, an international market research organisation, has predicted that the global submersible pumps market will grow by a compound annual growth rate (CAGR) of 5.9% over the next five years.
The company’s report, Submersible Pump (Chemical, Construction, Energy and Power, Water and Sewage, and Others) Market - Forecasts to 2019, suggests higher growth rates can be attributed to the Asia-Pacific region.
The global submersible pump market has witnessed an attractive growth in the Asia-Pacific region due to the availability of abundant manufacturing units in this area and an increase in the demand for oil, gas, and water, the report says.
Submersible pumps are used to extract fluids, which can be employed in industries such as chemical, oil & gas, power and water & wastewater treatment.
The report also suggests, however, that the development of products and new technologies in the submersible pumps market can be hindered by slow growth rates.
Pictured above: Sulzer test bed for submersible pumps in Leeds, UK. For more information go to http://www.sulzer.com/
