March 28, 2020

Submersible Motors Market will be Growing at a CAGR of 3.80 % during the forecast period from 2019 to 2027

According to a new market research report published by Credence Research, the global market for submersible motors was valued at US$ 4.17 billion in 2018 and is set to grow at 3.80 per cent CAGR during the forecast period 2019 to 2027.

Market Insights

Submersible motors, which are an integral part of submersible pumps, are heavily dependent on the industrial sector worldwide. In 2018, the market for submersible pumps was worth more than US$ 9.5 billion, creating a huge consumer base for submersible motors. Submersible pumps have been used in a number of industries, such as oil & gas, water & wastewater, mining and construction, etc., for trouble-free and hassle-free extraction. As a result of the extensive use of submersible pumps in the industry, the market for submersible engines is on the rise. Increased industrialization and growth in infrastructure development are the main drivers of the market. On account of all these factors, we are expecting steady growth in the submersible motors market.

Browse the full report at https://www.credenceresearch.com/report/submersible-motors-market

On the basis of application, the industrial segment is the market leader in submersible motors with a market share of more than 60 percent. The industrial segment is a leader due to increasing capital expenditure and the development of infrastructure around the globe. The oil & gas sector holds the largest share in the industrial segment due to an increase in well production and an increase in the exploitation of shale reserves. The lack of water availability and increased wastewater production are increasing the demand for submersible pumps, which, in turn, are creating a boom in the market for submersible motors.  As a result, industrial segment will continue leading the submersible motors market during the forecast period.

Based on the geography, in 2018, Asia Pacific was the leader in submersible motors market followed by North America and Europe. Increase in infrastructure development and rise in industrial investments are the major growth drivers in the region. Due to increased population density in urban areas there is a decline in water quality and there is substantial increase in wastewater. Thus, municipalities are increasing investments on the sewage and water treatment plants. As the mining industry is on rise in India, the need of submersible pumps is increasing and which in turn will give boom to the submersible motors market. On account of these factors, we are expecting steady growth in submersible motors market in the region throughout the forecast period.

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Major market players are focusing on strategies such as brand enhancement to improve their market position. For instance, in 2018, ABB Motors and Mechanical Inc. unified the Baldor Electric Company name into its global ABB brand. Brand enhancement and new product launch is expected to remain key strategy in the market in years to come.

Some of the major companies profiled in the report include Franklin Electric, Flowserve Corporation, Faradyne Motors, Andritz AG, Shakti Pumps India Limited, Pedrello SpA, Sumoto S.r.l., Lubi Pumps, ABB Motors and Mechanical Inc., Hitachi Industrial Equipment Systems Co., Ltd., Ingeteam Corporación, S.A., Caprari,  and others.

Report Scope by Segments

By Motors Type

  • Single Phase
  • Three Phase

By Application Type

  • Industrial
    • Oil & Gas Industry
    • Water & Waste Water Industry
    • Mining & Construction Industry
    • Others (Food & Beverages Industry and Others)
  • Agricultural
  • Residential

By Geography Segment

  • North America (U.S., Rest of North America)
  • Europe (U.K., Germany, France, Rest of Europe)
  • Asia Pacific (China, Japan, India, Rest of Asia Pacific)
  • Rest of the World (Middle East & Africa, Latin America)

Credence Research is providing Free Sample Get it here: https://www.credenceresearch.com/sample-request/59818

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