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The global submersible pumps market is expected to exhibit moderate growth during 2021-2026. A submersible pump is a mechanical device that is completely submerged to pump fluids to the surface. It consists of an end-suction pump with a submersible motor, which is covered with a water-cooled jacket to provide cooling and circulate the fluid around the motor. Bladder, grinder, well, borehole, fountain and utility pumps are some of the most commonly available types of submersible pumps. These pumps are highly energy-efficient and are extensively utilized for irrigation, water treatment and oil extraction.
The continually rising demand for oil and gas from industrial, transportation and residential sectors is one of the major factors driving the market growth. Owing to a substantial decline in the availability of oil reserves across the globe, there has been a widespread adoption of submersible pumps to conduct extraction activities in deep-sea reserves. Furthermore, the growing demand for efficient wastewater and sewage management systems is also providing a boost to the market growth. Resulting from industrial developments and increasing environmental concerns, governments of both the developed and emerging nations are implementing policies to recycle wastewater, manage sewage and provide safe drinking water. Additionally, the increasing usage of the Internet of Things (IoT) for in-depth monitoring, data capturing, and remote access are impacting the market positively. Other factors, including increasing mining activities, along with advancements in pump and motor designs resulting in lightweight product variants with enhanced operational efficiencies, are also projected to drive the market further. Looking forward, IMARC Group expects the global submersible pumps market to grow at a CAGR of around 4% during the forecast period (2021-2026).
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The competitive landscape of the industry has also been examined with some of the top submersible pumps companies are 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, Xylem Inc., etc.
According to the estimates by IMARC Group, the global submersible pumps market is expected to witness a CAGR of 4% from 2021 to 2026.
The growing utilization of submersible pumps in numerous oil and gas, irrigation, and water treatment activities represents one of the key factors impelling the global submersible pumps market growth.
The increasing utilization of the Internet of Things (IoT) for in-depth monitoring, data capturing, and remote access of submersible pumps represents one of the key trends in the submersible pumps market.
Sudden outbreak of the COVID-19 pandemic had led to the decelerating demand for submersible pumps in the oil & gas industry, along with temporary halt in construction activities leading to cancellation of several contracts for submersible pumps.
On the basis of the type, the market has been classified into open well, borewell and non-clog, where borewell accounts for the largest market share.
On the basis of the power rating, the market has been segmented into low, medium, and high. Currently, medium power rating holds the largest market share.
On the basis of the segments, the market has been bifurcated into electric, hydraulic, dewatering, and borewell. At present, electric accounts for the largest market share.
On the basis of the application, the market has been divided into water and wastewater, mining and construction, pulp and paper, energy and power, food and beverages, chemicals and pharmaceuticals, and others. In this segment, water and wastewater sector holds the largest market share.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where Asia Pacific dominates the global market.
The key companies in the global submersible pumps market are 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, Xylem Inc., etc.
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