According to FMI projections, the global submersible pumps market is anticipated to witness substantial growth, with an estimated valuation reaching US$ 19.39 billion by 2033, compared to US$ 11.68 billion in 2023. This growth trajectory indicates a steady increase, with sales of submersible pumps projected to grow at a Compound Annual Growth Rate (CAGR) of 5.2% between 2023 and 2033.
The surge in market expansion can be attributed to several factors contributing to the escalating demand for efficient and dependable pumping solutions across various sectors including industrial, agricultural, and residential applications. Notably, the increasing necessity for robust pumping systems to facilitate irrigation and water supply operations stands out as a primary driver stimulating market growth. Additionally, the burgeoning construction industry and the escalating requirement for effective sewage and wastewater management further bolster the development of the submersible pumps market.
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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.
Key Takeaways:
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.
Competitive Landscape
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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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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