With 6.7 CAGR, Submersible Pumps Market Size to Reach USD 18.8 billion by 2028

Luton, Bedfordshire, United Kingdom, Feb. 24, 2023 (GLOBE NEWSWIRE) — The global submersible pumps market size is projected to reach a size of USD 18.8 billion by 2028, at a CAGR of 6.7%, from an estimated USD 11.2 billion in 2021. The submersible pumps market is a rapidly growing industry that is primarily driven by the increasing demand for water and wastewater treatment in various sectors such as municipal, industrial, and agricultural. Submersible pumps are a type of water pump that is designed to be immersed in water or other liquids, and they are used to pump water or other fluids to the surface.

The market for submersible pumps is expected to continue to grow in the coming years due to several factors. One of the key factors driving the market is the increasing need for efficient and reliable pumps in industries such as oil and gas, mining, and construction. Additionally, the rising demand for submersible pumps in the agricultural sector, particularly for irrigation purposes, is also contributing to the growth of the market.

The market for submersible pumps is segmented based on type, application, and region. Based on type, the market can be segmented into open-well submersible pumps and borewell submersible pumps. On the basis of application, the market can be segmented into water and wastewater, mining, agriculture, oil and gas, and construction.

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Market Drivers

Increasing Agricultural Activities Is Set to Augment Industry Outlook

Several countries across the globe are prioritizing the cultivation and harvesting of edible goods, both for domestic consumption and international trade. In particular, emerging countries in the Asia Pacific region and developed regions like North America are implementing various initiatives to advance their agricultural businesses by adopting modern machinery and equipment.

Rising Measures to Treat and Reuse Discharged Wastewater Will Propel the Industry Size

Access to clean and safe water is crucial for human survival, but the depletion and pollution of water resources have become major concerns for many countries. To address these issues, governments around the world have implemented strict policies and guidelines to prevent the discharge of wastewater into water reserves. For example, the government of Gujarat, a state in India, introduced the Reuse of Treated Waste Water Policy in May 2018. This policy aims to reduce reliance on freshwater sources like rivers and promote the establishment of Sewage Treatment Plants (STPs) in the state.

Market Restraint

Complexity in Maintaining the Operational Conditions and High Cost Associated with Repairs May Hinder Market Growth

Submersible pumps are designed with a hermetic seal to prevent external liquids from entering the system, ensuring reliable and efficient pumping operations. However, over time, the seal may become corroded or loose, which can result in water or other liquids entering the system and causing damage to the pump. If this occurs, the pump may fail, and the highly expensive motor and other internal parts will need to be repaired or replaced.

Companies Covered in Submersible Pumps Market Report:

• Xylem
• Sulzer
• KSB
• Grundfos
• Atlas copco
• Flowserve
• Wilo
• Tsurumi manufacturing
• Homa
• Leo.

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Report Benefits

• Develop business strategies by understanding the trends shaping and driving the Market.
• Drive revenues by understanding the key trends, innovative products and technologies, market segments, and companies likely to impact the Submersible Pumps Market in the future.
• Formulate effective sales and marketing strategies by understanding the competitive landscape and by analyzing the company share of Submersible Pumps Market leaders.
• Identify emerging players with potentially strong product portfolios and create effective counter-strategies to gain a competitive advantage.
• Track sales in the global and country-specific Market.
• Organize your sales and marketing efforts by identifying the market categories and segments that present maximum opportunities for consolidations, investments and strategic partnerships.

Recent Developments

• In November 2020, Sulzer was awarded a contract from Ringkøbing-Skjern Forsyning A/S (a Danish water utility) to provide pumps for a major flood defense project in Denmark. Two new pumping stations have been constructed to mitigate the impact of rising water levels during rain, drainage, and cloudburst water. Sulzer will supply one XFP baseload pump and three VUPX peak load pumps for the Ringkøbing pumping station, together with one XFP baseload pump and four VUPX peak load pumps for the adjacent Skælbækker station.
• In May 2020, Wilo expanded its presence with the establishment of a new headquarter and production facility in Cedarburg, Wisconsin, US. The new headquarters will bring the combined operations of Wilo USA, Weil Pump, Scot Pump, and Wilo Machine Co. to a single production site.
• In April 2020, Pleuger has expanded its presence in Singapore to strengthen its footprint in the Asian market.
• In July 2019, Xylem launched a new product, Flygt N3069 stainless steel submersible pump. It is specifically manufactured for industrial processes containing high chloride or extreme pH levels and helps in corrosion resistance.

Key Market Segments: Submersible pumps Market

By Type

• Electric
• Hydraulic
• Air-Driven

By Application

By Regions

• North America
• Europe
• Asia Pacific
• South America
• Middle East and Africa

 Frequently Asked Questions About This Report

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• What are the factors driving the Submersible Pumps Market?

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