Los Angeles, January 21, 2020 - In a recent report by QY Research, “Global Deep Well Pump Market Insights, Research Forecast to 2025”. The global deep well pump market was valued at US$2882.71 mn in 2018 and is projected to reach US$3727.85 mn by 2025, registering a CAGR of 3.84% during the forecast period.
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Rising Applications of Deep Well Pump in Different Industries to Drive Market
The market for deep well pump is rising owing to its demand from various industries including oil and gas, agriculture, and construction. This has led to the increase in capital expenditure for both maintaining and increasing production from wells in the oil and gas industry. Deep well pumps play a huge role as they can monitor and capture to enable remote access and troubleshooting for oilfield equipment. Similarly, in the construction industry there are heavy investments from the government to modernize water supply, reduce wastage of water, and maintain proper sewage system, which is another factor impacting the growth of market.
Furthermore, rising adoption of technology in agriculture industry for irrigation and other activities is further fueling its demand. However, some factors are expected to hamper the growth of the market such as high maintenance and operation costs.
Industrial Segment to Occupy Largest Share in Global Market
Stringent regulations from government in wastewater are encouraging industries to treat the water effectively before being disposed. This is creating exponential demand for pumps in the industrial sector. Additionally, they are being used in several industries for different applications, which further boosting its demand.
Middle East and Africa and North America to Boost Overall Market Growth
The Middle East and Africa and North America are expected to hold a significant share in the global market owing to presence of flourishing oil and gas to the industry. Furthermore, due increasing demand and fast-paced industrialization projects are also expected to augment the demand for deep well pumps.
Manufacturers to Move towards Product Innovations
PENTAIR recently announced the release of a new product portfolio of energy-efficient pumps for commercial building applications. The design on the pump puts great emphasis on durability, higher working pressure thresholds, and versatility to perform in range of conditions. To reduce inventory complexities, shared hydraulics were incorporated that can impact maintenance and replacement timelines. The new product line is expected to increase the share of the company in global market to combat competition.
The major manufacturers in the market includes Grundfos Group, Shanghai East Pump, Franklin Electric, STAIRS Industrial, Zhejiang DOYIN, Saer Elettropompe, Wilo, Shandong Yanshan Pump, KSB Group, Guangdong Ruirong Pump,/ Ebara Corporation, Kirloskar, Pedrollo, Dayuan Pump, DAB pump, Xylem, PENTAIR, Skysea Pump, Vansan Water Technology, Haicheng Sanyu, Jiadi Pump, C.R.I PUMPS, FLOWSERVE, Shimge Pump, and others.
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