According to a recent analysis by Fact.MR on the global Borewell Submersible Pump industry, the market is continuously growing and is predicted to grow at a CAGR of around 4.8 percent through 2031, surpassing a valuation of around US$ 9 billion by 2021. The water and wastewater treatment industry is predicted to see particularly strong demand, resulting in an absolute potential worth US$ 141.7 million by 2031.
The global Borewell Submersible Pump market was worth US$ 8.7 billion in 2020, and it is expected to grow by US$ 3.5 billion over the next five years. COVID-19’s outbreak will have a long-term influence on the market’s long-term outlook, with a sluggish CAGR of 3.4 percent expected through 2030. Due to delay in application sectors and severe lockdowns in many nations, growth is expected to be stifled.
Trade prohibitions in key countries to prevent the spread of COVID-19 have had a significant impact on the market, resulting in a significant drop in overall income. Declining oil and gas demand, along with a downturn in the building industry, has resulted in significant revenue losses for Borewell Submersible Pump manufacturers.
Borewell Submersible Pump Market: Key Takeaways
- In terms of volume, the worldwide Borewell Submersible Pump market is forecast to develop at a moderate CAGR of 3.3 percent from 2020 to 2030, and it is expected to expand 1.4X.
- Borewell Borewell Submersible Pumps are expected to have the largest market share in terms of value, with an absolute dollar potential of US$ 1.7 billion during the projection period.
- Borewell Submersible Pumps with a head more than 100 metres are predicted to increase at a CAGR of 3.8 percent in terms of value, increasing their market share by 73 basis points by the end of the forecast period.
- Mining is expected to account for the majority of value in terms of application, with an absolute dollar opportunity of more than US$ 1.8 billion during the forecast period.
- In terms of value, Europe is expected to have the largest share. By the end of the forecast period, the area is predicted to lose 160 BPS in market share in terms of value.
“The COVID-19 epidemic will have a massive impact on the global Borewell Submersible Pump market, as demand for its numerous applications falls.” The market, on the other hand, is prepared to observe tremendous opportunities as the global corporate economy recovers from the epidemic,” adds Fact.MR analyst.
Elevated Water Stress Levels Providing Impetus to Borewell Submersible Pumps Sales?
According to a report published by the International Resource Panel in 2016, demand for water will exceed supply by 40% by 2030, pushing governments to invest US$ 200 billion per year on upstream water supplies. It is critical to isolate water use from economic growth in order to avoid the impending problem.
According to the United Nations Environment Program, agriculture accounts for 70% of all worldwide freshwater withdrawals. Agriculture will put increasing strain on water resources as the world’s population grows. Governments have spent a lot of money building dams, canals, pipelines, and aqueducts, but they are ineffective in replenishing water tables and are not sustainable.
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