The global Submersible Pumps Market is estimated to be valued at US$ 12.17 Bn in 2024, exhibiting a CAGR of 6.1% over the forecast period (2024-2031). Growing industrialization across regions has significantly boosted the demand for submersible pumps in various industries. Furthermore, the rising adoption of advanced irrigation techniques in the agricultural sector has propelled the sales of submersible pumps.
Market Dynamics:
Rapid industrialization in developing nations has significantly increased the demand for submersible pumps from various process industries such as chemical, oil & gas, and power generation. Submersible pumps find wide application in transporting fluids and slurries in industrial plants. Meanwhile, the growing population has boosted agricultural production, thereby augmenting the demand for efficient irrigation systems. This has positively impacted the sales of submersible pumps used for agriculture applications such as drainage, water supply, and flood control. Additionally, growing investments in water supply and wastewater treatment infrastructure development projects are expected to offer lucrative opportunities for submersible pump manufacturers during the forecast period.
Increasing Demand for Agricultural and Irrigation Applications is Driving the Global Submersible Pumps Market
The global submersible pumps market is being driven significantly by the increasing demand from the agricultural and irrigation sectors. Pumps are widely used for irrigation and agriculture to pump water from underground sources like wells and lift water to fields for irrigation purposes. With growing global population and increasing demand for food, more focus is being given on enhancing agricultural yields which is increasing the demand for efficient irrigation systems using submersible pumps. Various government initiatives and schemes encouraging irrigation and modern farming practices are also fueling the sales of submersible pumps in agriculture.
Growing Construction Industry is Augmenting the Market Growth
Another key driver for the submersible pumps market is the robust growth being witnessed in the global construction industry. Submersible pumps are extensively utilized in construction projects for dewatering purposes during excavation and demolition operations. These pumps are submerged in water and employed to remove underground water accumulations, enabling smooth progress of construction activities. Rising investments in infrastructure projects like roads, bridges, dams, housing, commercial buildings, etc. are generating a strong demand for construction equipment including submersible pumps. With rapid urbanization and global mega construction projects in emerging nations, the requirement for efficient dewatering solutions is propelling the submersible pumps market.
Declining Groundwater Levels Can Restrain Market Prospects
A major restraint hampering the submersible pumps market expansion is the declining groundwater levels observed across several parts of the world. Groundwater depletion due to over-extraction for agriculture and other needs is a serious concern faced globally. This is negatively impacting the productivity of agricultural wells and irrigation projects relying on submersible pumps. Moreover, dropping groundwater table necessitates deeper borewells requiring more powerful pumps, adding to production costs. Sustainability issues associated with falling water tables can slow down the sales of submersible pumps if not addressed properly.
Stringent Efficiency Regulations Restrict Product Adoption
Another challenge faced by submersible pump manufacturers and suppliers is the stringent efficiency standards and regulations enforced by various governments globally. These regulations mandate minimum expected performance standards and energy efficiency levels for pumps. While they are aimed at promoting sustainability, complying with the evolving regulatory frameworks demands continuous innovation and upgrades. This increases compliance costs for companies. The performance imperative can also impact the affordability of pumps limiting their adoption in price sensitive applications. Evolving regulatory oversight poses both opportunities and restraints for industry players.
Growing Focus on Water Recycling Spurs Opportunities
One of the key opportunity’s players can capitalize on is the increasing global focus on water conservation and recycling. Submersible pumps find uses in wastewater treatment plants to transfer effluents between processing tanks. They also help in recycling and reusing treated water. Supported by conducive regulatory and incentive schemes promoting water sustainability, the industrial and municipal wastewater recycling market is lucrative for submersible pumping solutions. Manufacturers can develop specialized pumps catering to various wastewater handling needs.
Demand from Mining Industry Offers Lucrative Prospects
The growing global mining industry presents significant opportunities for submersible pumps. Pumps are essential in mining for dewatering mines and pits, slurry transfer, ash handling, filth removal, and others. As mineral extraction activities expand significantly driven by rising commodity demand, sophisticated dewatering solutions involving heavy duty submersible pumps are witnessing higher uptake. Leading players can target emerging mining hotspots worldwide with customized products. Overall, lucrative prospects emerging from water intensive mining operations will augment the future sales of submersible pumps.
Link - https://www.coherentmarketinsights.com/market-insight/submersible-pumps-market-4287
Key Developments:
- In May 2023, Curtiss-Wright Corporation and Shell Exploration & Production Company announced a strategic agreement to collaborate on the design, manufacturing, testing, and operational support of an Electro-Submersible Pump (ESP) for deployment on a Shell offshore platform in the Gulf of Mexico. The objective of this joint initiative is to demonstrate Curtiss-Wright's canned motor technology as an effective and reliable alternative to current subsea pump technologies, with the aim of reducing unplanned outages and production interruptions.
- In January 2022, Lotte Chemical unveiled plans to build a substantial ethylene cracker plant in Indonesia. The new facility, slated for completion in 2025, will have a production capacity of 1,000 kilotons per annum of ethylene.
- In January 2022, Industrial Flow Solutions, a global fluid management solutions provider and a portfolio company of May River Capital, announced the acquisition of Dreno Pompe, an Italian company specializing in the design and manufacture of high-quality electrical submersible pumps for industrial, municipal, and residential wastewater applications.
- In September 2021, Kirloskar Brothers Limited (KBL) introduced the NEO Series 4-in borewell submersible pumps, which were specifically engineered to cater to the needs of rural, domestic, and community water supply markets, as well as the farming, buildings, and construction sectors.
Key Players:
Abbott Laboratories, Atlas Copco, B. Braun Melsungen AG, DePuy Synthes, Ebara Corporation, Flowserve Corporation, Franklin Electric Co., Inc., GRUNDFOS, Kirloskar Brothers Limited, KSB AG, Medtronic Inc, Pentair, Ruhrpumpen Group, Sulzer Ltd, and Xylem Inc
