New York, US, June 21, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Submersible Pumps Market Information by Well Type, Operation, Power Rating, Industry, and Region - Forecast till 2030”, Submersible Pumps Market could thrive at a rate of 7.22% between 2022 and 2030. The market size will be reaching around USD 24.80 Billion by the end of the year 2030.
Submersible Pumps Industry Overview:
Submersible pumps are devices designed to be completely submerged in fluid, typically water, to facilitate pumping and drainage operations. These pumps are hermetically sealed to prevent water from entering the motor, ensuring safe and efficient operation. Submersible pumps are widely used in various applications, including residential, commercial, agricultural, and industrial sectors, where there is a need to move water or other fluids from one location to another.
The uses and applications of submersible pumps are diverse. They are commonly employed for groundwater extraction, irrigation systems, sewage, and wastewater management, dewatering in construction sites, oil and gas exploration, and underwater mining operations. Submersible pumps offer advantages such as efficient performance, quiet operation, space-saving design, and the ability to handle solids and abrasive materials. They are highly versatile and can be customized to suit specific requirements, making them indispensable in numerous industries.
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Market Competitive Landscape:
The affluent companies in the Submersible Pumps industry include
- Xylem
- KSB Group
- Flowserve Corporation
- EBARA CORPORATION
- Tsurumi Manufacturing Co. Ltd
- The Gorman-Rupp Company
- Atlas Copco
- The Weir Group
- Sulzer Ltd
- Among others.
November 2020:
Sulzer secured a contract from Ringkøbing-Skjern Forsyning A/S, a water utility in Denmark, to deliver submersible pumps for a significant flood defense project. The project involves the construction of two new pumping stations aimed at mitigating the impact of rising water levels caused by rain, drainage, and cloudburst water. For the Ringkøbing pumping station, Sulzer will provide one XFP submersible pump and three VUPX peak load submersible pumps. Additionally, the adjacent Skælbækker station will be equipped with one XFP baseload pump and four VUPX peak load pumps.
Submersible Pumps Market COVID 19 Analysis:
The COVID-19 pandemic had a mixed impact on the submersible pumps market. Initially, the market experienced disruptions due to supply chain disruptions halted construction activities, and decreased industrial production. However, as economies gradually recovered, the market regained momentum, driven by the resumption of infrastructure projects and the increased focus on efficient water management systems. The pandemic underscored the importance of reliable water supply and effective wastewater management, fueling the demand for submersible pumps. In the post-COVID scenario, the submersible pumps market is expected to witness steady growth as industries prioritize sustainable water management practices.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 24.80 billion |
| CAGR during 2022-2030 | 7.22% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Industry, Well Type, Operation, Power Rating and Region |
| Key Market Opportunities | Upgradation of aging and construction of new water & wastewater treatment facilities |
| Key Market Dynamics | Increasing demand for hydrocarbon products, Growing investments in the construction submersible pumps |
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Submersible Pumps Market USP Covered:
Market Drivers:
The market driving factors for the submersible pumps market include the increasing demand for water and wastewater management solutions, rapid urbanization and industrialization, and the expansion of the agriculture sector. The rising global population and urbanization have led to a significant surge in water demand for various purposes, driving the need for efficient water supply and wastewater management systems. The industrial sector, including oil and gas, mining, and construction, requires reliable pumping solutions for dewatering and fluid transfer operations. Additionally, the agricultural sector relies on submersible pumps for irrigation, crop watering, and drainage, contributing to market growth.
Market Restraints:
The submersible pumps market faces certain restraints. Factors such as high installation and maintenance costs, the requirement for skilled technicians, and the environmental impact of pumping operations pose challenges to market growth. Moreover, the availability of alternative pumping technologies and the fluctuating prices of raw materials used in pump manufacturing may impact market dynamics. Additionally, stringent regulations regarding energy efficiency and environmental sustainability impose further restrictions on the submersible pumps market .
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Submersible Pumps Market Segmentation:
By Well Type
By Well Type, the segment includes Bore Wells and Open Well.
By Operation
By Operation, the segment includes Multi-Stage and Single Stage.
By Power Rating
By Power Rating, the segment includes High Power, Medium Power, and Low Power.
By Industry
By Industry, the segment includes Water & Wastewater, Oil & Gas, Agriculture & Irrigation, Construction, Mining, and Others.
Regional Insights:
North America commands a significant market share in the submersible pump industry owing to its well-established infrastructure and extensive adoption of advanced technologies. The region boasts a robust water management system with a strong emphasis on efficient water supply, wastewater treatment, and flood control. The stringent regulations imposed by government bodies ensure adherence to high standards of water management practices.
Asia Pacific is experiencing rapid growth in the submersible pumps market , propelled by several factors. The region's rapid urbanization has led to a surge in demand for reliable water supply systems in residential and commercial buildings. Additionally, the expanding agricultural activities in countries such as China and India drive the need for efficient irrigation and drainage systems, where submersible pumps play a vital role.
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Europe, known for its strong commitment to sustainable development and environmental conservation, places significant emphasis on water management practices. The region actively promotes the use of efficient and eco-friendly technologies in water supply, wastewater treatment, and flood control. The strict regulations and standards set by European authorities drive the demand for submersible pumps that are energy-efficient, reliable, and environmentally friendly.
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