NEWARK, Del, March 24, 2023 (GLOBE NEWSWIRE) -- Increasing from US$ 11.68 billion in 2023, FMI predicts that the global submersible pump market could reach US$ 19.39 billion by 2033. Between 2023 and 2033, submersible pump sales are expected to register a 5.2% CAGR.
The key drivers of the expansion of the submersible pump market worldwide are the population boom of the globe and the rise in residential housing. Growing water constraints impact the water system installation, which in turn fuels market expansion.
The market is being driven by factors like increased infrastructure investment and quick industrialization. Submersible pumps are becoming more widely used as manufacturers search for dependable and affordable fluid lifting choices in all production settings.
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In the upcoming years, it is projected that businesses may benefit greatly from the development of strong goods that can lift big amounts of fluid. Given the growing need for electricity throughout the world, pumps have become an essential component of power plants.
Deepwater exploration activity expansion and an increase in subsea operations are two variables that are anticipated to provide this industry with a wealth of growth prospects. The improvement of drinking water infrastructure in both urban and rural areas is a top priority for many governments in growing countries. Due to this, there has been an increase in the exploration of water resources, which is anticipated to increase demand for submersible pumps with increased capacity and efficiency for home and agricultural usage.
As maximum places on earth still don't have access to the fundamental convenience of flowing water, desalinization programs are also anticipated to aid in the usage of submersible pumps. Consequently, throughout the forecast period, these factors are anticipated to fuel the expansion of the global submersible pump market.
Distributors sell the bulk of small and medium-sized submersible pumps. End users or consumers are more likely to choose distributors of submersible pumps that offer engineering expertise, after-sales services, and end-to-end solutions to satisfy their unique needs. Maximum global players use the strategy of growing tie-ups with local and regional distributors to build local networks.
Submersible pump demand is still widely influenced by rising energy costs. Solar-powered submersible pumps are being adopted by more and more sectors because they provide considerable operational cost advantages. Pump motors make up about 15% of the total energy used by submersible pumps globally.
The development of comparatively small and effective submersible pumps is made possible by micro disc pumping technology. Compact and energy-efficient pumps are anticipated to have substantial growth in demand in the coming years as a result of the growing trend toward size reduction.
China and India are the two countries that contribute significantly to the Asia Pacific region, which holds the maximum market share for submersible pumps worldwide. These nations are experiencing a surge in industrial activity, which is driving up demand for products like chemicals and crude oil, among other things. The capacity for processing crude oil in the Asia Pacific region is anticipated to increase significantly thanks to China. By 2025, the nation is anticipated to contribute significantly to the region's overall refining growth capacity. This is likely to increase the need for submersible pumps in the region.
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Key Takeaways
- The market in the United States has grown significantly in 2022 holding a 13.8% share of the global market.
- The market in China is expected to record a CAGR of 5.3% over the forecast period.
- The market in the United Kingdom is anticipated to thrive at a CAGR of 4.6% through 2033.
- With a CAGR of 6.7% over the forecast period, India is predicted to grow rapidly in the market.
- Germany accounted for 4.7% of the global market in 2022.
Competitive Landscape
The top manufacturers of the submersible pump market are Wacker Neuson Group, KSB SE & Co. KGaA, Xylem Inc., Ebara Corporation, Grundfos, Sulzer AG, Shimge Pump Industry Group Co., Ltd., The Weir Group PLC, Tsurumi Manufacturing Co., Ltd., Kirloskar Brothers Ltd., Flowserve Corporation, WILO SE, PSG (Dover Corporation), Gorman-Rupp Company, Ruhrpumpen Group, Shakti Pumps (India) Ltd., Speak Pumpen Walter Speck GmbH & Co. KG, Zhejiang DOYIN Technology Co. Ltd, Pleuger Industries, and others.
Product innovation as well as opportunistic mergers and acquisitions have transformed the competitive environment of the submersible pump market. Leading companies prioritize capacity enhancements and a global footprint to take advantage of lucrative prospects in growing markets.
Recent Developments
The NEO Series 4-in of borewell submersible pumps was introduced by Kirloskar Brothers Limited (KBL) in September 2021. These pumps are intended for rural, home, and community water supply sectors, including the agricultural, building, and construction industries.
A wide selection of premium electric submersible pumps that were created especially for sludge, drainage, and slurry pumping applications was released by Atlas Copco in January 2019. The pumps aid in reducing overheating, abrupt power loss, human inaccuracies, and product failure.
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Submersible Pumps Market by Category
By Product Type:
- Non-clog Submersible
- Open Well Submersible
- Bore Well Submersible
By Head Type:
- Below 50 m
- 50 m- 100 m
- Above 100 m
By Application:
- Agriculture
- Industrial
- Oil & Gas
- Firefighting
- Mining
- Construction
- Other Industrial
- Municipal
- Water Supply & Distribution
- Wastewater Management
By Region:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- The Middle East and Africa
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Table of Content
1. Executive Summary | Submersible Pump Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2023 to 2033
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old Source: Submersible Pumps Market to Soar Amid Smart Water Management Systems Adoption, to Reach US$ 13 Bn by 2030: Future Market Insights
