Global Submersible Pumps Market Overview:
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.
This research study involved the use of extensive secondary sources, directories, and databases, such as Hoover’s, Bloomberg BusinessWeek, Factiva, and OneSource, to identify and collect information useful for a technical, market-oriented, and commercial study of the global submersible pumps market. The other secondary sources included annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, manufacturer associations, trade directories, and databases.
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The electrical segment is expected to dominate the submersible pumps market, by type, during the forecast period.
The electrical submersible segment held the largest market size as these pumps can handle both solids & liquids and are used across numerous sectors to boost production. 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.
The 5–15 hp segment is expected to be the fastest-growing submersible pumps market, by power rating, during the forecast period.
5–15 hp submersible pumps market is expected to witness the highest growth rate 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.
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.
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Key Market Players:
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the submersible pumps market.
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.