Submersible Pumps Market Overview
The United Kingdom submersible pumps market witnesses steady growth, driven by infrastructure development projects and initiatives aimed at enhancing water management systems. The construction sector's resilience and focus on sustainable practices contribute to market expansion. Technological advancements in pump design and materials improve efficiency and durability, meeting stringent industry standards. Market players emphasize product customization and after-sales services to cater to diverse customer needs. Collaborations with research institutions and government bodies foster innovation and promote market competitiveness.
Rapid urbanization is a result of rising construction industry investments, and the agricultural sector's strong need for submersible pumps is one of the main drivers of the submersible pump market's expansion.
By 2030 the estimated size of global submersible pumps market is USD 24.80 billion, at a CAGR of 7.22%, from an estimated USD 14.2 billion in 2021.
The global pandemic has impacted the submersible pump market and slowed down its growth. This slow down caused due to economic contraction. In covid-19, the mining industry impact remains uncertain; with every passing day, this crisis is affecting the supply chain and demand for the product. Moderate price drops were noticed all over major commodities, while in some cases, prices remain to be passive.
Pandemic adversely affects the business of companies manufacturing submersible pumps due to the global shutdown and supply chain breakage.
Market segmentation
Based on Type
- Electrical
- Hydraulic
- Air-Driven
- Based on application
- Open Pit
- Borewell
Based on operation
- Single-stage
- Multi-stage
Based on power rating
- Below 1 HP
- 1–5 HP
- 5–15 HP
- Above 15 HP
Based on sector
- Industrial
- Water & Wastewater
- Mining & Construction
- Energy & Power
- Others
- Agricultural
- Domestic
Based on the region
- North America
- Asia Pacific
- South America
- Europe
- Middle East & Africa
Some of the key players in the Submersible water pumps market are Xylem (US), Sulzer (Switzerland), KSB Group (Germany), Grundfos (Denmark), and Atlas Copco (Sweden). These are the leading players who are adopting various strategies to increase their share.
Regional analysis
- Asia-Pacific is expected to be the largest market during the forecast period, followed by North America and Europe. The governments of developing countries have created policies to multiply the industrial sector growth that is leading the expansion of industries, such as construction, gas and oil etc. which have widened their application of submersible pumps by operating the submersible pump market in Asia-Pacific.
- China is experiencing rapid growth in urbanization, by which the density in urban areas has increased the population, resulting in a decrease in water quality. The rise in urbanization has resulted in an increase produced by wastewater in the country. In order to eradicate this problem, the China Government had increased the guidelines, as well as incentives, for the industrial sector to treat wastewater. The municipalities are increasing investments in sewage water treatment and drinking water treatment plants. A similar process is expected to continue during the estimated period, which, in turn, is expected to operate the demand for a submersible pump in the water and wastewater industry during the estimated period.
- Major region occupied by the submersible pump is the united nation with a CAGR of 5.37%. Xylem, Inc held the largest share among the top five players with a revenue of 42% in the US region, followed by KSB Group and Sulzer AG with respective revenue of 55.61% and 52%, respectively, in the US.
Industrial news
- Turkey's pump market size to grow at a CAGR of 6.52% during the forecast period.
- The market for Submersible pumps for the mining industry is growing at a CAGR of 5.14% during the forecasted period 2016-2022.
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