The North America submersible pump market size was USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of 4.41% during 2023–2031. The growth of the market is attributed to the stringent guidelines for wastewater treatment throughout sectors, as well as recoveries in the mining and oil and gas industries are pushing the market.
Submersible pumps are pumps that are immersed in the fluid to be pumped. It is also known as an electric submersible pump. Pumps that are immersed in the fluid to be pumped are known as submersible pumps. When opposed to normal submersible pumps, submersible pumps provide several advantages, such as the avoidance of cavitation.
Pumps of these types are mostly used in situations where the fluid level or water is below the ground surface. These pumps transfer rotational energy into kinetic energy, which is then converted into mechanical energy to propel water to the surface.
North America Submersible Pump Market Trends, Drivers, Restraints, and Opportunities
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Constructions industry expansion and a rise in the industrial base are estimated to boost the market growth during the forecast period.
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Rapid urbanization has resulted in increased expenditures in the construction industry is a key factor spurring the market expansion in the coming years.
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High operational and maintenance expenses, as well as oil and gas price fluctuations, are projected to restrict the market growth.
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Low replacing rate of submersible pumps owing to the product's extended life possesses a major factor that can impede the market expansion in the coming years.
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New technological advancements, together with current infrastructure and the need for energy-efficient pumps are expected to create lucrative opportunities for the market players.
Scope of North America Submersible Pump Market Report
The report on the North America submersible pump market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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North America Submersible Pump Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Types (Open-well Submersible Pumps, Borewell Submersible Pumps, and Non-clog Submersible Pumps), Drive Types (Hydraulics, Electric, and Others), Capacity (Low, Medium, and High), and End-Users (Mining and Construction Industry, Oil and Gas Industry, Water and Wastewater, and Others)
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Geography
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Canada, United States, and the Rest of North America
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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ITT Goulds Pumps Inc; Borets International Ltd; EBARA CORPORATION; Flowserve Corp; Gorman-Rupp Co; Sulzer AG; Weir Group PLC; Halliburton Company; Schlumberger Limited.; and Baker Hughes Company
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North America Submersible Pump Market Segment Insights
Borewell submersible pumps segment is projected to account for a large market share
Based on types, the North America submersible pump market is divided into open-well submersible pumps, borewell submersible pumps, and non-clog submersible pumps. The borewell submersible pumps, segment is expected to register at a considerable pace in the market during the forecast period due to the availability of continual water for agriculture, as well as the ease of installation in private, residential, and industrial applications, are all factors that contribute to the acceptance of these products.
Electric segment is expected to expand at a significant pace
On the basis of drive types, the market is segmented into hydraulics, electric, and others. The electric segment is expected to constitute a key share of the market in the coming years owing to its growing preferences, which can be ascribed to its great dependability and effectiveness, as well as the fact that it never needs to be fueled as it is already immersed in the fluid. Electrical submersible pumps (ESPs), are extensively employed to transport fluids.
High segment is anticipated to register at a substantial CAGR
In terms of capacity, the North America submersible pump market is segregated into low, medium, and high. The high segment is expected to account for a key share of the market during the forecast period due to lifting heavy materials and have high abrasion resistance, allowing them to work well in difficult situations such as mining and oil and gas.
Oil and gas industry segment is projected to represent a major market share
Based on end-users, the market is divided into the mining and construction industry, oil and gas industry, water and wastewater, and others. The oil and gas industry segment is expected to represent a key share of the market in the coming years owing to rising upstream operations, well productivity, and exploitation of shale reserves. Submersible pumps are used to shift spent drilling mud in and out of the reserves pit, allowing for increased oil and gas production. Submersible progressive cavity pumps (PCP) are broadly applied in the oil & gas sector as they are regarded as the correct method of artificial lift for pumping oil with high sand concentration.
United States is expected to dominate the market
On the basis of , the North America submersible pump market is classified as Canada, United States, and the Rest of North America. The United States is anticipated to dominate the market at an impressive CAGR during the forecast period. The country’s market growth can be attributed to the oil and gas industry, water and wastewater industry, farming, mining, and other industries are increasing. During the projected period, the rise of water supply and wastewater infrastructures is anticipated to benefit the submersible pump market, due to massive expenditures in oil and gas projects during the forecast period, the US oil and gas sector is delivering a major boost to the submersible pump market.
Segments
The North America submersible pump market has been segmented based on
Types
- Open-well Submersible Pumps
- Borewell Submersible Pumps
- Non-clog Submersible Pumps
Drive Types
- Hydraulics
- Electric
- Others
Capacity
End-Users
- Mining and Construction Industry
- Oil and Gas Industry
- Water and Wastewater
- Others
Geography
- Canada
- United States
- the Rest of North America
Key Players
- ITT Goulds Pumps Inc
- Borets International Ltd
- EBARA CORPORATION
- Flowserve Corp
- Gorman-Rupp Co
- Sulzer AG
- Weir Group PLC
- Halliburton Company
- Schlumberger Limited.
- Baker Hughes Company
Competitive Landscape
Key players competing in the market include ITT Goulds Pumps Inc; Borets International Ltd; EBARA CORPORATION; Flowserve Corp; Gorman-Rupp Co; Sulzer AG; Weir Group PLC; Halliburton Company; Schlumberger Limited.; and Baker Hughes Company. Some of these players are adopting several market strategies including acquisitions, mergers, collaborations, partnerships, capacity expansion, and product launches to increase their market shares.
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