The consumption of Submersible Motors is related to downstream industries and global economy. There are many manufactures in this field. The global consumption value of Submersible Motors will increase from 1,630 million USD in 2017 to 2,020 million USD in 2023, with an annual growth rate of 3.64%.
The largest Market of Submersible Motors is Europe, with market share of about 28.19% in 2017, followed by North America and Asia-Pacific, with market share of 26.42% and 23.45%. Recent years, the developing country China and India are playing more and more important roles in the market and investors should pay more attention to these regions.
The global Submersible Motors market is relatively concentrated as the manufacturing technology of Submersible Motors is relatively higher than some motor equipment. Some enterprises are well-known for the wonderful performance of their Submersible Motors and related services. The leading players Franklin Electric, Grundfos, Flowserve, Faradyne Motors are remarkable in the global Submersible Motors industry because of their market share and technology status of Submersible Motors.
With emerging economies growing faster, a strategy has been adopted by most leading vendors in the Submersible Motors market to approach these areas. QYR analysis of the Submersible Motors market indicated that Asia-Pacific would account for the highest sales in 2023 with close to 32 percent of global sales coming from this region, and Asia has the highest growth rate. Vendors recognize the importance of this region, particularly in China, and are working towards penetrating this market by strengthening their sales and distribution networks.
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