According to a new market research report published by Credence Research “Submersible Pumps Market (By Product Type (Borewell, Openwell, Non-Clog), By Drive Type (Electric and Hydraulic), By Head Type (Below 50m, 50m-100m, Above 100m), By End-Use Vertical (Agricultural, Oil & Gas, Water & Wastewater, Mining & Construction, and Others)), Market – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the overall submersible pumps market worldwide was valued at US$ 11.40 Bn in 2018 and is set to grow with 5.3% CAGR during the forecast period.
Demand for submersible pumps worldwide is expected to witness steady growth in the coming years owing to extensive usage in multiple industrial applications and processes. In 2018, more than 10 Mn units of submersible pumps were sold worldwide. Submersible pumps have been used across multiple industrial processes for hassle free and trouble free extraction of oil & gas, wastewater, etc. Growing infrastructural development and rising industrialization are other factors driving demand for submersible pumps worldwide. Introduction of IoT-enabled submersible pumps is another prominent trend shaping the overall market demand worldwide. On account of all these factors, we are expecting steady growth in the submersible pumps market.
Based on head type, the ‘Above 100m’ segment is the major value contributing segment, accounting for over 50% of the market revenue globally. In terms of volume, in 2018, ‘50-100m’ head type segment was the major volume contributor, accounting for more than 40% of the market globally. On account of enhanced operational capability, the demand for above 100m head range submersible pumps is expected to grow with the highest CAGR during the forecast period. As a result, in terms of revenue, we are expecting the above 100m segment to retain its leading position in the global submersible pumps market during the forecast period.
Based on the geography, in 2018, Asia Pacific was the major value contributor in submersible pump market, accounting for more than 40% market share worldwide. North America followed Asia Pacific in both volume and revenue contribution. Rising industrial investments and growing infrastructural development in developing economies of Asia Pacific such as China & India are driving demand for submersible pumps. There is significant increase in wastewater owing to increased population density in urban areas and declining water quality in Asia Pacific. Consequently, municipalities are investing heavily on sewage and water treatment plants, which in turn is giving boost to submersible pumps market. As a consequence of these factors, we are expecting huge growth in submersible pumps market in the region throughout the forecast period.
In a bid to develop robust and distinct product portfolio, manufacturers are focusing on leveraging technology expertise of technology providers. Similarly, technology providers are developing advanced integrated technology solutions for submersible pumps. For instance, in August 2017, Schneider Electric SE expanded its range of smart pumping solutions with the launch of IoT-enabled pumping solutions Altivar, Modicon and Magelis. The new IoT-enabled pumping solutions when combined with other automation solutions help manage & build connected, efficient and flexible pumping systems used across numerous industries including water & wastewater, food & beverage, and oil & gas among others. Partnerships, new product launches and mergers & acquisitions are expected to continue as the key strategies in the market in years to come.
Some of the major players profiled in the report include Kirloskar Brothers Ltd., Franklin Electric, Schneider Electric SE, KSB Aktiengesellschaft, Flowserve Corporation, Caprari, Andritz AG, Tsurumi Manufacturing Co. Ltd., Hitachi Industrial Equipment Systems Co. Ltd., Shakti Pumps India Limited, Pedrello SpA, Lubi Pumps, Ingeteam Corporation, S.A., Atlas Copco Group, Kubota Corporation, Ebara Corporation, Grundfos Holding A/S, Schneider Electric SE, CG Power and Industrial Solutions Limited, Faradyne Motors and others.
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