Albany, New York, May 18, 2017: Market Research Reports Search Engine (MRRSE) has included a new study titled, "Submersible Pumps Market-Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2026".Submersible pump is a mechanical device used for transferring various types of fluids in different end use industries and is highly preferred for agricultural and industrial applications. Submersible pumps are vertically submerged under the fluid to be transported (such as water etc.) and is driven by electric current, operating on the principle of centrifugal force. The global market for submersible pumps is likely to register a CAGR of 6.3% in terms of sales revenue during the forecast period (2016–2026). Among product types, the borewell submersible pumps segment, followed by the openwell submersible pumps segment is expected to witness a high growth rate over the forecast period.