The overall submersible pumps market valuation is forecast to top US$ 14.45 Billion by 2031. Borewell submersible pumps will remain highly sought-after. Meanwhile, the sales of openwell submersible pumps will increase at a steady pace, exhibiting growth at a 5.7% CAGR in between 2021 and 2031.
The outbreak of the COVID-19 pandemic has, however, dampened sales of submersible pumps. Delivery chain disruptions and halted manufacturing sports in the oil and fuel sector resulted in stagnant demand for submersible pumps.
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To increase sales, submersible pump manufacturers are focusing on launching high-value, high-performance products. Governments of developing economies in Africa and Asia, particularly in India, China, and South Africa, are increasing efforts to improve access to drinking water in rural and urban areas, which benefits the market.
Globally, sales in the submersible pumps market are set to be valued at US$ 978.5 Million in 2021, with a stable long-term projection. According to the latest analysis by Future Market Insights (FMI), the submersible pumps market is poised to expand at a 5.1% CAGR over the forecast period 2021-2031.
“Initiatives undertaken by governments for wastewater management and encouraging the use of technologically-driven equipment in the agricultural sector are expected to spur the demand for submersible pumps,” said Future Market Insights analyst.
Key Takeaways:
- By product type, borewell submersible pumps are expected to account for half of the global market in terms of revenue by the end of the forecast period.
- By head type, above 100 m pumps are expected to gain popularity over the forecast period owing to increasing demand for water distribution applications.
- By Application, demand from the municipal sector is anticipated to grow at 5.5% CAGR over the forecast period.
- East Asia has the leading share in terms of volume. However, Europe is projected to account for the highest value share. Industrialization in the emerging economies of Asia will increase the demand for submersible pumps over the forecast period.
- China and Japan will continue spearheading growth in East Asia.
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Competitive Landscape
Some of the key submersible pump manufacturers include Kubota Corporation, Wacker Neuson Group, Atlas Copco, ABKSB SE & Co. KGaA, Xylem Inc., Ebara Corporation, Grundfos, Sulzer AG, The Weir Group PLC, Tsurumi Manufacturing Co., Ltd. Kirloskar Brothers Ltd., Flowserve Corporation.
The global submersible pumps market is fairly fragmented owing to the presence of several players across the globe. Moreover, the leading share in the market is accounted for by unorganized players which are estimated to be at around 50%-55%. Key market players are focusing on research and development to expand their product portfolio. Besides this, they are actively investing in mergers, acquisitions, and strategic collaborations to expand their global footprint.
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