Global Submersible Pump Market to Reach $14.45 Billion by 2031
The submersible pumps market is expected to register year-on-year growth at 4.6% in 2021, with the overall valuation totaling US$ 8.80 Bn in 2021. As per a recent analysis by Future Market Insights (FMI), sales of submersible pumps are expected to increase at 5.1% CAGR between 2021 and 2031.
According to the study, the overall submersible pumps market valuation is forecast to top US$ 14.45 Bn 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.
Sales of submersible pumps were however dampened due to the outbreak of the COVID-19 pandemic. Disruptions in supply chain and suspended production activities in the oil and gas sector resulted in stagnated demand for submersible pumps.
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In the last few years, water stress has been a leading concern across the world, which has in turn fuelled the demand for new water sources to fulfill the industrial as well domestic water need. Waste water treatment is becoming more popular around the world as means to relieve water scarcity, which is also driving the global submersible pumps markets.
Submersible pumps manufacturers are focusing on launching cost-effective and high efficiency products to improve sales. Governments of emerging economies in Africa and Asia, particularly in countries such as India, China and South Africa, are increasing efforts to improve access to drinking water in rural as well as urban areas, which in turn is benefiting the market.
“Initiatives undertaken by governments for waste water management and encouraging the use of technologically-driven equipment in agricultural sector are expected to spur the demand for submersible pumps,” said Future Market Insights analyst.
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COVID-19 Crisis Hamper Sales of Submersible Pumps
The COVID-19 pandemic has affected sales in several countries across Europe, Asia, North America, and the Middle East. This health crisis is hampering all economic activities- new or ongoing projects across oil & gas, infrastructure projects supply chain.
The pandemic resulted in authorities shutting down operations across various industries as a preventive measure against the crisis. Moreover, the market is expected to face challenges in the coming days in terms of cash flow management. The submersible pumps market is estimated to recover slowly within one to two years, and this factor is expected to have low to moderate impact on the Submersible Pumps market.
Key Takeaways:
- By product type, borewell submersible pumps are expected 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 application.
- By Application, demand from 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 highest value share. Industrialization in 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 pumps manufacturers include Kubota Corporation, Wacke Neuson Group, Atlas Copco, ABKSB SE & Co. KGaA, Xylem Inc.,Ebara Corporation, Grundfos, Sulzer AG, The Weir Group PLC, Tsurumi Manufacturing Co., Ltd. Kriloskar Brothers Ltd., Flowserve Corporation.
The global submersible pumps market is fairly fragmented owing to the presence of several players across the globe. Moreover, leading share in the market is accounted by unorganized players which is 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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