The global submersible pumps market is expected to grow at a CAGR of 7.33%, taking the market from US$10.861 billion in 2020 to US$17.816 billion in 2027.
A submersible pump is the kind of pump that can be taken entirely underwater and is used to pump the water to the surface. The pump's motor is tightly sealed to the pump, helping it push the liquid onto the surface. The pump converts the rotary energy into kinetic energy and that into pressure energy, due to which it can push the water to the surface. Moreover, submersible pumps are efficient to use as they don’t need additional energy sources to work. The pressure of the water pushes the water into the pump, which consecutively saves much energy for the pump. In addition to this, another major advantage of the submersible pumps is that they don’t need to be primed as they are already submerged in water. These key advantages are expected to drive the market for submersible pumps. The product's market would be inhibited by the disadvantages it has. The corroding of the seals is one of them, resulting in letting the water inside the motor, rendering the pump useless unless repaired. Furthermore, a key disadvantage of the submersible pumps is that one pump does not fit all uses, due to which a different one is needed for different applications.
Additionally, some of the key drivers that will be driving the market in the coming years are the increasing awareness about wastewater treatment in several countries and the strict regulations being imposed on the same by the governments. Secondly, the market will be driven by the increasing investments in infrastructure, which has consecutively resulted in the increased pace of urbanization. With these increasing investments in emerging markets, like wastewater treatment in agricultural, industrial, and household sectors, the market for the submersible pump is also expected to rise in the coming years.
The market for global submersible pumps is segmented based on pump type (Open-well, Borewell), power rating (low power, medium power, high power), application (water & wastewater, oil & gas industry, mining & construction industry, others), by geography (North America, Europe, Middle East & Africa, Asia-Pacific, South America).
STRICT REGULATIONS FOR WASTEWATER TREATMENT IN SEVERAL INDUSTRIES WILL FUEL THE MARKET
The increasing awareness about wastewater treatment solutions across industries is one of the key factors driving the market during the forecast period. For instance, given that about 150 billion liters of untreated and undertreated wastewater are dumped in the waterways there, it soon became a concern of the higher authorities as well. The government of Canada established Wastewater systems Effluent Regulations under the Fisheries Act in 2015, which gives out certain standards for the water that can be disposed of. Similarly, the government of several countries is developing regulations for wastewater treatments which is expected to drive the market for the submersible pumps in the coming years.
HIGH MOTOR REPLACEMENT AND TROUBLESHOOTING COSTS
A key factor that inhibits the growth of the market is the fact that the motor of submersible pumps works best when they are fitted according to the mentioned temperature and pressure limits, but with the increasing number of applications of these pumps, it is often used for applications they are not designed for, which fails the motor and render the pump useless.
THE OIL & GAS SECTOR IS EXPECTED TO HOLD THE LARGEST MARKET SHARE
The oil & gas sector is expected to hold the largest share in the market owing to the increasing investments and the rapid pace of industrialization in the sector. For instance, India is the third-largest oil & energy consumer globally, with China and the United States above it. The country is also the largest exporter of petroleum products in Asia. Even after such large numbers, the sector in the country is coming up with an ample number of projects like Vehicle grade bio-CNG/CBG production plants in Andhra Pradesh, Karnataka, and Tamil Nadu, with a total worth of US$ 8.31 million. Similarly, an LNG Liquefication plant worth US$43 billion is in the process of building in the United States. The developments and investments in the oil & gas sector at such a vast scale are expected to drive the market for submersible pumps during the forecast period as well.
The players in the submersible pump market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players have been covered along with their relative competitive strategies, and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, essential products and services being offered, along with the recent deals and investments of these important players in the submersible pumps market.
Kirloskar Brothers Limited (KBL) introduced the NEO Series 4-in borewell submersible pumps in September 2021, which are designed for rural, home, and community water supply markets, as well as farming, structures, and construction.
Ringkbing-Skjern Forsyning AS awarded Sulzer a contract to produce pumps for a major flood defence project in Denmark in November 2020. For the Ringkbing pumping station, Sulzer will provide one XFP baseload pump and three VUPX peak load pumps, as well as one XFP baseload pump and four VUPX peak load pumps for the nearby Skaelbkker station.
Tsurumi announced in February 2020 that it owns a majority stake in Obart Pumps Ltd., a UK-based pump distributor. The merger aims to strengthen the company's position in the regional market by providing users with additional products and services.
The submersible pumps market witnessed a significant dip during the year 2020 owing to the COVID-19 pandemic, which resulted in the shutting down of major industries for several months. This pandemic also impacted the economy of several countries as well which led to a severe drop in the rate of industrialization as compared to the pre-COVID-19 scenario. A significant drop was also reported in the production of the agricultural sector around the world. For instance, in India, there was an ample number of crops that were ready to be harvested or were at maturity. However, it couldn’t happen because of the disruption in the supply chain nationally, which inhibited the migration of workers needed for the processes from around the country. Therefore, a significant decline was witnessed in the submersible pumps market during the year, but the market is expected to recover during the forecast period, with industries gradually getting back on track.
|Market size value in 2020||US$10.861 billion|
|Market size value in 2027||US$17.816 billion|
|Growth Rate||CAGR of 7.33% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Pump Type, Power Rating, Application, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Baker Hughes Company, EBARA CORPORATION, The Gorman-Rupp Company, KSB SE & Co. KGaA, Borets International Ltd, Sulzer Ltd, Flowserve Corporation, Franklin Electric Co. Inc., Schlumberger Limited, GRUNDFOS, Xylem Inc.|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the submersible pumps market size by 2027?
A1. The global submersible pumps market is expected to reach a total market size of US$17.816 billion by 2027.
Q2. What is the size of the global submersible pumps market?
A2. Submersible Pumps Market was valued at US$10.861 billion in 2020.
Q3. What are the growth prospects for the submersible pumps market?
A3. The submersible pumps market is expected to grow at a CAGR of 7.33% during the forecast period.
Q4. What factors are anticipated to drive the submersible pumps market growth?
A4. The increasing awareness about wastewater treatment solutions across industries is one of the key factors driving the submersible pumps market during the forecast period.
Q5. How is the global submersible pumps market segmented?
A5. The global submersible pumps market is segmented on the basis of pump type, power rating, application, and geography.
Baker Hughes Company
The Gorman-Rupp Company
KSB SE & Co. KGaA
Borets International Ltd
Franklin Electric Co. Inc.
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