Global submersible pump market expected to grow to $12.2bln by 2020
Global submersible pumps market was valued at $8.8 billion (€7.8 billion) in 2014 and is projected to reach $12.2 billion by 2020, according to new market research.
The industry is expected to grow at a compound annual growth rate of 5.4% during the forecast period from 2015 to 2020.
Asia-Pacific will continue to dominate the submersible pump market throughout the forecast period, but growth in demand in has been identified in the Middle East, Africa, and North America submersible pumps markets.
Industrial, particularly water and wastewater, sector is likely to drive the demand growth in North America for submersible pumps, as well as the new offshore exploration and development activities initiated by Mexico.
The market for submersible pumps in the Middle East and Africa will be primarily driven by the huge demand for submersible pumps in oil and gas, together with the water, wastewater, mining, and construction industries.
The full research report is available at: https://www.reportbuyer.com/product/3275040/.