Submersible pumps are widely used in pumping liquids and slurries from one place to another in many industrial and domestic applications including agriculture, construction and mining. Submersible pumps are able to efficiently pump water, sewage or slurry even under high pressures.
The global Submersible Pumps Market is estimated to be valued at US$ 14178.84 Mn in 2024 and is expected to exhibit a CAGR of 6.7% over the forecast period 2024 to 2031, as highlighted in a n
The growing agriculture and construction industries have been a major driver propelling the demand for submersible pumps across the globe. According to the Food and Agriculture Organization (FAO), global food production must be increased by 60% by 2050 to meet the needs of the growing population. This has boosted the demand for efficient irrigation systems incorporating submersible pumps. Similarly, rapid urbanization and infrastructure development activities have augmented the use of submersible pumps in dewatering applications during the construction of buildings, roads, bridges etc. The agriculture and construction industries are expected to continue driving the adoption of submersible pumps over the forecast period.
SWOT Analysis
Strength: Submersible pumps provides excellent water, sewage and irrigation solutions by pumping fluid from a variety of sources.
Weakness: High installation and maintenance costs associated with submersible pumps compared to other pumping alternatives.
Opportunity: Growing need for efficient wastewater treatment worldwide due to rapid urbanization and industrialization creating demand for submersible pumps in sewage management.
Threats: Development of new pumping technologies like solar pumps posing competition to conventional submersible pumps.
Key Takeaways
The global Submersible Pumps Market Share is expected to witness high growth. The global submersible pumps market is estimated to be valued at US$ 14178.84 Mn in 2024 and is expected to exhibit a CAGR of 6.7% over the forecast period 2024 to 2031.
The Asia Pacific region currently dominates the global submersible pumps market. Countries like China, India, and other Southeast Asian countries are witnessing rapid industrialization and growing urbanization which requires efficient water and wastewater management systems through use of submersible pumps. This region is projected to remain the highest revenue generating region during the forecast period. North America and Europe are also major markets for submersible pumps due to stringent government regulations regarding water quality and wastewater treatment.
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