Submersible Pumps Market Outlook 2031
The global submersible pumps market size was USD 12.75 Billion in 2022 and is anticipated to reach USD 22.86 Billion by 2031 expand at a significant CAGR 6.7% during the forecast period, 2023–2031. The growth of the market is attributed to the strict regulations for wastewater treatment across industries.
A submersible pump is a piece of machinery that is immersed in the liquids to circulate and avoid formation of vapor cavities in the liquid. It works by pulling fluids to the surface from their submerged locations. These pumps are designed to handle a variety of liquid fluid velocities for a variety of industrial applications.
The pandemic of COVID-19 has hindered the expansion of the submersible pump industry. This slowdown is primarily due to economic contractions, which have led to decrease in investments from a variety of companies.
Submersible Pumps Market Trends, Drivers, Restraints, and Opportunities
- Increasing urban population and industrialization are expected to drive the submersible pumps market.
- Growing investments in infrastructure development is propelling the growth of the market.
- Rising cases of motor failure can hamper the growth of the market.
- Growing exploration activities related to deepwater and increase in subsea operations are offering lucrative opportunities to the global submersible pumps market.
Scope of The Submersible Pumps Market Report
The report on the global submersible pumps market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Submersible Pumps Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Types (Borewell Submersible Pumps, Open Well Submersible Pumps, and Non-clog Submersible Pumps), Drive Types (Electric, Hydraulic, and Others), Heads (Below 50m, Between 50m and 100m, and Above 100m), End-Users (Water and Wastewater, Oil and Gas Industry, Mining and Construction Industry, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Flowserve Corporation; Sulzer Limited; Borets International Ltd; and The Gorman-Rupp Company
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Submersible Pumps Market Segment Insights
Open well submersible pump segment is expected to grow at a rapid pace
Based on types, the market is divided into borewell submersible pumps, open well submersible pumps, and non-clog submersible pumps. The open well submersible pumps segment is expected to grow at a rapid pace during the forecast period owing to rapid growth in water treatment plants and expanding capacities of existing facilities.
Electric segment is projected to expand at a considerable CAGR
On the basis of drive types, the market is segregated into electric, hydraulic, and others. The electric segment is projected to expand at a considerable CAGR during the forecast period due to availability of electric submersible pumps that can require less maintenance and are of low cost.
Above 100 m segment anticipated to account for a significant market share.
Based on heads, the market is divided into below 50m, between 50m and 100m, and above 100 m. The above 100 m segment is estimated to account for a significant market share during the forecast period due to rising investments in the construction industry. On the other hand, the between 50m and 100m segment is expected to grow at a sustainable rate in the coming years.
Oil and gas industry segment is expected to grow at a rapid pace
Based on product end-users, the market is divided into water and wastewater, oil and gas industry, mining and construction industry, and others. The oil and gas industry segment is expected to grow at a robust pace during the forecast period due to shortage of water and government restrictions on wastewater treatment.
Asia Pacific is anticipated to constitute a key market share
In terms of regions, the global submersible pumps market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to constitute a key share of the market during the projected period. Governments in developing countries such as India and China have formulated policies to promote industrial sector growth, which is leading to the expansion of industries such as oil and gas, construction, and others that use submersible pumps extensively.
Segments
The global submersible pumps market has been segmented on the basis of
Types
- Borewell Submersible Pump
- Open well Submersible Pump
- Non-clog Submersible Pump
Drive Types
- Electric
- Hydraulic
- Others
Heads
- Below 50 m
- Between 50 m to 100 m
- Above 100 m
End-Users
- Water and Wastewater
- Oil and Gas Industry
- Mining and Construction Industry
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
The market for submersible pumps remains to be highly fragmented, and key players competing in the global submersible pumps market are Flowserve Corporation; Sulzer Limited; Borets International Ltd; and The Gorman-Rupp Company
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