Submersible Pumps Market review Valuation Is Forecast To Top US$ 14.45 Bn By 2031, Future Market Insights Inc.
Globally, sales in the submersible
pumps market review are set to be valued at US$ 978.5
Mn in 2021, with a stable long-term projection. According to the
latest analysis by Future Market Insights (FMI), the submersible pumps market
is poised to expand at a 5.1% CAGR over the forecast
period 2021-2031.
The outbreak of the COVID-19 pandemic has, however, dampened
sales of submersible pumps. Delivery chain disruptions and halted manufacturing
sports in the oil and fuel sector resulted in stagnant demand for submersible
pumps.
To increase sales, submersible pump manufacturers are
focusing on launching high-value, high-performance products. Governments of
developing economies in Africa and Asia, particularly in India, China, and
South Africa, are increasing efforts to improve access to drinking water in
rural and urban areas, which benefits the market.
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“Initiatives
undertaken by governments for wastewater management and encouraging the use of
technologically-driven equipment in the agricultural sector are expected to
spur the demand for submersible pumps,” said Future Market Insights
analyst.
Key Takeaways:
- By
product type, borewell submersible
pumps Market size are expected to account for half of the global
market in terms of revenue by the end of the forecast period.
- By
head type, above 100 m pumps are expected to gain popularity over the
forecast period owing to increasing demand for water distribution
applications.
- By
Application, demand from the municipal sector is anticipated to grow at
5.5% CAGR over the forecast period.
- East
Asia has the leading share in terms of volume. However, Europe is
projected to account for the highest value share. Industrialization in the
emerging economies of Asia will increase the demand for submersible pumps
over the forecast period.
- China
and Japan will continue spearheading growth in East Asia.
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Competitive Landscape
Some of the key submersible pump manufacturers include
Kubota Corporation, Wacker Neuson Group, Atlas Copco, ABKSB SE & Co.
KGaA, Xylem Inc., Ebara Corporation, Grundfos, Sulzer AG, The Weir Group PLC,
Tsurumi Manufacturing Co., Ltd. Kirloskar Brothers Ltd., Flowserve Corporation.
The global submersible pumps market is fairly fragmented
owing to the presence of several players across the globe. Moreover, the
leading share in the market is accounted for by unorganized players which are
estimated to be at around 50%-55%. Key market players are focusing on research
and development to expand their product portfolio. Besides this, they are
actively investing in mergers, acquisitions, and strategic collaborations to
expand their global footprint.
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