Submersible pumps are types of pumps that are submerged into the liquid to be pumped. These pumps offer various benefits including the prevention of cavitation as compared to standard submersible pumps. Such pumps find wide application in areas with water or fluid level below ground level. There are different types of submersible pumps including non-clog submersible pumps, open well submersible pumps and borewell submersible pumps. These pumps are compact and lightweight and can be installed with various kinds of piping, as they are easy to dismantle. These pumps are used for industrial and domestic water supply, fire-fighting systems, gardening, and many more.
The global submersible pump market is estimated to account for US$ 15603.2 Mn in terms of value by the end of 2027.
Market Dynamics- Drivers
The global demand for submersible pumps has increased significantly in the recent past. This is typically due to growing infrastructure development activities. Rising urbanization in emerging economies in India and China has led to increase in demand for submersible pumps across the globe. According to the United Nations (UN), by 2030, around 40.76% population of India is expected to live in urban areas. Water scarcity is a major issue plaguing various regions across the globe. Governments of various countries are implementing regulations mandating recycle and reuse of water, especially in industries. Thus, these factors is expected to drive growth of the global submersible pump market during the forecast period.
Many governments in emerging regions such as MEA and Asia Pacific are focused on improving drinking water facilities in urban as well as rural areas. For this, the water resource exploration activities have been on a rise, which is expected to boost the sales of submersible pumps that offer enhanced efficiency and capacity for domestic as well as agricultural use. Desalinization projects are also expected to contribute to the adoption of submersible pumps, as most parts of the globe still lack the basic facility of running water. Thus, these factors are expected to propel the global submersible pump market growth over the forecast period.
Asia Pacific region held a dominant position in the global submersible pump market in 2019, accounting for 47% share in terms of value, followed by Europe, North America, Middle East & Africa and Latin America respectively.
Figure 1: Global Motor Submersible Pump Market Share (%), in terms of Value, By Region, 2019
Market Dynamics- Restraints
The Chinese pump manufacturers are offering submersible pumps at a competitive cost. This, in turn, has led to increased pricing pressure on other players since these key players need to offer submersible pumps of high-quality, efficiency, and technologically advanced at competitive prices. International submersible pump vendors need to differentiate their products through various additional services and integration of advanced technologies. Hence, such factors are expected to restrain growth of the global submersible pump market during the forecast period.
Lack of research and development has led to low product development and innovation. This is in turn affecting aftermarket sales of submersible pumps and their parts, due to their long operating life. Hence, these factors are expected to hinder the global submersible pump market growth over the forecast period.
|Base Year:||2019||Market Size in 2019:||US$ 9,712.4 Mn|
|Historical Data for:||2016 to 2019||Forecast Period:||2020 to 2027|
|Forecast Period 2020 to 2027 CAGR:||6.1%||2027 Value Projection:||US$ 15603.2 Mn|
Ebara Corporation, Flowserve Corporation, GRUNDFOS, Kirloskar Brothers Limited, KSB AG, Ruhrpumpen Group, Sulzer Ltd., The Weir Group plc, WILO SE, and Xylem Inc.
|Restraints & Challenges:||
Most small and medium size submersible pumps are sold through distributors. End users or customers are inclined towards opting for submersible pumps distributors that provide engineering expertise, aftersales services, and end-to-end solutions to meet the specific demands of customers. Most global players such as KSB AG, Wilo AG, Grundfos, and Xylem Inc. employ the strategy of expanding local networks by increasing tie-ups with regional as well as local distributors.
Key companies are focused on research and development activities, in order to enhance the product portfolio. For instance, in January 2016, KSB AG launched the latest version of its self-priming centrifugal Etaprime pumps. In January 2016, Sulzer AG introduced submersible dewatering modular pumps using a built-in intelligence with an optional AquaTronic unit.
Figure 2: Global Submersible Pump Market Value (US$ Mn), 2017 - 2027
The global submersible pump market was valued at US$ 9,172.5 Mn in 2019 and is forecast to reach a value of US$ 15603.2 Mn by 2027 at a CAGR of 6.10% between 2020 and 2027.
