Industrial Submersible Pumps is fastest growing segment fueling the growth of Submersible Pumps Market
Submersible Pumps Market The global Submersible Pumps Market is estimated to be valued at US$ 12308.02 Mn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Overview: Submersible pumps are used extensively across industries such as construction, agriculture, mining, wastewater management and oil & gas to pump out water or slurry from wells and basins. They offer efficient dewatering solutions along with easy installation and low maintenance. Market key trends: One of the key trends in the submersible pumps market size is the growing adoption of IoT-enabled pumps. The integration of IoT allows remote monitoring of pump performance in real-time. This helps in predictive maintenance by alerting users about potential issues. IoT connectivity also provides operational data through analytics which helps end-users optimize pump usage. With growing emphasis on effici...