The 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.

The 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 pumps that can be submerged in water or other liquids while pumping. They are commonly used for applications such as emptying of tanks, swimming pools, wells, removal of surface water, and other such applications where the pump sits at the bottom of the body being drained. Submersible pumps have a motor that is sealed inside a watertight chamber and are designed to pump liquids from sumps or other closed containers. Their placement at or below the level of the liquid being pumped makes them preferable for applications where installing pipes and fittings would be difficult.

Market key trends:
One of the key trends driving growth in the submersible pumps market size is the increasing investments globally towards renewable energy sources such as solar and wind energy. Solar and wind requires large water reservoirs which require effective drainage and supply systems. Submersible pumps have higher efficiency and require lower maintenance costs making them ideal for such applications. Additionally, rising agriculture production especially in developing regions of Asia Pacific and Latin America is also fueling demand for submersible pumps for irrigation purposes.

Porter’s Analysis

Threat of new entrants: New entrants face high initial investment costs in setting up manufacturing units. Established brands have strong brand loyalty and distribution networks.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes. However, customized product development increases switching costs.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitute components and intense competition among suppliers.

Threat of new substitutes: Substitutes like monobloc pumps pose threat, however established applications of submersible pumps have created entry barriers.

Competitive rivalry: Intense competition exists among key global and regional players due to established customers.

SWOT Analysis

Strengths: Robust R&D capabilities and product innovation. Wide distribution networks of major players.

Weaknesses: Fluctuating raw material prices impact margins. Rising energy costs increase operating expenses.

Opportunities: Increasing irrigation and wastewater treatment activities driving demand. Growth in industries like power and mining requiring water handling.

Threats: Trade barriers and regulations can impact offshore manufacturing. Risk of component damage or failure leading to increased maintenance 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 investments in agriculture, mining, and construction industries. Asia Pacific dominates the market holding over 35% share due to large scale investments in irrigation and water management projects across countries like India and China.

Regional analysis Western Europe and North America also contribute significantly owing to rising focus on wastewater treatment and desalination plants. Growth in the Middle East & Africa is supported by megaprojects in oil & gas industry.

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 is fragmented with the top five players accounting for less than 35% share. Partnerships with engineering contractors boost sales for key players.

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