PUBLISHER: The Business Research Company | PRODUCT CODE: 1425902
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425902
Vertical Immersion Pumps Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on vertical immersion pumps market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for vertical immersion pumps? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The vertical immersion pumps market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Vertical immersion pumps represent a type of pumping technology characterized by an elongated shaft housed within a column, effectively segregating the motor from the pump and allowing the motor to remain external to the fluid being pumped. These pumps are specifically designed to replace counterparts that necessitate priming, suction, or submersion in tanks or pits for operation.
The primary products within the vertical immersion pump category include line shaft pumps (VS-4) and cantilever pumps (VS-5). Line shaft pumps (VS-4) find frequent application across industrial and agricultural sectors. They are crafted from materials such as PP (GFR), PVDF, cast iron, ductile cast iron, WCB, among others. These pumps come in various capacities ranging from up to 100 m3/hr, 100 to 500 m3/hr, 500 to 1000 m3/hr, and exceeding 1000 m3/hr. These diverse capacities cater to an array of applications including irrigation, potable water supply, water cooling, dewatering, geothermal wells, as well as the transfer of oils, fuels, lubricants, and other fluids.
The vertical immersion pumps market research report is one of a series of new reports from The Business Research Company that provides vertical immersion pumps market statistics, including vertical immersion pumps industry global market size, regional shares, competitors with a vertical immersion pumps market share, detailed vertical immersion pumps market segments, market trends and opportunities, and any further data you may need to thrive in the vertical immersion pumps industry. This vertical immersion pumps market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The vertical immersion pumps market size has grown steadily in recent years. It will grow from $3.44 billion in 2023 to $3.58 billion in 2024 at a compound annual growth rate (CAGR) of 3.9%. The growth observed during the historic period can be attributed to several factors including the increased utilization of vertical immersion pumps in industrial applications, their recognized efficiency and reliability, expansion within the oil & gas sector, growing demand within chemical processing industries, as well as their integral role in water and wastewater treatment processes. These factors collectively contributed to the growth witnessed in the vertical immersion pump market during that time frame.
The vertical immersion pumps market size is expected to see steady growth in the next few years. It will grow to $4.21 billion in 2028 at a compound annual growth rate (CAGR) of 4.2%. Anticipated growth in the upcoming forecast period is expected to be propelled by various factors, notably the integration of Industry 4.0 technologies, a heightened focus on energy efficiency, the emergence and growth of renewable energy sectors, ongoing advancements in materials development, and an increasing demand observed in the Asia-Pacific region. Key trends projected for the forecast period encompass strategic collaborations among industry stakeholders, the implementation of remote operations and monitoring systems, the provision of specialized service and maintenance solutions, a growing emphasis on customization and adaptability of pump systems, and the development of innovative water management solutions. These trends are forecasted to significantly influence the trajectory of the vertical immersion pump market in the near future.
The anticipated growth in demand from diverse industries is poised to drive the vertical immersion pumps market. Vertical immersion pumps are increasingly being sought after in various sectors such as irrigation, dewatering, water cooling, and the transfer of oil, gasoline, and lubricants. The versatile applications of these pumps contribute to rising demand in industries like oil and gas, chemical, and power generation on a global scale. As of October 2022, the U.S. Energy Information Administration (EIA) reports a projected increase of 100.98 million barrels per day in global liquid fuel consumption for 2023, highlighting the escalating demand across industries and indicating a substantial need for vertical immersion pumps.
The growth of the vertical immersion pumps market is further supported by rapid industrialization and the expansion of manufacturing industries during the forecast period. Industrialization, characterized by the shift from agriculture-centric economies to manufacturing reliance, fosters the establishment and growth of diverse industries, including manufacturing, chemicals, and water treatment. The demand for efficient pumping systems, such as vertical immersion pumps, intensifies as these sectors require robust solutions for fluid handling and circulation. According to the United Nations Industrial Development Organization (UNIDO), global manufacturing production increased by 9.4% in 2021, and Goldman Sachs reports a significant growth of 210% in the Indian manufacturing sector during the fiscal year 2021-2022. These figures underscore the substantial growth and investment in manufacturing industries, driving the demand for vertical immersion pumps.
