Global Submersible Pumps Market will Exhibit 5.1% CAGR : FMI
The submersible pumps market is expected to register year-on-year growth at 4.6% in 2021, with the overall valuation totaling US$ 8.80 Bn in 2021. As per a recent analysis by Future Market Insights (FMI), sales of submersible pumps are expected to increase at 5.1% CAGR between 2021 and 2031.
According to the study, the overall submersible pumps market
valuation is forecast to top US$14.45 Bn by 2031. Borewell
submersible pumps will remain highly sought-after. Meanwhile, the sales of open
well submersible pumps will increase at a steady pace, exhibiting growth at
a 5.7% CAGR in between 2021 and 2031.
Base Year Value (2020A) US$8.42 Bn Estimated Year Value
(2021E) US$8.80 Bn Projected Year Value (2031F) US$14.45 Bn Value CAGR
(2021-2031) 5.1% Collective Value Share: Top 3 Countries (2021E) 33.5%
In the last few years, water stress has been a leading
concern across the world, which has in turn fuelled the demand for new water
sources to fulfill the industrial as well domestic water need. Waste water
treatment is becoming more popular around the world as means to relieve water
scarcity, which is also driving the global submersible pumps markets.
Sales of submersible pumps were however dampened due to the
outbreak of the COVID-19 pandemic. Disruptions in supply chain and suspended
production activities in the oil and gas sector resulted in stagnated demand
for submersible pumps.
Submersible pumps manufacturers are focusing on launching
cost-effective and high efficiency products to improve sales. Governments of
emerging economies in Africa and Asia, particularly in countries such as India,
China and South Africa, are increasing efforts to improve access to drinking
water in rural as well as urban areas, which in turn is benefiting the market.
To know More @
https://www.futuremarketinsights.com/reports/submersible-pump-market
“Initiatives undertaken by governments for waste water
management and encouraging the use of technologically-driven equipment in
agricultural sector are expected to spur the demand for submersible pumps,”
said Future Market Insights analyst.
Key Takeaways:
By product type, borewell submersible pumps are expected
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 application. By Application, demand from 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
highest value share. Industrialization in 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.
Competitive Landscape
Some of the key submersible pumps manufacturers include
Kubota Corporation, Wacke Neuson Group, Atlas Copco,
ABKSB SE & Co. KGaA, Xylem Inc.,Ebara Corporation, Grundfos, Sulzer AG, The
Weir Group PLC, Tsurumi Manufacturing Co., Ltd. Kriloskar Brothers Ltd.,
Flowserve Corporation.
The global submersible pumps market is fairly fragmented
owing to the presence of several players across the globe. Moreover, leading
share in the market is accounted by unorganized players which is 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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