PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1462720
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1462720
According to Stratistics MRC, the Global Submersible Pump Market is accounted for $14.38 billion in 2023 and is expected to reach $25.79 billion by 2030 growing at a CAGR of 8.7% during the forecast period. A submersible pump is a type of water pump designed to operate while submerged in liquid. It is commonly used for drainage, sewage pumping, and water extraction from wells. They work by pushing water to the surface rather than pulling it, offering higher efficiency and reliability. Submersible pumps come in various sizes and configurations to suit different applications, with durable construction materials capable of withstanding corrosive environments. Their submerged operation makes them ideal for deep wells, basements, and other submerged applications.
According to the United Nations (UN), by 2030, around 40.76% population of India is expected to live in urban areas.
Agricultural expansion
Agricultural expansion serves as a significant driver in the submersible pump market due to its direct correlation with increased water demand for irrigation purposes. Submersible pumps offer a reliable solution for drawing water from underground sources such as wells, boreholes, and reservoirs to irrigate crops effectively. Additionally, submersible pumps are often preferred for their energy efficiency and ability to deliver water directly to the root zone, optimizing water utilization and crop yield, which drivers the market demand.
Operational costs
Submersible pumps necessitate periodic maintenance to ensure optimal performance and longevity. Routine tasks such as inspecting seals, lubricating components, and replacing worn-out parts incur additional expenses in terms of labor, materials, and downtime. Furthermore, the cost of electricity can vary depending on factors such as energy tariffs, pump size, and usage patterns, impacting the overall operating costs. These factors hinder the market growth.
Technological advancements
Innovations such as advanced materials for pump components, improved motor efficiency, and enhanced sealing mechanisms have contributed to the higher performance and durability of submersible pumps. Additionally, the integration of smart technologies, including IoT-enabled sensors and remote monitoring capabilities, has enabled better operational efficiency and predictive maintenance, reducing downtime and operating costs for end-users. These innovations in technology drive market demand.
Competition from alternative pumping technologies
Submersible pumps face competition from alternative pumping technologies such as centrifugal pumps, jet pumps, and borehole pumps. Emerging technologies like air-lift pumps and hydraulic ram pumps present alternative solutions for specific applications, such as low-flow, high-head pumping requirements or off-grid locations. These technologies offer simplicity, low operating costs, and minimal environmental impact, further challenging the dominance of submersible pumps, which in turn impacts market expansion.
Covid-19 Impact
The COVID-19 pandemic had a notable impact on the submersible pump market globally. The economic slowdown caused by the pandemic resulted in project delays and cancellations across various industries, including construction, agriculture, and mining, all of which are significant consumers of submersible pumps. Moreover, reduced demand for new installations and infrastructure projects further dampened market growth during the pandemic period.
The electric segment is expected to be the largest during the forecast period
The electric segment is estimated to hold the largest share. Electric submersible pumps offer several advantages, including high efficiency, reliability, and ease of operation. They are often preferred for their ability to deliver consistent performance while submerged in liquids, making them suitable for applications such as groundwater extraction, drainage, and sewage handling. Additionally, electric submersible pumps can be equipped with advanced control systems for monitoring and optimizing performance, enhancing operational efficiency and cost-effectiveness.
The 5-15 HP segment is expected to have the highest CAGR during the forecast period
The 5-15 HP segment is anticipated to have lucrative growth during the forecast period. These pumps are characterized by their moderate power rating, making them versatile for a wide range of tasks such as groundwater extraction, irrigation, wastewater management, and industrial fluid handling. The 5-15 HP submersible pumps offer a balance between power and efficiency, making them suitable for both small-scale and medium-scale operations. Additionally, these pumps are used in municipal water supply systems for water extraction from wells and groundwater sources, ensuring a reliable supply of water to communities.
Asia Pacific commanded the largest market share during the extrapolated period owing to rapid urbanization, industrialization, and agricultural activities. The region's vast agricultural sector, particularly in countries with extensive farmlands, contributes significantly to the demand for submersible pumps. Furthermore, the construction industry in the Asia-Pacific region is experiencing robust growth, creating demand for submersible pumps for applications such as dewatering of construction sites, groundwater control, and sewage handling.
North America is expected to witness profitable growth over the projection period due to the region's well-established industrial sector, coupled with robust agricultural activities. In the United States and Canada, aging water infrastructure necessitates the replacement and upgrading of pumping systems, leading to increased adoption of submersible pumps for municipal water supply and wastewater treatment facilities. Moreover, the construction industry in North America continues to expand, driving demand for submersible pumps for dewatering purposes on construction sites and underground infrastructure projects.
Key players in the market
Some of the key players in the Submersible Pump Market include Kirloskar Brothers Limited, Hitachi America, Tsurumi Pump, Sulzer, Grundfos, oddesse Pumpen- Und Motorenfabrik GmbH, Multiquip Inc., Caprari, Zoeller Company, Quadt Kunststoffapparatebau GmbH, Weatherford, Xylem Inc., Pedrollo S.p.A, Homa Pumpenfabrik GmbH and Crompton Greaves Consumer Electricals Limited.
In April 2023, Hitachi, Ltd. and Equinix Inc. signed a Memorandum of Understanding (MOU). Under the MOU, Equinix will participate in Hitachi's Lumada Alliance Program*1 to work together to address social issues through a cycle of creating, distributing and utilizing digital solutions.
In November 2022, Sulzer collaborated with Blue Planet to continue the development of highly innovative carbon capture and storage technology. The ground-breaking mineralization process permanently stores carbon emissions captured from heavy industries in aggregate form, which can then be used to produce carbon-negative concrete.
In October 2021, Xylem Inc, a global water technology company, announced an expanded commitment to the nonprofit water organization Imagine H2O.