The market for Submersible Motors Market is expected to reach US$ 4.17 Bn by 2027.
The submersible motors market worldwide is expected to grow with a CAGR of 3.80% during the forecast period from 2019 to 2027, starting from US$ 4.17 Bn in 2018. The submersible motors market is expected to witness steady growth in the near future due to a rise in industrialization and growth in infrastructure development. Due to their low electricity consumption, robust structure, and high efficiency, submersible motors are extensively used in various industries. An increase in exploration activities related to deep water is giving a boom to submersible pumps, which in turn helps the submersible motor market grow. On account of these factors, we are expecting steady growth in the submersible motor market during the forecast period.
The industrial segment holds the highest market share in the submersible motor industry, with more than 60% of the market revenue as of 2018. Due to consistent growth in the oil and gas sector and the water and wastewater sector, the industrial segment is on the rise and will continue to dominate the market through the forecast period. An increase in the mining and construction sectors and a rise in investments in infrastructure developments are the major growth drivers for the industrial segment. As a result of these factors, we expect that the industrial segment will continue to grow throughout the forecast period.
In 2018, Asia Pacific was the leader in the submersible motor market, followed by North America and Europe. Due to rising infrastructure and various industries in the region, such as oil and gas, water and wastewater, and others, Asia-Pacific will grow. In India, government initiatives for the mining industry are improving, such as the 100% foreign direct investment policy (FDI) and others. On account of these government initiatives, companies such as Vedanta Resources PLC, 2017, announced that they were planning to invest USD 9 billion in India's mining industry. Thus, growth for submersible pumps will increase, which in turn will help the submersible motor market in India grow. As a result of all these factors, we are expecting steady growth in the Asia-Pacific region during the forecast period.
Some of the prominent players operating in the submersible motors market include Franklin Electric, Flowserve Corporation, Faradyne Motors, Andritz AG, Shakti Pumps India Limited, Petrello 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.
This research report presents the analysis of each segment from 2017 to 2027, considering 2018 as the base year for the research. The compound annual growth rate (CAGR) for each of the respective segments is calculated for the forecast period from 2019 to 2027.
The submersible motors market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of the global submersible motor market based on motor type, application, and geography. Key segments covered in the report are as follows:
The market for Submersible Motors Market is expected to reach US$ 4.17 Bn by 2027.
The Submersible Motors Market is expected to see significant CAGR growth over the coming years, at 3.80%.
The report is forecasted from 2019-2027.
The base year of this report is 2018.
Faradyne Motors, Andritz AG, Shakti Pumps India Limited, Petrello SpA, Sumoto S.r.l., Lubi Pumps, ABB Motors and Mechanical Inc., Hitachi Industrial Equipment Systems Co., Ltd., Ingeteam Corporación, S.A are some of the major players in the global market.