The new report by Expert Market Research titled, ‘Global Submersible Pump Market Growth, Share, Growth, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the global submersible pump market. The market segments are assessed based on type, drive type, head, end user and major regions like North America, Europe, Asia Pacific, Latin America, Middle East, and Africa.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): USD 11.3 billion
• Forecast CAGR (2023-2028): 6.83 %
• Forecast Market Size (2028): USD 16.8 billion
The growing demand for submersible pumps is being driven by a rising adoption in industrial applications. Submersible pumps are useful in the agriculture and firefighting industries because they are lightweight, adaptable, and simple to deploy.
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Due to the increased demand for crude oil and petroleum on a global scale, submersible pumps utilised in oil applications are expected to see a considerable increase in demand. This pattern is being supported by a rising demand for energy. Growing populations also increase the demand for residential buildings, thereby expanding the construction sector in emerging economies. Expansion of the construction sector is anticipated to support market expansion during the coming years.
Submersible Pump Industry Definition and Major Segments
A submersible pump is a motor which is airtight, sealed, and close-coupled to the pump body. This motor prevents pump cavitation and can be submerged completely in water. It is useful in a variety of applications due to its properties.
On the basis of type, the market can be segmented into:
• Borewell Submersible Pump
• Openwell Submersible Pump
• Non-clog Submersible Pump
On the basis of drive type, the market can be categorised into:
On the basis of head, the market can be divided into:
• Below 50 m
• Between 50 m and 100 m
• Above 100 m
On the basis of end user, the market can be divided into:
• Water and Wastewater
• Oil and Gas Industry
• Mining and Construction Industry
The regional markets include:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
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Submersible Pump Market Trends
Regionally, Asia Pacific is anticipated to hold a significant share in the submersible pump market. It is expected to be driven by the expansion of industrial facilities in countries such as China and India, owing to low raw material costs and favourable government policies. The growing concern about water scarcity is also increasing demand for submersible pumps to help with wastewater management. Furthermore, the region’s booming mining and construction industries are expected to provide a boost to the market during the forecast period.
Key Market Players
The major players in the global submersible pump market report are:
- Baker Hughes Company
- Schlumberger Limited
- Halliburton Energy Services, Inc.
- Weir Group PLC
- Sulzer Ltd.
- Grundfos Holding A/S
- The Gorman-Rupp Company
- Flowserve Corporation
- Atlas Copco AB
- Ebara Corporation
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers, and acquisitions, among other latest developments of these market players.
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