Submersible Pump Market : Industry Research, Growth Trends and Opportunities
Posted by Prasad on April 20th, 2021
The global submersible pump market was valued at US$ 8.7 billion in 2020 and it is anticipated to add value worth US$ 3.5 billion during the forecast period. The outbreak of COVID-19 will leave a residual impact on the long-term outlook of the market with growth projected at a sluggish CAGR of 3.4% through 2030. Stunted growth is foreseen due to latency in application industries amid stringent lockdowns in many countries.
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Trade suspensions across leading countries to prevent the spread of COVID-19 has drastically impacted the market and is causing a sharp dip in overall revenue. Decelerating demand in the oil & gas industry coupled with a slowdown in the construction sector has ushered in huge revenue losses for submersible pump market players. However, in the second half of the forecast period, as the impact of the pandemic fades, the market is anticipated to rebound and pave way for notable opportunities.
Key Takeaways of Submersible Pump Market Study:
“The outbreak of COVID-19 will leave an unprecedented impact on the global submersible pump market as demand for its myriad applications witness a decline. However, as the global business economy rebounds post-pandemic, the market is poised to witness significant opportunity” says the Fact.MR analyst.
New-Age Product Offerings to Revitalize Market Prospects
The global submersible pump market is highly competitive in nature. Key players are focusing on critical research and development in order to develop new solutions according to specific requirements.
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About the AuthorPrasad
Joined: January 19th, 2021
Articles Posted: 51
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