New York, Aug. 05, 2021 (GLOBE NEWSWIRE) -- Submersible pumps Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Submersible pumps Market Research Report, Well type, operation, power rating, end-use industry and Region - Forecast till 2027” the market is projected to be worth USD 22.19 billion by 2027, registering a CAGR of 7.12% during the forecast period (2021 - 2027), The market was valued at USD 11.81 billion in 2020.
The submersible pumps market is growing pervasively. Government-aided sustainable water supply initiatives and the potential that submersible pumps offer in transforming lives are major driving forces. Besides, many possibilities that submersible pumps offer for humanitarian development, from lighting to internet connectivity to water provision, create substantial market demand.
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Competitive Analysis
List of the Key Companies Profiled in the Submersible Pumps Market Research Report are -
- KSB Group (Germany)
- Xylem (US)
- Flowserve Corporation (US)
- Tsurumi Manufacturing Co. Ltd. (Japan)
- EBARA Corporation (Japan)
- The Gorman-Rupp Company (US)
- The Weir Group PLC (UK)
- Atlas Copco AB (Sweden)
- Grundfos (Denmark)
- Sulzer Ltd. (Switzerland)
Highly competitive, the submersible pumps market appears consolidated, with many key players forming a competitive landscape. Mergers & acquisitions, collaborations, innovations, and expansion are key trends for leading players to gain a larger competitive share. They strive to develop pumps that can offer reduced downtime & maintenance, longer life, and low overall costs. Due to extensions in product, service, and innovations, the market is expected to witness the fierce competition.
For instance, recently, on July 01, 2021, Weir Minerals, a leading global provider of mill circuit technology, dewatering solutions & services, launched a new hydraulic submersible slurry pump naming Multiflo.
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Submersible Pumps are Crucial for the Manufacturing and Other End-Use Industries
Various advantages that submersible pumps offer, increase their uses in several end-use applications. Rising demand from the construction and food & beverages industry, alongside the rising global electricity demand, defines the growing market landscape.
Furthermore, the growing demand for enhanced safety and precision in manufacturing processes drives the market demand. Many pump manufacturers focus on developing technologies providing systems that ensure machine safety. Increasing legislative measures for expanding reliable water supply infrastructure in developing nations complement the business landscape.
With their capabilities of transmitting power, submersible pumps have been garnering significant market prominence. Besides, vast advances and evolution in oilfield technology substantiate the market demand. Increasing awareness about energy efficiency benefits for the environment and improving O&G infrastructures influence the market demand.
Price Volatility of Key Components is a Major Headwind
Despite demonstrating significant prospects, the market still witnesses major setbacks, such as volatile prices and the demand-supply gap in key components and raw materials, increasing the overall cost of submersible pumps. Besides, high research and development costs are projected to restrict the submersible pumps market growth. The lack of awareness for submersible pumps benefits could affect market sales.
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COVID-19 Impact on the Submersible Pumps Industry
The COVID-19 outbreak severely hit the submersible pumps industry, causing huge revenue losses. Industry players faced several issues ranging from obtaining raw materials & components to attracting workers from quarantines and deliver end products to markets. Also, strict lockdown mandates disturbed supply chains, further impacting the market development.
On the other hand, the pandemic increased the market demand impacting the smart city and water & wastewater processing projects positively. The submersible pumps market is rapidly returning to normalcy, witnessing a steady rise in demand. The market value is estimated to pick up following the uplift of lockdown in many countries.
Segmentation
The market is segmented into well types, operations, power ratings, end-use industries, and regions. The well type segment is sub-segmented into open wells and bore wells. The operation segment is sub-segmented into single-stage and multi-stage. The power rating segment is sub-segmented into low power, medium power, and high power.
The end-use segment is sub-segmented into water & wastewater, agriculture & irrigation, construction, mining, oil & gas, and others. By region, the analysis is segmented into Asia Pacific, Americas, Europe, and the rest-of-the-world.
Regional Analysis
Globally, the Asia Pacific region accounts for the leading market for solar water pumps. Growing market in some APAC countries such as India, China, and Japan, driven by the increasing industrialization, contributes to the market growth majorly. The market is likely to retain its dominance throughout the forecast period, attributing to the burgeoning agriculture sector in the region.
Furthermore, factors such as the rapid agriculture activities in countries such as China, India, and Bangladesh and rising investments in infrastructure development activities foster the region’s submersible pumps market shares. Moreover, increased demand from the water & wastewater and constructions sectors influences the submersible pumps market size in the region.
Segmentation of Market covered in the research:
Information by Industry (Water & Wastewater, Oil & Gas, Agriculture & Irrigation, Construction, Mining, Others), by Well Type (Bore Well, Open Well), by Operation (Multi Stage, Single Stage), by Power Rating (High Power, Medium Power, Low Power) and Region (North America, South America, Europe, Asia- Pacific, and Middle East & Africa)
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