As per Future Market Insights (FMI), the Southeast Asia submersible pumps market is expected to reach USD 1,076.8 Mn in 2032. It is anticipated to showcase steady growth at a CAGR of 5.5% between 2022 and 2032. In 2022, more than 56.9% of the market share is likely to be occupied by borewell submersible pumps in the region owing to their increasing end-use applications.
Water stress has recently become a major issue in both developed and developing economies, which is driving the demand for new water sources that can meet Southeast Asia’s industrial and domestic water needs. Use of wastewater treatment to alleviate water constraints is growing in terms of popularity, which is also propelling the South Asia submersible pumps market.
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In addition to that, the market is anticipated to be driven by the rapidly growing oil & gas, utility, construction, and mining sectors in Southeast Asia. Submersible pumps make up around 5-7% of the global market due to their increasing application in various end-use industries like agriculture, residential, commercial, and water utility construction.
To increase sales, many submersible pump manufacturers are concentrating on launching innovative products that are both affordable and efficient. They are mainly focusing on meeting the growing demand for their products from new public and private projects. A few local companies are investing in the establishment of advanced manufacturing facilities.
Top Trends
- Growing Government Spending on Water Treatment Project Development to Boost Sales of Submersible Well Pumps
In order to control the flow of fluids in water treatment plants, submersible pumps are extensively used. It is projected that the market for wastewater treatment and water distribution would grow profitably, thereby supporting the expansion of the Southeast Asia sub-pump industry.
High government spending on infrastructure is also expected to drive up sales of submersible pumps during the forecast period. For instance, the Indonesian government recently unveiled seven water supply and wastewater treatment projects worth a combined US$ 1.9 Billion for different areas throughout the country. Some of the other private businesses are expected to carry out numerous new water infrastructure projects.
- Growing Need for Submersible Slurry Pumps from Offshore Projects is Likely to Drive Growth
Domestic governments across Southeast Asia are eager to contribute to several projects for the exploration of oil and gas. It is anticipated that there would be a high demand for submersible pumps in the next ten years.
Besides, due to the wide range of uses for submersible pumps, manufacturing enterprises in the region are concentrating on working on novel offshore projects. The Southeast Asia submersible pump market is set to be further boosted by the rising demand for submersible pump systems at offshore locations.
Competitive Landscape: Southeast Asia Submersible Pump Market
The Southeast Asia submersible pumps market is highly fragmented and significantly influenced by leading producers. Owing to rapid technological improvements, industry leaders are seeking to enhance their market share by investing in the creation of new product lines and updating their current product lines.
Some of the renowned firms are growing by boosting their supply chain, extending their production facilities, and unveiling cost-effective products to strengthen their market positions. Key players in the market include Xylem Inc., KSB SE & Co. KGaA, Grundfos, Ebara Corporation, and WILO SE among others.
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