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.

SWOT Analysis

Strength: Submersible pumps do not require priming and can pump water from great depths underground. They provide reliable pumping of water for irrigation, drainage of flooded areas, industrial processes and more. Submersible pumps are durable and energy efficient as the motor is submerged underwater, which provides natural cooling. Being hermetically sealed also protects the motor from corrosion.

Weakness: Submersible pumps are more expensive than surface mounted pumps since they require waterproof electric motors and housings. Repair and maintenance can also be more difficult if they need to be retrieved from inside a well or reservoir for inspection. There is also a risk of electric shock if safety precautions are not followed when working with submersible pumps in water.

Opportunity: With increasing fresh water scarcity and growing global population, the demand for reliable and efficient water pumping solutions for agriculture, industry and municipal water supply is on the rise. Submersible pumps allow optimal irrigation of farms even in remote locations. Flood control and drainage projects also offer opportunities for submersible pumps.

Threats: Fluctuations in raw material prices can impact the costs of submersible pumps. The spread of newer water pumping technologies may eat into the existing market share of submersible pumps. Natural calamities like floods can damage installed submersible pumping infrastructure. Strict safety and electrical regulations pose compliance challenges.

Key Takeaways

The Global Submersible Pumps Market Size is expected to witness high growth over the forecast period of 2023 to 2030, driven by growing demand for reliable irrigation in agriculture and water supply infrastructure in municipal and industrial applications. By technology, non-clog centrifugal submersible pumps dominate currently due to their versatility, however jet pumps are gaining popularity for shallow-well applications.

Regional analysis: Asia Pacific currently holds the largest share of the submersible pumps market and is expected to witness the fastest growth due to rapid industrialization and increasing agricultural output in China, India and other developing countries. Government initiatives to boost farmer incomes and ensure food security are driving investments in irrigation infrastructure and use of water pumps. North America and Europe are also major regional markets, though growth rates may be lower due to market saturation.

Key players: Key players operating in the submersible pumps market are Koninklijke DSP 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. The market landscape is moving towards consolidation as large players seek to enhance their product portfolios and distribution networks through mergers and acquisitions. Innovation in pump design, materials and energy efficiency will be crucial for players to gain competitive advantage.

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