The global submersible pump market accounted for a value of USD 10.1 billion in 2019. Submersible pump market projected to register growth at a CAGR of 5.0% during forecast period.
COVID-19 has impacted all the businesses over the globe. The manufacturing facilities have to shut down due to lockdown. The supply chain of raw material and finished products is disrupted due to travel restriction. The demand for the submersible pump has been declined across end users due to slow market growth of such users. The submersible pump market is estimated to witness decline in growth due to COVID-19.
For more details, visit: Global Submersible Pumps Market By Capacity (Low, Medium, High), By Pump Type (Effluent Pumps, Bilge Pumps, Others), By Well Type (Bore Well, Open Well), By Drive Type, By Head, By End User, By Region–Forecast & Opportunities to 2026
Agriculture is a very vital sector for all the regions and they are focusing on expanding this sector to cultivate and harvest edible goods for consumption of its nation and for exports. Many countries are adopting different technologies. The adoption and demand for submersible pumps are increasing in agriculture sector. This drives growth in submersible pumps during forecast period.
On the basis of capacity analysis, the submersible pump market is segmented into low, medium and high capacity. The medium capacity segment is estimated to hold largest market share during forecast period. It has better applicability to various sectors such as agricultural, firefighting, irrigation and commercial. The high adoption and demand for medium capacity pumps is likely to drive growth in medium capacity submersible pump segment during forecast period.
On the basis of pump type, the submersible pump market is segmented into electric submersible pumps, effluent pumps, bilge pumps, grinder pumps and others. The electric submersible pumps segment is estimated to hold highest share during forecast period. The adoption of this pump is increasing across the globe due to growing number of oil & gas wells. The energy demand is also increasing in the world. This drives growth in submersible pumps market during forecast period.
On the basis of end-user, the submersible pump market is segmented into residential & commercial, water & wastewater, chemicals, oil & gas, agriculture, mining, construction and others. The water & wastewater segment is estimated to hold largest market share during forecast period. The government has introduced various policies and norms for treating waste water. The installation and operation of such pumps is easy and convenient. The adoption of submersible pumps is high in water and wastewater. This drives growth in submersible pumps segment during forecast period.
Asia-Pacific is estimated to hold largest market share during forecast period. The consumption of energy has been increased in this region which increased production of hydrocarbons reserved. The major developing countries such as Australia, India, China and Japan are adopting new and efficient technologies in various sectors. The rapid industrialization leads to high consumption of energy in these regions. This drives growth in Asia-pacific region during forecast period.
The key market players in submersible pumps industry are Caprari, Grundfos, Hitachi, Tsurumi Pump, Multiquip Inc., Quad Kunststoffapparatebau GmbH, KSB Company, Zoeller Company, Oddesse Pumpen-Und Motorenfabrik GmbH, Oddesse Pumpen-Und, Kirlosker Brothers, Xylem Inc., Homa Pumpenfabrik, Weatherford, Crompton Greaves Consumer Electricals, Zuwa-Zumpe GmbH, Pedollo S.P.A. and Sulzer. The key players are focusing on technological advancement and delivering efficient products. Many mergers, partnership, acquisition and joint ventures strategies adopted by various companies to strengthen their market position.
- What are the expected industry trends over the next three to five years?
- Which of the submersible pump type is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?