The Global Submersible Pump Market, By Product Type (Non-clog Submersible, Open Well Submersible, Borewell Submersible), By Application (Industrial Water & Wastewater, Agriculture & Irrigation, Oil & Gas , Firefighting, Mining, Construction, Non industrial water & wastewater, and Others), By Head Type (Below 50 meter, 50 m- 100 m, Above 100 m), and By Region (North America, Latin America, Europe, the Asia Pacific, Middle East and Africa) - Global Forecast to 2027, is expected to be valued at US$ 15603.2 million by 2027, exhibiting a CAGR of 6.1% during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights.
A submersible pump is a device that has a hermetically sealed motor close to the pump body. The entire assembly is submerged into the water or fluid to be pumped. Submersible pumps prevent pump cavitation and challenges associated with elevation difference between fluid surface and pump. Open well submersible pumps are specially designed for various applications, especially for underwater applications as it does not require priming and foot valve. These pumps are easy to install and can withstand voltage variation of the range 350 – 440 volts. These pumps are designed to prevent motor burning and overloading.
The global submersible pump market is estimated to account for US$ 15603.2 Mn in terms of value by the end of 2027.
Growing demand from SMEs for wastewater treatment purposes is expected to propel the global submersible pump market growth over the forecast period
Many end-use industries such as power, mining, and oil & gas due to rising generation of wastewater treatment. Growing demand for energy-efficient manufacturing operations, especially in developed countries has led to increased investment in pumping apparatuses. Many SMEs in emerging economies such as China and India are demanding submersible pumps due to rapid growth in various industries. Hence, these factors are expected to drive growth of the global submersible pump market during the forecast period.
The massive requirement in the irrigation and agriculture sector can provide key opportunities in the global submersible pump market
Increasing land under cereal production in emerging economies such as India, Morocco, and Egypt is driving growth of the agricultural sector, thereby accelerating the demand for the agriculture sector. There is a rising trend for micro-irrigation in small firms, thereby boosting the deployment of small submersible pumps in the above-mentioned countries. According to the CAPMAS, in 2014, the Government of Egypt announced to increase agricultural land by 3.5 million acres in Upper Egypt, South Valley, and Sinai by 2017.
Motor failure and high troubleshooting cost is expected to hinder the global submersible pump market growth over the forecast period
The most common cause of motor failure in the submersible pump is overheating. This causes insulation materials in the motor to deteriorate until the failure occurs. Overheating can occur due to other problems as well before it fails. Moreover, the cost of troubleshooting costs is significantly high as compared to other pumps. Hence, these factors are expected to hinder the global submersible pump market growth over the forecast period.
On the basis of regions, Asia Pacific is expected to witness significant growth in the global submersible pump market during the forecast period. This is owing to growing urbanization in emerging economies in India and China has led to an increase in demand for submersible pumps across the globe.
On the basis of product type, Borewell submersible is expected to witness significant growth in the global submersible pump market during the forecast period. This is owing to huge adoption of borewells for extraction of underground water has created numerous opportunities in the global submersible pump market over the last few years.
Key companies are focused on mergers and acquisitions, in order to expand the market presence and gain a competitive edge in the market. For instance, in 2013, Flowserve Corporation acquired Mega Drive LLC, a privately owned U.S.-based manufacturer of advanced sealless magnetic drive centrifugal pumps used primarily in chemicals and other industries.
Key companies are focused on partnership and collaboration and joint ventures, in order to enhance the market presence. For instance, in October 2015, GIW Industries, a subsidiary of KSB AG, partnered with Outotec Oyj, a Finland-based company. Furthermore, in June 2015, Sulzer AG entered into a joint venture agreement with Saudi Pump Factory in Riyadh in order to strengthen its presence in the Middle East.
To know the latest trends and insights prevalent in the Global Submersible Pump Market, click the link below:
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 high. The supply and production cycles impacted due to nationwide lockdowns. For instance, in April 2020, Pumpset manufacturers in Coimbatore, India have appealed to the State government of India to classify pump sets. Several individuals across the country needed the pump sets to pump water. Because of the Coronavirus (COVID-19) Pandemic situation, the industries and dealer outlets were not able to move the products. This is in turn, to hinder the market growth.
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.