Global Submersible Pumps Market to Reach US$ 16.7 Billion by 2028, Propelled by Rapid Expansion in the Oil and Gas Industry

March 13, 2023 | Energy & Mining

IMARC Group’s latest report, titled “Submersible Pumps Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global submersible pumps market size reached US$ 12.2 Billion in 2022. Submersible pumps, or electric submersible pumps (ESPs), are mechanical devices designed to move fluids from one place to another while being submerged in the liquid completely. They comprise an end-suction pump with a submersible motor covered with a water-cooled jacket to provide cooling and circulate the fluid around the motor. They work by converting rotary energy into pressure energy and are highly energy-efficient, easy to use, and quiet in operation. They are commonly available in bladder, grinder, well, borehole, fountain, and utility pump variants. They are widely used to pump out fluids from great depth and in applications where gravity flow is impossible. As a result, submersible pumps find extensive applications in irrigation, water treatment, and oil extraction.

Global Submersible Pumps Market Trends:

Rapid expansion in the oil and gas industry represents one of the key factors driving market growth. This can be attributed to the widespread adoption of submersible pumps during drilling oil and gas wells and to perform extraction activities in deep sea reserves due to declining oil reserves. Moreover, the escalating demand for oil products, such as gasoline, crude oil, and liquefied petroleum gas (LPG), from the transportation, industrial, and residential sectors is another major growth-inducing factor. In addition, governments of various nations are focusing on building new water treatment facilities and upgrading aging infrastructure to recycle wastewater, manage sewage, and provide safe drinking water to the masses. Along with this, the growing need for efficient wastewater and sewage management owing to surging environmental concerns has augmented the product demand. Furthermore, the leading manufacturers are heavily investing in research and development (R&D) activities to introduce lightweight and innovative product variants with enhanced operational efficiencies, robust design, and the capacity to lift large volumes of fluids. In line with this, continual technological advancements, such as the integration of the Internet of Things (IoT) for remote access, in-depth monitoring, and data capturing, have propelled the market growth. Other factors, including the rising mining and oil and gas exploration activities, improvements in pump and motor designs, rapid industrialization, ongoing infrastructure development activities, and product innovations, are also creating a favorable market outlook. Looking forward, IMARC Group expects the market value to reach US$ 16.7 Billion by 2028, expanding at a CAGR of 4.2% during 2023-2028.

Market Summary:

On the basis of the type, the market has been classified into open well, borewell, and non-clog.
Based on the operation, the market has been bifurcated into single-stage and multi-stage.
The market has been segmented based on the power rating into low, medium, and high.
On the basis of the application, the market has been categorized into water and wastewater, mining and construction, pulp and paper, energy and power, food and beverages, chemicals and pharmaceuticals, and others.
Region-wise, the market has been divided into North America (the United and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
The competitive landscape of the market has also been analyzed, with some of the key players being Atlas Copco, Flowserve Corporation, Grundfos Holding A/S, ITT Gould’s Pumps Inc., Kirloskar Brothers Limited, KSB Aktiengesellschaft, Schlumberger, Sulzer AG, Weir Group Plc., Wilo SE, and Xylem Inc.

Report Scope:

Report Features	Details
Base Year of the Analysis	2022
Historical Period	2017-2022
Forecast Period	2023-2028
Units	US$ Billion
Segment Coverage	Type, Operation, Power Rating, Application, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	Atlas Copco, Flowserve Corporation, Grundfos Holding A/S, ITT Gould’s Pumps Inc., Kirloskar Brothers Limited, KSB Aktiengesellschaft, Schlumberger, Sulzer AG, Weir Group Plc., Wilo SE and Xylem Inc.
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Global Submersible Pumps Market to Reach US$ 16.7 Billion by 2028, Propelled by Rapid Expansion in the Oil and Gas Industry

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