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Submersible Pumps Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
Report Format: PDF+Excel | Report ID: SR112023A1936
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Market Overview:
The global submersible pumps market size reached US$ 12.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 16.7 Billion by 2028, exhibiting a growth rate (CAGR) of 4.2% during 2023-2028.
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.
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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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.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global submersible pumps market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, operation, power rating and application.
Breakup by Type:
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- Open Well
- Borewell
- Non-Clog
Breakup by Operation:
- Single Stage
- Multi-Stage
Breakup by Power Rating:
- Low
- Medium
- High
Breakup by Application:
- Water & Wastewater
- Mining & Construction
- Pulp & Paper
- Energy & Power
- Food & Beverages
- Chemicals & Pharmaceuticals
- Others
Breakup by Region:
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- North America
- United States
- Canada
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
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.
Report Coverage:
| 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. |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
The global submersible pumps market was valued at US$ 12.2 Billion in 2022.
We expect the global submersible pumps market to exhibit a CAGR of 4.2% during 2023-2028.
The rising adoption of submersible pumps to conduct extraction activities in deep-sea reserves, along with the introduction of product variants with improved operational efficiencies, is primarily driving the global submersible pumps market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous end-use industries for submersible pumps.
Based on the type, the global submersible pumps market has been segmented into open well, borewell, and non-clog. Currently, borewell holds the majority of the total market share.
Based on the operation, the global submersible pumps market can be divided into single stage and multi-stage, where single stage currently exhibits a clear dominance in the market.
Based on the power rating, the global submersible pumps market has been categorized into low, medium, and high. Among these, medium accounts for the majority of the global market share.
Based on the application, the global submersible pumps market can be segregated into water & wastewater, mining & construction, pulp & paper, energy & power, food & beverages, chemicals & pharmaceuticals, and others. Currently, the water & wastewater sector holds the largest market share.
On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where Asia Pacific currently dominates the global market.
Some of the major players in the global submersible pumps market include 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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