Market Size of Europe Submersible Pump Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 4.10 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Submersible Pump Market Analysis
The Europe submersible pump market is expected to grow at a CAGR of approximately 4.1% during the forecast period of 2020 - 2025. Major factors driving the market are the strict regulations for wastewater treatment across industries, recovery in the oil and gas and mining industry, growth in the construction industry, and a surge in industrial infrastructure. However, this market faces certain challenges, such as high maintenance & operation costs, and volatility in oil & gas prices. These factors are expected to act as a restraint to the growth of the market.
- The oil and gas industry is expected to witness significant demand due to the increasing capital expenditure, maintain or increase in production from wells, and increasing exploitation of shale reserves, etc.
- Retrofitting, upgrading aging and existing infrastructure along with new technology innovations can create huge opportunities for the market studied.
- Norway is expected to drive the market demand over the forecast period, owing to the number of upcoming offshore oil and gas projects.
