The submersible pumps market is expected to record a year-on-year increase of 4.6% in 2021, with the overall valuation totalling US$ 8.80 Bn in 2021. As per a recent estimation of FMI, sales of submersible pumps are expected to increase at a 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 open well submersible pumps will increase at a steady pace, exhibiting growth at a 5.7% CAGR between 2021 and 2031.
Base Year Value (2020A) US$8.42 Bn Estimated Year Value (2021E) US$8.80 Bn Projected Year Value (2031F) US$14.45 Bn Value CAGR (2021-2031) 5.1% Collective Value Share: Top 3 Countries (2021E) 33.5%
In the last few years, water stress has been a leading concern across the world, which has, in turn, fuelled the demand for new water sources to fulfil the industrial as well domestic water needs. Wastewater treatment is becoming more popular around the world as means to relieve water scarcity, which is also driving the global submersible pumps markets.
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Sales of submersible pumps were however dampened due to the outbreak of the COVID-19 pandemic. Disruptions in the 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.
“Initiatives undertaken by governments for wastewater management and encouraging the use of technologically-driven equipment in the agricultural sector are expected to spur the demand for submersible pumps,” said Future Market Insights analyst.
By product type, borewell submersible pumps are expected to 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 applications. By Application, demand from the 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 the highest value share. Industrialization in the 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.
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, the leading share in the market is accounted for by unorganized players which are 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.
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