The submersible pumps market size will grow to USD 15.5 billion by 2025 (forecast year) from USD 11.2 billion in 2020 (estimated year), at a CAGR of 6.7% during the forecast period. High demand for submersible pumps in the agricultural sector and increasing investments in the construction industry attributing to rapid urbanization are the key factors driving the growth of the submersible pumps market. Likewise, the up-gradation of aging and construction of new water & wastewater treatment facilities and adoption of solar-powered submersible pumps are expected to offer lucrative opportunities for the submersible pumps market during the forecast period.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=188587920
By type, the electric segment is the largest contributor in the submersible pumps market in 2019.
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.
By application, open pit segment is expected to be the largest contributor during the forecast period.
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.
By power rating, the 5–15 hp segment is expected to be the largest contributor during the forecast period.
5–15 hp submersible pumps market is expected to hold the largest share of the submersible pumps market during the forecast period. They are used for numerous applications in the industrial, agricultural, and domestic sectors. 5–15 hp submersible pumps have higher electrical and mechanical efficiency. It helps in reducing energy consumption significantly and efficiently address electric overload issues caused due to fluctuating power supply. The submersible pumps available in this range can be used for several applications, namely, industrial water supply, water treatment plants, agricultural, residential complexes, commercial buildings, and for several other industrial uses.
By sector, the industrial segment is expected to be the largest contributor during the forecast period.
The industrial sector includes industries such as water & wastewater, mining & construction, energy & power, and others. Others includes chemical & pharmaceutical, pulp & paper, and food & beverage industries. Submersible pumps are used for dewatering activities in construction sites, production activities in oilfields (artificial lift), and water and sewage treatment plants, as well as in the manufacturing plants and sand, sludge & slurry removal in mines. The submersible pumps market is expected to witness most of its demand from the industrial sector in the next 5 years, especially from Asia Pacific, which is quickly becoming the center of global economic growth in terms of production as well as consumption.
Asia Pacific likely to emerge as the largest submersible pumps market
In this report, the submersible pumps market has been analyzed for five regions, namely, North America, South America, Europe, Asia Pacific, Middle East & Africa. Asia Pacific region has been segmented, by country, into China, India, Australia, Indonesia, Japan, and Rest of Asia Pacific. Rest of Asia Pacific includes Malaysia, Thailand, Philippines, and South Korea. The major applications for submersible pumps in the region include water & wastewater treatment, commercial & residential complexes, and the agricultural sector. Factors driving the adoption of submersible pumps in the agricultural sector in Asia Pacific include the growing demand for food, rising pressure to improve yields with limited available resources, and increasing requirement to protect crops from unexpected climatic changes. Furthermore, rapid industrialization and infrastructural developments in the region offer growth opportunities for the Asia Pacific submersible pumps market.
Request Sample Pages @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=188587920
Some of the key players are Xylem (US), Sulzer (Switzerland), KSB Group (Germany), Grundfos (Denmark), and Atlas Copco (Sweden). The leading players are adopting various strategies to increase their share in the submersible pumps market.
Related reports:
Centrifugal Pump Market by Type (Overhung Impeller, Vertically Suspended, Between Bearing), Operation Type (Electric, Hydraulic, Air Driven), Stage (Single Stage, Multistage), End-User (Industrial, Commercial, Residential), Region- Global Forecast to 2026
Oil & Gas Pumps Market by Type (Submersible, Non-submersible) Pump Type (Centrifugal, Positive Displacement (Screw, Reciprocating, Rotary and Gear, Progressive Cavity), Cryogenic), Application (Upstream, Midstream, Downstream), Region – Global Forecast to 2025