Increasing energy cost remains a major factor affecting the demand for submersible pumps. Many industries are increasingly adopting solar-powered submersible pumps that offer significant operational cost savings. Of overall energy consumed by submersible pumps across the globe, pump motors account for an estimated 15% share. However, with over 40% of submersible pumps to be covered by stricter energy efficiency regulations by 2020, this number is expected to decline significantly.
Micro disc pumping technology allows pump manufacturers to produce compact and efficient submersible pumps. Since there is a rising trend for size reduction, compact and energy-efficient pumps are expected to gain a significant demand in the new future.
Global Submersible Pump Market- Impact of Coronavirus (Covid-19) Pandemic
According to Coherent Market Insights’ analysis, the impact of coronavirus (COVID-19) pandemic on the submersible pump market is moderately low in Bangladesh. For instance, in September 2020, in Rajshahi, Bangladesh, Approximately 189 individuals of 37 ethnic minority households have got access to drinking water through ‘submersible pump’ in the low rainfall Barind area with a voluntary organization amid the adverse effect of coronavirus disease (Covid-19) pandemic situation. Furthermore, Bangladesh Unity Federation of Los Angeles (BUFLA), a voluntary organization, under its ‘Arsenic-free Drinking Water Project’ build in 28 submersible pumps with the platform, overhead tank and outlet one each in 28 drought-hit villages under Tanore, Godagari and Paba Upazilas in Bangladesh.
Major companies operating in the global submersible pump market are Ebara Corporation, Flowserve Corporation, GRUNDFOS, Kirloskar Brothers Limited, KSB AG, Ruhrpumpen Group, Sulzer Ltd., The Weir Group plc, WILO SE, and Xylem Inc.
A submersible pump, also called as an electric submersible pump (ESP), is a pump that can be submerged into a fluid. These pumps are equipped with hermetically sealed motor, which is close to the pump body. Additionally, these pumps are compact and lightweight and can be installed with several kinds of piping, as they are easy to dismantle. Furthermore, there are different types of submersible pumps available in the market such as non-clog submersible pumps, open well submersible pumps, and borewell submersible pumps.
The continued research and development of submersible pump (SP) is of utmost importance to the manufactures and companies involved in the innovation. The launch of innovative new products from the significant companies such as Kirloskar Brothers Limited (KBL) and others will boost the global submersible pump (SP) market. For instance, in October 2020, Kirloskar Brothers Limited (KBL), an engineering and manufacturing of fluid management systems company introduced a new wide range of low maintenance, energy-efficient submersible pump (SP) coupled pump-sets with IE4 motor for dewatering applications and others.
For instance, in February 2019, Kirloskar Brothers Limited (KBL) an engineering and manufacturing of fluid management systems company introduced two pumps such as KU6 - oil-filled borewell submersible pump, KVM (Kirloskar Vertical Multi-stage) pump and water filtration K-Kleen 25 kit for multiple application such as sprinkler & drip systems in farms, domestic and industrial water supply, and others.
Moreover, in January 2018, Kirloskar Brothers Limited (KBL) an engineering and manufacturing of fluid management systems company launched ‘KOSi' pumps’ open well submersible pumps for the agriculture and domestic application.
This report segments the global submersible pump market on the basis of product type, application, head type, and region. On the basis of product type, the global submersible pump market is segmented into non-clog submersible, open well submersible, borewell submersible. On the basis of application, the global submersible pump market is segmented into industrial water & wastewater, agriculture & irrigation, oil & gas, firefighting, mining, construction, non-industrial water & wastewater, and other. On the basis of head type, the global submersible pump market is segmented into below 50 meter, 50 m- 100 m, and above 100 m. On the basis of region, the global submersible pump market is segmented into North America, Latin America, Europe, the Asia Pacific, and Middle East & Africa
Key features of the study:
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