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The submersible pump market size is forecast to increase by USD 5.75 billion, at a CAGR of 4.54% between 2023 and 2028. The market growth analysis hinges on various factors, including the construction sector's rapid growth, escalating demand for wastewater treatment, and the upsurge in shale oil production. These elements collectively contribute to a robust market trajectory, underlining the sector's pivotal role in economic development. Additionally, the construction sector's expansion reflects broader trends in urbanization and infrastructure development. The increasing demand for wastewater treatment underscores growing environmental concerns and regulatory pressures. Similarly, the growth in shale oil production reflects shifting dynamics in the energy sector, with shale resources playing a prominent role in meeting global energy demands.
Market Forecast 2024-2028
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The market is witnessing growth fueled by increasing investments and rapid urbanization. Despite a temporary slowdown due to the outbreak and subsequent economic contractions, the market is rebounding, especially in the agricultural sector and mining industry. However, supply chain disruptions and raw material shortages have impacted manufacturing and order intake, leading to delays and closures. To address these challenges, the market is focusing on upgradation and aging infrastructure, offering growth opportunities. The sector also faces challenges such as motor failure and high troubleshooting costs, highlighting the need for innovative solutions and designs. Our researchers studied the market research and growth data for years, with 2023 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market.
The increased demand for wastewater treatment is driving growth in the 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. This trend is driven by factors such as rapid urbanization, the agricultural sector, and the growth of the market.
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. This includes opportunities for water & wastewater treatment, re-installations, and upgradation. There will be a positive impact on the adoption of these facilities. Significant investment in water treatment infrastructure is underway in several countries. This trend will continue to present major opportunities for growth for the market during the forecast period.
The development of renewable energy-powered submersible pumps is a primary trend in the market. Given 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 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 would significantly minimize operating costs.
Moreover, transmission oil pumps are highly effective for projects in remote areas, especially in developing economies, where certain regions still face power shortages or lack adequate power transmission and distribution infrastructure. Farmers in these areas often rely on diesel pumps, which may not deliver the desired results. By utilizing solar energy to power transmission oil pumps for pumping water from nearby bodies of water, they offer an excellent green solution to this problem. Several companies also provide additional power backup for renewable energy-powered products, enhancing reliability in remote locations. Hence, transmission oil pumps are expected to find increased acceptance among end-users in the global submersible pump market during the forecast period, driven by their efficiency, sustainability, and suitability for off-grid applications.
The high ownership and maintenance cost is a major challenge in the 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 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. They 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 16.34 billion in 2018. 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 these 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 43% to the growth by 2027. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. The demand in APAC in 2023 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 market in water and wastewater management applications during the forecast period.
Companies 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.
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 companies, including:
Atlas Copco AB, Dharani Pumps and Motors, Dover 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 Ltd., The Gorman Rupp Co., The Weir Group Plc, Tsurumi Manufacturing Co. Ltd., Wacker Neuson SE, Xylem Inc., and Zhejiang Doyin Technology Co. Ltd.
Technavio market forecast the an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The market has experienced a growth slowdown due to disruptions in supply chains and fluctuations in commodity prices, such as metallurgical coal, thermal coal, gold, and iron ore, affecting mining activities. The market dynamics are also influenced by the construction industry, with restraints including high troubleshooting costs, design limits, and the need for frequent repairs. Despite this, submersible pumps remain crucial for various applications, including water & wastewater treatment facilities, where they play a vital role in maintaining operational lifecycle and repairing processes. Moreover, the global submersible pumps market faces challenges due to a global shutdown affecting raw materials, leading to shortages, delays, and border closures. High troubleshooting costs add further pressure.
Further, the market is a dynamic arena influenced by various factors such as commodities fluctuations, price drops, and shortages, often leading to delays in procurement. Amidst high competition, both local players and brand owners vie for market dominance, offering diverse options including cheap alternatives. However, the landscape isn't without challenges; troubleshooting costs remain high due to potential failures. Yet, the market's interconnection is evident as it serves as the largest contributor to sectors like energy & power, chemical & pharmaceutical, and food & beverage industries. Submersible pumps, with their ability to efficiently handle solids & liquids, rely on mechanisms like centrifugal pumps, vertical shafts, and rotating impellers to convert fluid kinetic energy into desired flows. From boosting production in reservoirs to aiding in sewage pumping, these pumps find applications across diverse domains, ensuring reliability and low maintenance costs in water pumping stations and beyond.
Market Scope |
|
Report Coverage |
Details |
Page number |
173 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.54% |
Market Growth 2024-2028 |
USD 5.75 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.28 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 43% |
Key countries |
US, China, India, Germany, and Russia |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Atlas Copco AB, 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 Ltd., The Gorman Rupp Co., The Weir Group Plc, Tsurumi Manufacturing Co. Ltd., Wacker Neuson SE, Xylem Inc., and Zhejiang Doyin Technology Co. Ltd. |
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, 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. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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