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The submersible pump market size is estimated to grow at a CAGR of 5.02% between 2022 and 2027 and the size of the market is forecast to increase by USD 6,170.63 million. The growth of the market depends on several factors, such as the rapid growth in the construction sector, the increased demand for wastewater treatment, and the growth in shale oil production.
This report extensively covers market segmentation by type (electric, hydraulic, and air-driven), application (borewell and open well), and geography (APAC, Europe, North America, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
Submersible Pump Market Forecast 2023-2027
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Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
The increased demand for wastewater treatment driving growth in the submersible pump market. The demand for wastewater treatment plants in all regions is rising water pollution and a lack of freshwater resources. Furthermore, the reuse of water and consumers' choices to dispose of it is frequently affected by the scarcity or availability of water. In addition, the declining quality of water and groundwater supplies and the increasingly stringent regulations on water discharge are driving the development of the wastewater treatment industry globally. With the rapid depletion of freshwater sources because of land and water pollution, there has been an increased global focus on investments in water treatment plants.
However, the growing demand for clean water for domestic, commercial, and industrial usage is expected to continue to drive investments for the installation of the required machinery and upgrades of water and wastewater treatment facilities globally during the forecast period. There will be a positive impact on the adoption of submersible pumps in these facilities. Significant investment in water treatment infrastructure is underway in a number of countries. This trend will continue to present major opportunities for growth for the global submersible pump market during the forecast period.
The development of renewable energy-powered submersible pumps is a primary trend in the submersible pump market. In view of rising concern for the environment and energy crisis, renewable energy submersible pumps are increasingly being adopted by key end users worldwide to reduce their carbon footprint. The global pump submersible market is expected to experience increased acceptance amongst end users over the forecast period. The use of renewable energy sources such as solar and wind energy to power submersible pumps would significantly minimize operating costs.
Moreover, these pumps are highly effective for projects in remote areas, especially in developing economies, where certain regions still face power shortages or lack of power transmission and distribution infrastructure. Farmers, therefore, have to use diesel pumps in these areas, which does not deliver the desired results. By using solar energy to pump water from nearby bodies of water, Solar submersible pumps offer an excellent green solution for this problem. Several vendors also provide additional power backup for renewable energy-powered submersible pumps. Hence, these pumps are expected to find increased acceptance among end-users in the global submersible pump market during the forecast period.
The high ownership and maintenance cost is a major challenge in the submersible pump market. In comparison to the rest of the pumps, like jet pumps, submersible pumps are much more expensive. There are higher costs associated with the equipment and spare parts, installation, and maintenance compared to other pumps. Prospective end-users are increasingly opting for submersible pumps on rent as it eliminates ownership costs. A growing number of businesses and services are proposing the rental of submersible pumps to ensure safer and more cost-effective operations for uses ranging from emergency water removal and temporary bypass systems to dewatering buildings or mining sites.
Moreover, the submersible pump rental model can be an effective way of obtaining the right pump for the application at hand without the need to invest in long-term pumping equipment installations. Thus, rental is an asset that offers flexibility in dealing with diverse and evolving applications. However, for the operators of underwater pumps, this trend would lead to enormous losses. Therefore, the high ownership costs of submersible pumps are expected to continue to hamper the growth of the global submersible pump market during the forecast period.
The electric segment will account for a major share of the market's growth during the forecast period. An electric submersible pump is a type of artificial lift that lifts resources like oil from wells by driving a multistage pump with an electric motor. Electric submersible pumps are used extensively in upstream oil and gas exploration and production E&P applications in the petroleum and gas industry.
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The electric segment was valued at USD 15,820.56 million in 2017 and continued to grow until 2021. For the upstream and downstream operations, an electric submersible pump will be used. Some underwater pumps are useful for deep-sea applications. Coatings for electric submersible pumps that resist corrosion and can withstand extreme temperatures are available. As oil prices rise in the second half, growth will make up for the slower start to the forecast period. Consequently, during the forecast period, the oil and gas industry's use of electric submersible pumps will drive the segment and, consequently, the market.
Based on application, the market has been segmented into borewell and open well. The borewell segment will account for the largest share of this segment. Industrial sectors, which require a constant flow of water to operate in various ways, are the major drivers for growth within the segment of borewell submersible pumps. Investments in the installation and upgrading of water and wastewater treatment plants will continue to be driven by the growing demand for clean water from households and industrial users. However, with increasing concerns about the hard water provided by borewell pumps, the market share of the borewell submersible pump segment is expected to decrease marginally during the forecast period.
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APAC is estimated to contribute 42% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. The demand for submersible pumps in APAC in 2022 stemmed from the growth of key end-user sectors such as construction, chemical, and industrial manufacturing. A key factor in market growth will be the increasing emphasis on wastewater treatment infrastructure. In emerging markets, particularly in the Asia Pacific region, there is an increased demand for water and sewage treatment applications due to rapid industrial development. Infrastructure for water treatment is being developed by countries such as China and India. Such initiatives will boost the growth of the global submersible pump market in water and wastewater management applications during the forecast period.
The rising number of COVID-19 cases drastically impacted the manufacturing activities in the APAC region in the first half of 2020, as most countries in APAC enforced lockdowns. However, given the advent of a mass vaccination campaign and the ease with which lockdowns are imposed, the region entered an advanced recovery phase in 2021. In addition, the increasing construction activities in various countries such as India, Singapore, and Vietnam will drive the demand for submersible pumps and, in turn, the market in focus during the forecast period.
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Dharani Pumps and Motors - The company offers submersible pumps such as Electric Submersible Dewatering pumps.
EBARA CORP. - The company offers submersible pumps such as R series Model RX33 submersible pumps.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market vendors, including:
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies vendors into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Vendors are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The submersible pump market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Submersible Pump Market Scope |
|
Report Coverage |
Details |
Page number |
163 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.02% |
Market growth 2023-2027 |
USD 6,170.63 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.17 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 42% |
Key countries |
US, China, India, Germany, and Russia |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Dharani Pumps and Motors, Dover Corp., EBARA CORP, Havells India Ltd., Kirloskar Brothers Ltd., KSB SE and Co. KGaA, Kubota Corp., Oswal Pumps Ltd., Poul Due Jensens Fond, Samudra Pumps India Pvt. Ltd., Shakti Pumps India Ltd., Shimge Pump Industry Group Co. Ltd., Sulzer Management Ltd., The Gorman Rupp Co., The Weir Group Plc, Tsurumi Manufacturing Co. Ltd., Wacker Neuson SE, Xylem Inc., Zhejiang Doyin Technology Co. Ltd., and Atlas Copco AB |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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