The global submersible pumps market is expected to witness a promising growth rate owing to rising infrastructural developments and increasing demand for water and wastewater management applications across the world. Submersible pumps are centrifugal pumps powered by electric motors that are installed or operated submerged in the fluid to be pumped. They find extensive applications in domestic and municipal water supply networks, drainage and sewage systems, irrigation, swimming pools, agricultural, industrial plants, fire suppression and drinking water systems. The rising investments in infrastructural projects including dams, canals, pipelines, water treatment facilities and others have augmented the demand for submersible pumps.
The Global Submersible Pumps Market is estimated to be valued at US$ 14,178.84 Mn in 2024 and is expected to exhibit a CAGR of 6.7% over the forecast period 2024 to 2031.
Key Takeaways
Key players: Key players operating in the submersible pumps market include Koninklijke DSM NV, KD Pharma Group, The Archer Daniels Midland Company, Corbion NV, Novasep Holding SAS, Neptune Wellness Solutions, BASF SE, Clover Corporation Ltd, Croda International PLC, Novotech Nutraceuticals, and Polaris. These companies are focusing on new product launches and partnerships with end users to strengthen their market position.
Growing demand: Rising population and improving living standards are augmenting the demand for water for domestic, commercial and industrial purposes. Moreover, strict wastewater disposal regulations mandating the proper treatment of industrial and municipal wastewater before disposal are further propelling the demand for submersible pumps in sewage and effluent applications.
Global expansion: Leading players in the market are focusing on tapping opportunities in developing markets through partnerships, mergers and acquisitions. Government initiatives supporting rural infrastructure development and expanding urbanization are creating growth avenues for submersible pumps manufacturers in Asia Pacific and Middle East & Africa.
Market key trends
One of the key trends witnessed in the Submersible Pumps Market Size is the shift toward energy-efficient pumps with advanced materials and technologies. Manufacturers are developing corrosion-resistant pumps using high-grade materials like stainless steel, bronze and super duplex alloys to optimize performance in abrasive wastewater applications. Additionally, the adoption of variable frequency drives is gaining traction to reduce energy consumption based on real-time system requirements.
Porter’s Analysis
Threat of new entrants: Low capital requirements and low brand loyalty allows new players to enter into the market easily.
Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of alternative raw material suppliers globally.
Threat of new substitutes: Threat from new substitutes like centrifugal and airlift pumps is moderate as submersible pumps offer advantages like suitable for deep wells and constant flow of water.
Competitive rivalry: Intense competition among existing players due to availability of local and international players offering similar products.
Geographical Regions
The Asia Pacific region holds the major share of the global submersible pumps market in terms of value. This is majorly attributed to high demand from countries including China, India, and Japan. Rapid industrialization and urbanization coupled with growing agricultural activities boosts the market growth in the region.
North America is expected to witness the fastest growth during the forecast period. Increasing investments towards development of water infrastructure along with rising focus on wastewater management drives the submersible pumps market in the region. Favorable government initiatives to enhance water supply network supplements the regional market growth.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
