The submersible pumps market has experienced strong growth in recent years. It is projected to increase from $12.80 billion in 2023 to $13.68 billion in 2024, at a CAGR of 6.8%. The market's growth is fueled by the rising use of submersible pumps in wastewater treatment, home construction, energy-efficient technologies, industrial activities, and the booming construction industry.
The submersible pumps market is forecast to grow to $17.90 billion by 2028 at a CAGR of 6.9%. Factors contributing to this growth include rising agricultural and industrial activities, growing electricity demand, expanding irrigation, urbanization, and efforts to treat and reuse discharged wastewater. Key trends include advancements in energy-efficient models, smart pump technologies, IoT integration for real-time monitoring, innovative wastewater management, and solar-powered pumps.
Major Driver In The Submersible Pumps Market
Increasing agricultural activities are projected to propel the submersible pumps market. Agriculture, essential for food and fiber production, is expanding due to rising global food demand and technological advancements. Submersible pumps are vital for efficient water extraction for irrigation. For example, the Department for Environment, Food, and Rural Affairs reported a 3.4% increase in the agricultural sector from 2021 to 2022. Therefore, the growth in agricultural activities is driving the submersible pumps market forward.
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Submersible Pumps Market Competitive Landscape
Schlumberger NV, Baker Hughes Company, Atlas Copco, Andritz AG, NOV Inc., Flowserve Corporation, Xylem Inc., Ebara Corporation, Grundfos Holding A/S, Sulzer Ltd., ITT Inc., KSB SE & Co. KGaA, Wacker Neuson, Wilo SE, Franklin Electric Co. Inc., Gorman-Rupp Company, Ruhrpumpen Inc., Zoeller Company, SPP Pumps Ltd., Calpeda S.p.A, DAB Pumps SpA, Tsurumi Manufacturing Co. Ltd ., SAER Elettropompe S.p.A, HCP Pump Manufacturer Co. Ltd., Flacks Group
Key Submersible Pumps Market Trend
Companies in the submersible pumps market are developing higher-efficiency pumps to gain a competitive edge. These advanced pumps maximize energy efficiency while delivering optimal water flow and pressure. In February 2022, Shakti Pumps India Limited introduced a 4-inch plug-and-play submersible pump, which allows for quick installation without complex wiring. This user-friendly design reduces installation time and labor costs while maintaining high operational efficiency.
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Global Submersible Pumps Market Segmentation
The submersible pumps market covered in this report is segmented –
1) By Product Type: Non-Clog Submersible, Open Well Submersible, Bore Well Submersible
2) By Drive Type: Electric, Hydraulic, Other Drive Types
3) By Head Type: Below 50 m, 50m - 100 m, Above 100 m
4) By Industry: Water And Wastewater, Oil And Gas, Construction, Mining, Other Industries
By Geography:The regions covered in the submersible pumps market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the submersible pumps market in 2023.
The Submersible Pumps Global Market Report 2024 furnishes information about the global submersible pumps market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
