According to a new market research report published by Credence Research “Submersible Motors Market (By Motors Type (Single Phase, Three Phase), By Application (Industrial (Oil & Gas, Water & Waste Water, Mining & Construction and Others) Agricultural, Residential)), – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the overall submersible motors market worldwide was valued at US$ 4.17 Bn in 2018 and is set to grow with 3.80% CAGR during the forecast period.
Submersible motors, being an integral component of submersible pumps, is heavily dependent on industrial sector worldwide. In 2018, submersible pumps market valued at more than US$ 9.5 Bn, thereby forming huge consumer base for submersible motors. Submersible pumps have been used across multiple industries such as oil & gas, water & wastewater, mining and construction and others, for trouble free and hassle free extraction. Thus, due to extensive use of submersible pumps in the industries, the submersible motors market is on the rise. Increase in industrialization and growth in infrastructure development are the major drivers of the market. On account of all these factors, we are expecting steady growth in the submersible motors market.
Based on application, industrial segment is the leader in submersible motors market with more than 60% of the market share. Industrial segment is the leader due to growing capital expenditure and infrastructure development around the globe. The oil & gas sector holds the largest share in the industrial segment on account of increase in production from wells and rise in exploitation of shale reserves. The lack of availability of water and increased production of waste water are increasing the demand for submersible pumps, which in turn giving boom to submersible motors market. 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.
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.
Browse the full report at https://www.credenceresearch.com/report/submersible-motors-market
The Global Submersible Motors Market is Segmented into:
|Segmentation||By Motors Type (2019–2027; US$ Bn)|
|By Application (2019–2027; US$ Bn)|
|By Geography Segment (2019–2027; US$ Bn)|
*Complete segmentation list is on report page