The global Submersible Pumps Market is estimated to be valued at US$ 12308.02 Mn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Submersible pumps are used to pump water or sewage from low-lying areas, including draining applications and irrigation in agricultural applications. They allow the pump to be submerged in water wells, wastewater and sewage systems without encountering airflow restrictions.
Market key trends:
Growing industrial sector and infrastructure development activities are driving the growth of the submersible pumps market size. As industrialization is growing in developing countries such as China, India, infrastructure development needs are also increasing. Various industries require huge volumes of water for their manufacturing processes. Submersible pumps are ideal for industrial applications to pump large volumes of water from reservoirs to the plant premises in an efficient manner without disruptions. They encounter reduced installation costs as compared to conventional surface mounted pumps. This makes them attractive for industries and is expected to drive the submersible pumps market during the forecast period.
SWOT Analysis
Strength: Submersible pumps offer versatile and continuous operation as they do not require surface equipment like priming devices. They provide uninterrupted water supply as they continue to operate even when flood waters rise above ground level.
Weakness: Submersible pumps have higher installation and maintenance costs compared to surface mounted pumps. Regular cleaning and replacement of mechanical seals is required to avoid leakage.
Opportunity: Growing agriculture sector in developing nations and increasing demand for water supply in rural areas provide growth opportunities. The need for efficient drainage systems in flood prone areas also opens up new markets.
Threats: Availability of low-cost alternatives like monoblock pumps pose competition. Fluctuations in raw material prices can increase production costs.
Key Takeaways
The global submersible pumps market is expected to witness high growth, exhibiting CAGR of 6.1% over the forecast period, due to increasing agricultural irrigation activities across the globe. Rapid population growth and rising food demand are driving investments in agricultural sector of developing nations.
Regional analysis: Asia Pacific dominates the global market and is expected to maintain its leading position during the forecast period. Countries like India and China have large agriculture dependent population and governments are promoting irrigation projects. Additionally, increasing urban flooding in cities of Asia Pacific creates need for effective drainage systems.
Key players operating in the submersible pumps market are Ebara Corporation, Flowserve Corporation, GRUNDFOS, Kirloskar Brothers Limited, KSB AG, Ruhrpumpen Group, Sulzer Ltd., The Weir Group plc, WILO SE, and Xylem Inc. The market leaders are focusing on new product launches catering to specific application segments. They are also expanding distribution networks in developing markets through partnerships.