Submersible Pumps for Mining Sector Market Overview
Submersible Pumps for Mining Sector Market is expected to grow at a USD 15,796.2 Million,CAGR of 6.21% during the forecast period.
The Submersible Pumps for Mining Sector Market is expected to generate a revenue of USD 15,796.2 Million at a CAGR of 6.21% during the forecast period. The global market for submersible pumps in the mining sector is quite active, and it is predicted to grow rapidly throughout the forecast period. The mining industry is experiencing exciting growth due to the introduction of new and diverse technology. Due to rising use in dewatering mines, the market for submersible pumps in the mining sector is one of the fastest expanding. Submersible pumps are the best alternative for dewatering mines since they are quiet and energy-efficient, which is driving the industry. However, there are several limitations to the market for submersible pumps in the mining sector, such as the high cost of these pumps, the lack of substitute pumps, and the high expenses of submersible motor failure and troubleshooting.
New trends include research and development with an emphasis on cost-effective production areas, as well as short-distance supplies to cut expenses. Due to significant driving factors such as ideal solution for dewatering mines, and noiseless and energy-efficient operation activities fueling the market, the submersible pumps for the mining sector market are predicted to be promising throughout the forecast period.
Report Attribute/Metric | Details |
CAGR | 6.21% CAGR (2022-2030) |
Base Year | 2021 |
Forecast Period | 2022-2030 |
Historical Data | 2019 2020 |
Forecast Units | Value (USD Million) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Well Type, Pump Stage and Power Ratings |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Market Segmentation
The Submersible Pumps for Mining Sector Market is segmented based on Well Type, Pump Stage, Power Ratings, and Region.
Based on the Well Type, the market is segmented as follows:
- Open Well
- Bore Well
Based on the Pump Stage, the market is segmented as follows:
- Single Stage
- Multi-Stage
Based on the Power Ratings, the market is segmented as follows:
- High Power
- Medium Power
- Low Power
Based on the region, the market is segmented as follows:
- North America
- Europe
- Asia-Pacific
- Rest of the World
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Regional Classification
The Asia Pacific currently has the bulk of market share and will continue to do so in the coming years. Strong industrialization and expanding urbanization, as well as increased demand from the mining and sludge treatment industries, are driving the submersible pump for the mining sector. The building industry's strong growth prospects in the Asia Pacific area are projected to fuel demand for submersible pumps in the mining sector in the future years. With a market value of USD 208.6 million, China held the most market share and is expected to grow at the fastest CAGR of 6.41 percent over the projection period.
Industry News
The major key players of the global submersible pumps for mining sector market include Xylem Inc. (U.S.), Grundfos Group (Demark), KSB Aktiengesellschaft (Germany), Sulzer Ltd (Switzerland), Ebara Corporation (Japan), Atlas Copco AB (Sweden), Flowserve Corporation (U.S.), The Weir Group Plc. (Scotland), Tsurumi Manufacturing Co., Ltd (Japan) and The Gorman-Rupp Company (U.S.). With changing consumer expectations, foster technological innovation, and swings in competitive power, the market for submersible pumps in the mining sector is undergoing significant developments. In the years ahead, the market will benefit from an increasing number of financing commitments for the commercialization and development of refueling infrastructure.
