Market Size of North America Submersible Pumps Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 4.41 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Submersible Pump Market Analysis
The market for North America submersible pumps is expected to grow at a CAGR of more than 4.41% 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, in turn, act as a roadblock to the growth of the market.
- The oil and gas industry is expected to dominate the submersible pumps market due to the increasing upstream activities, increasing production from wells, and increasing exploitation of shale reserves, etc.
- New technology innovations along with existing infrastructure, and demand for energy efficient pumps can create huge opportunities for the market studied.
- The United States is expected to dominate the market over the forecast period, owing to its increasing exploitation of shale reserves along with upcoming oil and gas projects in the coming years.
