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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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