Globally, sales in the submersible pumps market are set to be valued at US$ 978.5 Mn in 2021, with a stable long-term projection. According to latest analysis by Future Market Insights (FMI), the submersible pumps market is poised to expand at a 5.1% CAGR over the forecast period 2021-2031.
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Sales of submersible pumps were however dampened due to the outbreak of the COVID-19 pandemic. Disruptions in supply chain and suspended production activities in the oil and gas sector resulted in stagnated demand for submersible pumps.
Submersible pumps manufacturers are focusing on launching cost-effective and high efficiency products to improve sales. Governments of emerging economies in Africa and Asia, particularly in countries such as India, China and South Africa, are increasing efforts to improve access to drinking water in rural as well as urban areas, which in turn is benefiting the market.
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“Initiatives undertaken by governments for waste water management and encouraging the use of technologically-driven equipment in agricultural sector are expected to spur the demand for submersible pumps,” said Future Market Insights analyst.
- By product type, borewell submersible pumps are expected account for half of the global market in terms of revenue by the end of the forecast period.
- By head type, above 100 m pumps are expected to gain popularity over the forecast period owing to increasing demand for water distribution application.
- By Application, demand from municipal sector is anticipated to grow at 5.5% CAGR over the forecast period.
- East Asia has the leading share in terms of volume. However, Europe is projected to account for highest value share. Industrialization in emerging economies of Asia will increase the demand for submersible pumps over the forecast period.
- China and Japan will continue spearheading growth in East Asia.
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Some of the key submersible pumps manufacturers include Kubota Corporation, Wacke Neuson Group, Atlas Copco, ABKSB SE & Co. KGaA, Xylem Inc.,Ebara Corporation, Grundfos, Sulzer AG, The Weir Group PLC, Tsurumi Manufacturing Co., Ltd. Kriloskar Brothers Ltd., Flowserve Corporation.
The global submersible pumps market is fairly fragmented owing to the presence of several players across the globe. Moreover, leading share in the market is accounted by unorganized players which is estimated to be at around 50%-55%. Key market players are focusing on research and development to expand their product portfolio. Besides this, they are actively investing in mergers, acquisitions, and strategic collaborations to expand their global footprint.