A notable trend in the vertical immersion pump market is technological advancement, particularly in the development of vertical multistage pumps. Major market players are investing in innovative technologies to maintain their competitive positions. For instance, in June 2021, Dooch Pumps, a Korea-based manufacturer specializing in energy-efficient water pumps, introduced the vertical multistage XR(L) pump series. These pumps, powered by a standard electric motor, are non-self-priming, multistage centrifugal in-line pumps with a direct connection between the motor's output shaft and the pump shaft. The introduction of advanced technologies like these contributes to the ongoing growth and evolution of the vertical immersion pump market.
Leading companies in the vertical immersion pump market are placing a strategic emphasis on the development of energy-efficient pumps to enhance their market positioning. Energy-efficient pumps are designed and operated with the aim of minimizing energy consumption while ensuring optimal performance. The adoption of energy-efficient pumps serves to reduce waste, resource consumption, operating costs, and extends the lifespan of pumping equipment. Diverse technologies and practices are employed in energy-efficient pumps to enhance overall efficiency. For instance, in March 2022, Kirloskar Brothers Limited (KBL), an India-based pump manufacturer, introduced a new generation of pumps designed for irrigation purposes. These pumps, manufactured with advanced technology, exhibit reduced energy consumption while maintaining high performance. Notably, KBL's energy-efficient pumps contribute to lower maintenance and lifecycle costs. The submersible range of pumps offered by the company is capable of drawing water from deep borewells, providing a reliable solution for farmers even when the water table goes below a certain level.
In April 2022, Atlas Copco, a Sweden-based manufacturer specializing in industrial tools and equipment, executed the acquisition of Pumpenfabrik Wangen GmbH for an undisclosed amount. This strategic move is expected to establish a robust foundation for further growth in new industrial pump segments. Pumpenfabrik Wangen, based in Germany, is recognized for manufacturing progressive cavity pumps primarily used for fluid transfer in sectors such as biogas and wastewater. The acquisition positions Atlas Copco to expand its presence and offerings in industrial pump segments through the expertise and product portfolio of Pumpenfabrik Wangen.
Major companies operating in the vertical immersion pumps market report are KSB SE & Co. KGaA, ITT Inc., Ruhrpumpen Group, Castle Pumps Ltd., AxFlow Holding AB, Flowserve Corporation, North Ridge Pumps Ltd., Tapflo Group, Vertiflo Pump Company, FLUX-Gerate GmbH, Salvatore Robuschi and C. S.r.l., Lenntech BV, Brinkmann Pumps GmbH + Co. KG, Gusher Pumps Inc., Tapflo Pumps UK Ltd., C.R.I. Pumps Pvt. Ltd., National Pump Company, Grundfos Pumps Corporation, Pentair PLC, Simflo Pump Inc., Process Systems Ltd., Neptuno Pumps Ltd., Sintech Precision Products Ltd., Ebara Corporation, Tsurumi Manufacturing Co. Ltd., Weir Group PLC, Kirloskar Brothers Limited, Shakti Pumps Ltd., WPIL Limited, Crompton Greaves Consumer Electricals Limited, Kishor Pumps Pvt. Ltd., Rotech Pumps & Systems Inc., T-T Pumps Ltd., V-Guard Industries Ltd., Vansan Water Technologies, Zhejiang DOYIN Pump Industry Co. Ltd.
North America was the largest region in the vertical immersion pumps market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the vertical immersion pumps market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the vertical immersion pumps market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The vertical immersion pumps market consists of sales of vertical centrifugal immersion pumps, cantilever pumps, backing plates, shafts and shaft seals, and motor adapters. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.