North America Submersible Pump Market Outlook to 2022 - Market Analysis by Geography, Industry, Application, Competitive Landscape, Key Company Information - Growth, Trends and Forecasts

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The North America submersible pumps market is expected to reach USD XX billion by 2021 from USD XX billion in 2015, growing at a CAGR of 4.5%. A submersible pump is a device which has a motor coupled to the pump body. The pump is submerged into boreholes, mine shafts, or tanks below the level of the liquid being pumped, allowing the liquid to be pumped from greater depths.

This report segments the North America Submersible Pumps Market based on the end user market into water & wastewater, oil & gas, and mining & construction among others. It has been found that the water & wastewater industry is the largest consumer for submersible pumps in North America, followed by the oil & gas industry. The market has also been segmented based on the type of pumps into electric submersible pumps and hydraulic submersible pumps market, with the former having the larger market share.

The North American market has also been segmented geographically into United States, Canada and others. The United States market leads in this region, followed by Canada.

The major factors driving the submersible pumps market are the increasing demand for energy, the growth in the construction industry, and various governmental legislations and policies that aim at protecting the environment. The volatility in oil & gas prices has affected the demand from the petroleum industry. As this price volatility is expected to remain for some more time, the market in this industry is also expected to remain dull for some time. The relatively higher maintenance and operational costs of submersible pumps are also acting as constraints for the submersible pumps market in North America.

The major companies dominating this market for its products, services, and continuous product developments are Baker Hughes, Borets, Dover Corporation, Flotek Industries Inc., Flowserve Corporation, General Electric Company, Grundfos Group, Halliburton, The Gorman-Rupp Company, Schlumberger, Sulzer AG, Weatherford International Inc. and Weir Group PLC. Market study reveals that Halliburton has the greatest market presence in the North American market. 

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