New York, Oct. 16, 2023 (GLOBE NEWSWIRE) -- The global submersible pump market size is predicted to expand at ~5% CAGR between 2023 and 2035. The market is projected to garner a revenue of USD 20 billion by the end of 2035, up from a revenue of ~USD 10 billion in the year 2022.The growth of the market can be attributed to the growing investment in infrastructural development. By 2025, the global annual expenditure on the development of infrastructures is expected to exceed USD 9 trillion. Submersible pumps are utilized during construction to dewater diggings, allowing for safe and efficient building. In addition to these, factors that are believed to fuel the market growth of submersible pump include the technological advancement of submersible pumps.
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Because of the introduction of Internet of Things (IoT) technology, automated tracking and oversight of submersible pumps is now possible. Real-time data analytics and predictive maintenance contribute in the increase of pump efficiency, aversion of problems, and the reduction of downtime. Submersible pumps are a type of centrifugal pump designed to be submerged in a fluid, typically water or other liquids. They are widely used in various industries and applications due to their efficiency, reliability, and ability to handle challenging conditions.
Increasing Agricultural Activities across the Globe to Boost Market Growth
Agriculture, forestry, and fishing generated a 78 percent increase in real terms between 2000 and 2020, surpassing USD 3.6 trillion in 2020. Moreover, in 2021, the agriculture sector holds a solid 4% share of the global GDP. Farmers are using submersible pumps to raise water from wells and boreholes and distribute it to roots, ensuring equal water distribution. Submersible pumps are utilized frequently for obtaining clean water from ground levels. Therefore, the rising demand for clean water is contributing to the submersible pump market growth. Freshwater is necessary for a healthy human life, but 1.1 billion people across the globe need access to it, and 2.7 billion face a shortage of water. In the year 2021, the worldwide use of paper and paperboard was around 408 million tons. Consumption is expected to rise further over the next ten years, reaching 476 million tons by the year 2032. Submersible pumps are used in the papermaking process to move slurry or pumps between stages.
Submersible Pump: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Expanding exploration of shale gas to Drive the Market Growth in North America Region
The submersible pump market in North America region is estimated to garner the largest revenue by the end of 2035. The growth of the market can be attributed majorly to the increasing exploration of shale gas and other unconventional energy resources. According to the US Energy Information Administration (EIA), US dry natural gas production from shale deposits was approximately 28.5 trillion cubic feet (Tcf) in the year 2022, accounting for roughly eighty percent of total US dry natural gas production. Furthermore, the implementation of policies for oil and gas recovery is also expected to drive market growth in North America.
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Rapid Urbanization and Infrastructure Development to Propel the Growth in the Asia Pacific Region
The Asia Pacific submersible pump market is estimated to garner the highest CAGR by the end of 2035. As Asia Pacific countries undergo rapid urbanization, there is a burgeoning demand for submersible pumps for various infrastructure projects, including water supply, wastewater management, and construction. Urban centers require reliable water distribution and sewage systems, driving the adoption of submersible pumps. The United Nations estimates that the Asia Pacific region has the highest rate of urbanization globally, with approximately 2.5 billion people projected to live in urban areas by the year 2050. Agriculture plays a significant role in many Asia Pacific economies. Submersible pumps are crucial for providing irrigation to farmlands, improving crop yields, and ensuring food security in the region. Water scarcity is a pressing issue in many Asia Pacific countries. Submersible pumps are essential for accessing groundwater, enabling communities and industries to address water scarcity challenges effectively.
Submersible Pump, Segmentation by Type
- Open-Well Submersible Pump
- Bore-Well Submersible Pump
Amongst these segments, the bore-well submersible pump segment in submersible pump market is anticipated to hold the largest share over the forecast period. The growth of the segment can be attributed to the increasing usage of groundwater. Since surface water, such as lakes and rivers are depleting rapidly, therefore the popularity of bore submersible pumps are becoming increasingly important in both residential and commercial sectors. On the other hand, rising urbanization and a growing population are increasing the demand for water and thus driving the growth of the bore-well submersible segment. Bore-well submersible pumps are widely used in agriculture to draw groundwater for irrigation purposes. They help farmers efficiently water their crops, contributing to increased agricultural productivity. According to the Food and Agriculture Organization (FAO), more than 70% of the world's freshwater withdrawals are used for agriculture, with bore-well submersible pumps playing a significant role.
Submersible Pump, Segmentation by Head Type
- Below 50 m
- 50 m-100 m
- Above 100 m
Amongst these segments, the above 100 m segment is anticipated to hold a significant share over the forecast period. The deep levels of freshwater bodies are the major growth factor of the segment growth. Usually, in water distribution activities, water is extracted from lakes and rivers, which are mostly above 100 meters levels. Therefore, the need for a pump with a head height over 100 m becomes increasingly important. Moreover, lakes are often located more than 395 meters below sea level. Additionally, Lake Baikal in Russia is the world's deepest lake. In spots, its bottom is nearly 2 kilometers (more than 1 mile) below the surface.
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Few of the well-known industry leaders in the submersible pump market that are profiled by Research Nester are Wacker Neuson Group, Atlas Copco AB, Xylem Inc., Sulzer AG, The Weir Group PLC, Kriloskar Brothers Ltd., Flowserve Corporation, Ltd., Pleuger Industries, Shakti Pumps Ltd, and other key market players.
Recent Development in the Submersible Pump Market
- Pleuger Industries announced the service partnership with Sun Star Electric Inc. for providing the submersible pump services to the North and South region of America. Moreover, it will also provide after-sales support to the customers.
- Atlas Copco Power and Flow announced the launch of the WEDA D95, the latest electric submersible dewatering pump technology. It has a much longer life than traditional submersible pumps and can endure harsh environment that occurs during mining, construction, and tunneling.
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