Submersible Pumps Market Size to Reach $15.5 billion by 2025 Growth Projections at 6.7%... - 0 views
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Almira Coyne on 08 Oct 21According to the new market research report "Submersible Pumps Market by Type (Electric, Hydraulic, Air-Driven), Application (Open Pit, Borewell), Operation (Single-stage, Multi-stage), Power Rating (15 HP), Sector (Industrial, Agricultural, Domestic), Region - Global Forecasts to 2025", The submersible pumps market is projected to reach USD 15.5 billion by 2025 from an estimated USD 11.2 billion in 2020, at a CAGR of 6.7% during the forecast period. High demand for submersible pumps in agricultural sector, and increasing investments in construction industry attributing to rapid urbanization are the key factors driving the growth of the submersible pumps market. Likewise, adoption of solar-powered submersible pumps, and the upgradation of aging and construction of new water & wastewater treatment facilities are expected to offer lucrative opportunities for the submersible pumps market during the forecast period.