Submersible pumps are mechanical devices that are designed to move or raise water from one level to another. These pumps are majorly used for applications including residential and commercial swimming pools, ponds, agriculture, industrial, and wastewater treatment. They are compact in design and can be installed easily in lakes, ponds, house basins, and storage tanks for water supply. The growing construction activities across the world has significantly increased the demand for submersible pumps in order to remove accumulated water from temporary dewatering systems. Moreover, rising population has fueled the demand for food production, which in turn has boosted the sales of submersible pumps used widely in irrigation for agriculture.
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 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing demand from the construction and agriculture sectors is expected to drive the growth of the submersible pumps market during the forecast period. Rising urbanization has boosted various infrastructure development projects such as buildings, roads, bridges, and more, which requires efficient dewatering systems, thereby propelling the demand for submersible pumps. Furthermore, growing population has increased the pressure on the agriculture sector for higher food production. Submersible pumps play a vital role in irrigation and farming activities by supplying water from underground or other sources. Thus, rising agriculture production is another factor fueling the market growth. However, high installation and maintenance cost of submersible pumps may hamper the market growth over the forecast period.
Segment Analysis
The submersible pumps market is dominated by the non-clog submersible pumps segment. These pumps have smooth and clean interior which prevents clogging and permits the pumping of fluids with suspended matter. They are suitable for applications involving viscous, abrasive or sewage-like fluids where ragging and clogging is a concern. Due to this advantage, non-clog submersible pumps have high demand across industries like construction, wastewater treatment, mining etc.
PEST Analysis
Political: Regulations regarding water usage and wastewater disposal are becoming stricter globally which is increasing the demand for efficient pumping solutions. This is positively impacting the submersible pumps market.
Economic: Growth of industries like construction, mining, wastewater treatment is driving the economic development worldwide. As submersible pumps are essential for operations in these industries, their market is growing owing to strong underlying economic growth.
Social: Rising awareness about water conservation and sustainability is increasing adoption of energy efficient pumps for residential and agricultural needs. This social trend is favoring the submersible pumps market.
Technological: Introduction of intelligent pump systems that can be monitored and controlled remotely using IoT and cloud-based technologies is improving efficiency. Key players are focusing on incorporating these advanced technologies to gain competitive advantage.
Key Takeaways
The Global Submersible Pumps Market Size is expected to witness high growth over the forecast period of 2023 to 2030 supported by ongoing industrialization and infrastructure development globally.
Regional analysis: The Asia Pacific is the fastest growing as well as dominating regional market for submersible pumps. With rising urbanization and industrialization, countries like China and India offer ample growth opportunities. Additionally, government initiatives for infrastructure development and wastewater treatment plant upgradation are propelling demand.
Key players operating in the submersible pumps market are 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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
