The submersible pumps market size has shown significant growth in recent years, expected to grow from $12.80 billion in 2023 to $13.68 billion in 2024, at a CAGR of 6.8%. This historic growth is attributed to the rising use of submersible pumps in wastewater treatment, the increased demand for new housing construction, a focus on sustainable and energy-efficient technologies, heightened industrial activities, and a booming construction industry. In the forecast period, the submersible pumps market size is projected to expand to $17.90 billion by 2028, with a CAGR of 6.9%. This growth is driven by escalating agricultural and industrial activities, the rising demand for electricity, increasing irrigation practices, urbanization, and enhanced efforts to treat and reuse discharged wastewater. Key trends anticipated during this period include improvements in energy-efficient models, the advent of smart pump technologies, integration of IoT for real-time monitoring, innovative wastewater management solutions, the use of corrosion-resistant materials, and the adoption of solar-powered submersible pumps.
Global Submersible Pumps Market Key Driver
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.
Get A Free Sample Of The Submersible Pumps Market Report
Global Submersible Pumps Market Segments
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.
Major Submersible Pumps Industry Players
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
Purchase The Global Submersible Pumps Market Report Directly And Get A Swift Delivery
Submersible Pumps Market Overview
Submersible pumps are devices designed to operate while fully submerged in liquids, typically water or other fluids. They work by pushing liquid to the surface, using a motor that is sealed to prevent leakage or damage. These pumps are commonly used in applications such as drainage, sewage pumping, and well water extraction.
Submersible Pumps Global Market Report 2023 provides data on the global submersible pumps market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The submersible pumps market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
