Submersible Pumps Market Size

Submersible Pumps Market Growth Projections and Opportunities

The worldwide market for submersible pumps used in the mining sector is divided based on different factors such as well type, pump stage, power ratings, and location. When it comes to the kind of well, Bore Well was the most common, making up a big part with 65.87% of the market in 2016. It was valued at USD 1,071.6 million and is expected to grow the fastest at a rate of 5.47% during the forecast period. Looking at the pump stage, Multi Stage pumps were the most popular, holding a market share of 67.89% in 2016. These pumps are also expected to have the highest growth rate at 5.51% during the forecast period. On the power ratings side, High Power pumps made up the largest market share at 41.30% in 2016 and are predicted to grow the fastest at a rate of 5.66% during the forecast period. Medium Power pumps were the second-largest market in 2016, with a value of USD 504.3 million. They are expected to grow at a rate of 5.43%. The global market for submersible pumps in the mining sector is anticipated to grow at a rate of 5.38% during the forecast period. In 2016, Asia-Pacific led the market, holding a share of 38.2%, followed by North America and Europe.

Breaking it down a bit, the most common type of well for these pumps is the Bore Well, making up a significant portion of the market in 2016. It is expected to keep growing at a fast pace during the forecast period. The pumps with multiple stages, known as Multi Stage pumps, were the most preferred in 2016 and are predicted to continue growing rapidly. When it comes to power ratings, the pumps with High Power were the most popular in 2016 and are expected to grow the fastest during the forecast period. Medium Power pumps, although the second-largest market in 2016, are also anticipated to see substantial growth.

Looking at the overall global market for these submersible pumps, it's expected to grow at a decent rate during the forecast period. In 2016, Asia-Pacific was at the forefront of this market, holding the largest share, followed by North America and Europe.

In summary, the global market for submersible pumps used in mining is influenced by different factors like the type of well, pump stage, and power ratings. Bore Well pumps, Multi Stage pumps, and High Power pumps were the most common choices in 2016 and are expected to continue growing in the coming years. The overall market is anticipated to see substantial growth, with Asia-Pacific leading the way.