[323 Pages Repor] The submersible pumps market is expected to register year-on-year growth at 4.6% in 2021, with the overall valuation totaling US$ 8.80 Bn in 2021. As per a recent analysis by Future Market Insights (FMI), sales of submersible pumps are expected to increase at 5.1% CAGR between 2021 and 2031.
According to the study, the overall submersible pumps market valuation is forecast to top US$ 14.45 Bn by 2031. Borewell submersible pumps will remain highly sought-after. Meanwhile, the sales of openwell submersible pumps will increase at a steady pace, exhibiting growth at a 5.7% CAGR in between 2021 and 2031.
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2016-2020 Submersible Pumps Market Outlook Compared to 2021-2031 Forecast
Revenue generated by the industrial segment of the submersible pumps market will continue increasing gradually through 2021. According to the study, the demand for submersible pumps grew by 4.6% between 2020 and 2021, exhibiting positive signs of recovery in the market. As of 2020, submersible pumps represented between 18% and 20% of the overall pumps market.
In the agricultural sector, farmers have been exhibiting high adoption of technology driven equipment such as heavy duty submersible pumps for supplying water into the farm. Municipal water distribution and waste water treatment are expected to witness impressive growth in the coming years, which in turn is anticipated to support the growth in the global market.
Leading manufacturing companies are focusing on expanding their product portfolio by investing in research & development activities for development of new products. Through this they intend to offer improved durability and bolster expansion of their distribution channels in various countries around the world.
Will the COVID-19 Crisis Hamper Sales of Submersible Pumps?
The COVID-19 pandemic has affected sales in several countries across Europe, Asia, North America, and the Middle East. This health crisis is hampering all economic activities- new or ongoing projects across oil & gas, infrastructure projects supply chain.
Import and export scenario are encountering various challenges in terms of planning, project execution, and from the risk management aspect due to the pandemic. Considering this, COVID-19 has negatively impacted the manufacturing industry.
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The pandemic resulted in authorities shutting down operations across various industries as a preventive measure against the crisis. Moreover, the market is expected to face challenges in the coming days in terms of cash flow management. The submersible pumps market is estimated to recover slowly within one to two years, and this factor is expected to have low to moderate impact on the Submersible Pumps market.
Submersible Pumps Market by Category
By Product Type:
- Non Clog Submersible
- Open Well Submersible
- Bore Well Submersible
By Head Type:
- Below 50 meter
- 50 m- 100 m
- Above 100 m
- Oil & Gas
- Other Industrial
- Water Supply & Distribution
- Wastewater Management
- North America
- Latin America
- South Asia & Pacific
- East Asia
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The submersible pump market is moderately competitive, with presence of large number of players. Some of the companies are focusing on catering the demand for specific demography. The market has robust partnerships throughout the value chain, with high focus on innovations. Manufacturers are aiming at strategic collaborations with end users and regional distributors to address the requirements of an expanding customer base. Brand consciousness and aggressive marketing makes it challenging for new entrants in this market. Through these developments, companies are aiming at competitive advantage. For instance:
- In July 2020, Pleuger Industries and Submersible Motor Engineering Pty Ltd signed a memorandum of understanding (MoU) to strengthen their ongoing relationship for the exchange of information and expertise, and to explore new ways of partnering.
- In May 2021, Atlas Copco acquired the operating assets of Medigas Service & Testing Co. Inc. The company services, sells, verifies, and installs piped medical and laboratory gas equipment and systems.
- In May 2021, the KSB Group launched the youngest generation of its time-tested submersible grey water pumps: the AmaDrainer 3 type series.