Submersible Pump Market Future Scenarios, Growth and Analytical Insights 2031
The submersible pumps market is expected to record a year-on-year increase of 4.6% in 2021, with the overall valuation totalling US$ 8.80 Bn in 2021. As per a recent estimation of FMI, sales of submersible pumps are expected to increase at a 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
between 2021 and 2031.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 fulfil the industrial as well domestic water needs. Wastewater
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 the supply chain and
suspended production activities in the oil and gas sector resulted in stagnated
demand for submersible pumps.
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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.
“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 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 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, 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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