The global submersible pumps market size is projected to reach a size of USD 18.8 billion by 2028, at a CAGR of 6.7%, from an estimated USD 11.2 billion in 2020.
The optimistic projections for the oil and gas sector are anticipated to bolster the demand for pumps throughout the forecast period. Heightened investments in exploration and production endeavors by oil and gas enterprises are foreseen to elevate the requirement for submersible pumps within the industry. Moreover, advancements in pump manufacturing technology, coupled with the introduction of new products emphasizing enhanced pump performance, durability, and energy efficiency, are poised to propel market expansion. Submersible pumps demonstrate exceptional suitability for adverse conditions, including flooding or regions prone to waterlogging, owing to their capability to operate underwater without susceptibility to damage, rendering them indispensable in challenging environments.
Investments within the construction sector play a pivotal role in driving global and regional economic growth. Projections suggest a significant increase in spending on capital projects and infrastructure over the next decade. Nations such as China, India, and Indonesia in the Asia Pacific region are substantially investing in infrastructure development. For instance, Indonesia anticipates infrastructure spending to reach USD 165 billion by 2025. Adequate investment in infrastructure is imperative for modernization and commercialization efforts. Furthermore, the escalating urbanization trend in emerging markets is expected to catalyze investments in critical sectors like water and wastewater treatment and power, thereby fostering growth within the submersible pumps market.
Various countries are intensifying their focus on cultivating and harvesting edible commodities for both domestic consumption and international trade. Emerging nations in the Asia Pacific region, alongside developed regions like North America, are implementing several measures to bolster agricultural productivity through the utilization of advanced machinery and equipment.
On the basis of Type, submersible pumps market is sub-segmented electric, hydraulic and air-driven. The electrical submersible segment held a largest market size as these pumps can handle both solids & liquids and are used across numerous sectors to boost production. Electrical submersible pumps, commonly known as ESPs, are typically used to pump liquid. ESPs are centrifugal pumps with vertical shafts that depend on rotating impellers to pressurize the fluid. They use an electric motor to drive the pump, which helps in increasing the fluid’s kinetic energy. ESPs are used in different sectors, such as industrial, agricultural, and domestic. For instance, in the oil & gas industry, electrical submersible pumps are used to increase the flow of fluids from wells when a reservoir does not have enough energy to produce at economical rates naturally, and boost production to improve financial performance. The growth of this segment is due to its increasing demand attributed to high reliability and efficiency, and as it never has to be primed as it is already submerged in the fluid.
On the basis of Application, submersible pumps market is sub-segmented into open pit, borewell. Open pit submersible pump does not require a separate foundation or a pump house; it operates directly under submerged conditions. The pump is submerged in an underground reservoir or tank and is connected to the electrical supply for operation. The rotary energy of the impeller is converted into kinetic energy of water, which lifts the water to the desired levels. Open pit submersible pumps are expected witness the highest demand from industrial applications, particularly from the water supply and treatment sector, as well as the mining and construction industries, where they play an important role in dewatering open pits.
Market players focus on growth strategies, such as new product launches, collaborations, partnerships, operational expansion, mergers & acquisitions, and awareness campaigns. Companies operating the target market can focus on partnerships and collaborations, in order to develop advanced products which in turn create lucrative growth opportunities. Few of the important market players Xylem, Sulzer, KSB, Grundfos, Atlas copco, Flowserve, Wilo, Tsurumi manufacturing, Homa and Leo.
Companies are mainly in the coatings manufacturing and they are competing closely with each other. Innovation is one of the most important and key strategy as it has to be for any market. However, companies in the market have also opted and successfully driven inorganic growth strategies like mergers & acquisition and so on.
The Submersible pumps Market by region includes North America, Asia-Pacific (APAC), Europe, South America, and Middle East & Africa (MEA).
The major share is expected to be occupied by Asia Pacific for global submersible pumps market during the forecast period. The region’s domination can be attributed to rapid economic expansion. The region is attracting investors to set up production facilities because of the availability of raw materials and labor at lower prices. Industrial activities are growing due to low manufacturing costs and the support of the local governments. Increasing investments in R&D is also one of the factors driving the submersible pumps market in Asia Pacific. According to the World Bank, Asia Pacific is the fastest-growing region in the world, experiencing continued economic growth.
[caption id="attachment_9188" align="alignnone" width="680"]Want to know more about the report or any specific requirement?
We asked them to research ‘ Equipment market’ all over the world, and their whole arrangement was helpful to us. thehealthanalytics.com insightful analysis and reports contributed to our current analysis and in creating a future strategy. Besides, the te
We asked them to research ‘Equipment market’ all over the world, and their whole arrangement was helpful to us. thehealthanalytics.com insightful analysis and reports contributed to our current analysis and in creating a future strategy. Besides, the te
Our Report’s database covers almost all topics of all regions over the Globe.
Tie ups with top publishers around the globe.
Complete pre and post sales support.
Complete secure payment process.