Submersible Pumps: Global Market Scenario, Trends, Opportunity, Growth and Forecast, 2019-2029

Market Definition

Submersible pumps are centrifugal pumps whose hydraulic components (pump casing, impeller, diffuser element) are flooded by the fluid handled. Usually, this type of pump is not fitted with a suction line.

Market Insights

Global Submersible pumps market stood at $11.5 billion in 2021 and anticipated to grow at a CAGR of 7.1% during 2022-2029. Non-solid handling pumps are dominating the market with 53% share and also expected to grow at a higher CAGR as compared to solid handling pumps during the forecast period.  The COVID-19-related worldwide health catastrophe, which started in 2020, has resulted in unexpected drops in oil prices, heightened political unrest, and ongoing economic issues all across the world. This has caused end users to become cautious with their capital expenditures. Chemicals, power, metals, and mining—the worst-affected industries—as well as oil and gas—focus on preserving cash flow control and increasing the efficiency of their current assets and resources.

As the need for efficient strategies to combat water scarcity grows, investments in desalination facilities and wastewater treatment for maintaining water tables will multiply. In the WWW sector, businesses emphasize sustainability and net-zero holding. Initiatives therefore concentrate on figuring out effective ways to use water. Companies will utilize cutting-edge procedures, control treatment technologies, smart pumps, and smart metres to reduce waste and reuse trash from these treatment processes (such as sludge from treatment facilities). They’ll keep putting AI-based platforms into practice.

Due to the fact that these pumps can handle both solids and liquids and are utilized by many industries to increase production, the electrical submersible category had the greatest market size. ESPs, also known as electrical submersible pumps, are frequently employed to move liquid. ESPs are centrifugal pumps with vertical shafts that pressurise the fluid using revolving impellers.

Market Dynamics: Drivers

Limited Natural Water Resources
Due to growing urbanization and industrialization, demand for water is increasing at a robust pace, globally. This is resulting in depletion of natural water resources, which is widening the gap between supply and demand of water across the globe. The depletion of natural water resources is leading to insufficiency of drinking water, which in turn, is positively influencing demand for submersible pumps.

Government Initiatives in Infrastructure Sector
With increasing population, the global infrastructure requirements are also increasing. Infrastructure sector is hugely propelling demand for submersible pumps due to their usage in a variety of construction processes such as pumping excess water from the work sites and pump slurries, etc. Infrastructure investments in South American countries such as Peru, Chile, Colombia and Brazil coupled with increasing focus of governing bodies towards infrastructure development in developing economies are anticipated to propel the demand for submersible pumps during forecast period.

Growing Number of Water & Wastewater Treatment Plants
Growing construction of residential complexes, globally, is accelerating demand for submersible pumps, where they are used for freshwater supply. Moreover, growing installation of wastewater treatment plants across the globe is a key driver for generating demand for submersible pumps, which are utilized at various stages of water & wastewater treatment processes, including drainage of slurry or sewage. Water cycle imbalance has stressed out on water availability scenario, thereby creating the need for installing new water & wastewater treatment plants across the globe. Consequently, with continuing growth trend, demand for submersible pumps is expected to increase from water & wastewater treatment industry.

Market Dynamics: Challenges

Rising Competition
Global submersible pumps market is highly competitive due to presence of a large number of submersible pump manufacturers across the globe. Due to intense competition, the manufacturers are adopting several attractive strategies such as lowering the product prices. Many local and unbranded manufacturers operating across different geographies are driving the competition in the submersible pumps market. The largest market for submersible pumps is Asia-Pacific, which is a highly fragmented market due to a large number of Chinese pumps manufacturers operating in the market. This is resulting in high competition in the global submersible pumps market.

Market Segmentation

• Based on Types, the Global Submersible Pumps market is segmented into
  • Non-Clog
  • Open-Well
  • Bore-Well
• Based on Product Category, the Global Submersible Pumps market is segmented into
  • Solid Handling
  • Non-Solid Handling
• Based on Function, the Global Submersible Pumps market is segmented into
  • Electric Pumps
  • Hydraulic Pumps
  • Air Driven
• Based on Head Size, the Global Submersible Pumps market is segmented into
  • Below 50M
  • 50M-100M
  • Above 100M
• Based on Power Rating, the Global Submersible Pumps market is segmented into
  • Less Than 1HP
  • 1HP-5HP
  • 1HP-15HP
  • More Than 15HP
• Based on KW, the Global Submersible Pumps market is segmented into
  • Less Than 10KW
  • 10-30KW
  • 1HP-70KW
  • More Than 70KW
• Based on Product Application, the Global Submersible Pumps market is segmented into
  • Agriculture
  • Industrial (Oil & Gas, Water & Wastewater, Fire Fighting, Mining, Construction, Food & Beverages and Others)
  • Residential Water Supply
  • Commercial Water Supply
• Based on Geography, the Global Submersible Pumps market is segmented into
  • Asia-Pacific
  • North America
  • Europe
  • Latin America
  • Middle East & Africa
• All market revenue has been given in US Dollar, while the market volumes are given in units.

Historical Year: 2019-2020
Base Year: 2021
Estimated: 2022
Forecast- 2023-2029

Key Questions this Study will Answer

• What are the key overall market statistics or market estimates (Market Overview, Market Size- By Value, Market Size-By Volume, Forecast Numbers, Market Segmentation, Market Shares) of Global Submersible Pumps Market?
• What is the region wise industry size, growth drivers and challenges key market trends?
• What are the key innovations, opportunities, current and future trends and regulations in the Global Submersible Pumps Market?
• Who are the key competitors, what are their key strength and weakness and how they perform in Global Submersible Pumps Market based on competitive benchmarking matrix?
• What are the key results derived from the market surveys conducted during Global Submersible Pumps Market study?