PUBLISHER: Grand View Research | PRODUCT CODE: 1376084
PUBLISHER: Grand View Research | PRODUCT CODE: 1376084
Submersible Pumps Market Size, Share & Trends Analysis Report By Product (Borewell, Openwell), By Drive (Electric, Hydraulic), By End-use, By Region, And Segment Forecasts, 2023 - 2030
Submersible Pumps Market Growth & Trends:
The global submersible pumps market size is anticipated to reach USD 17.50 billion by 2030, according to a new report by Grand View Research, Inc.. The market is projected to grow at a CAGR of 5.2% from 2023 to 2030. The market is influenced by factors such as increasing demand for efficient water supply systems, agricultural irrigation needs, and growing urbanization leading to higher construction activities. In addition, technological advancements, improved energy efficiency, and the expansion of industries like mining and wastewater treatment contribute to the market's growth. For instance, 4-inch Plug and Play Submersible Pumps were introduced by Shakti Pumps (India) Limited in February 2022. The product can be used without a control box because of its low operating cost and improved efficiency design.
Furthermore, environmental concerns and the need for sustainable water management practices also drive the adoption of submersible pumps. Moreover, in the U.S., the submersible pump market has experienced growth due to factors like rising demand for water & wastewater management solutions, agricultural irrigation needs, and infrastructure development projects. The emphasis on energy efficiency and the replacement of older pump systems with more advanced and eco-friendly submersible pumps have also driven market expansion.
Increasing investments in water infrastructure projects, including water supply and wastewater treatment, stimulate the demand for submersible pumps. For instance, President Biden signed the bicameral Infrastructure Investment and Jobs Act in November 2021. This USD 1 trillion infrastructure expenditure included USD 60 billion in funding for water projects. Moreover, aging water systems and the need for efficient water management contribute to market growth. These aforementioned factors are anticipated to propel the demand for the market.
The agriculture sector's expansion, driven by growing population needs for food, has led to increased use of submersible pumps for irrigation. These pumps offer efficient water delivery to farmlands, contributing to higher agricultural productivity. According to the U.S. Census Bureau, construction spending in the country in May 2023 was USD 1,925.6 billion, more than the construction spending of USD 1,909.0 billion witnessed in the U.S. in April 2023. Furthermore, rapid urbanization and ongoing construction projects necessitate reliable water supply and drainage systems. Submersible pumps play a crucial role in managing water in urban areas and supporting construction and development activities.
Continuous advancements in pump technologies, including improved energy efficiency, remote monitoring capabilities, and durability, encourage industries to upgrade their pump systems, driving market growth. For instance, in May 2021, KSB Group launched AmaDrainer 3 type series submersible pumps, which have a compact design, integrated float switch, and low-water level intake, among other things.
Increasing awareness of environmental sustainability prompts industries to adopt eco-friendly solutions. Submersible pumps, with their efficiency and reduced environmental impact, align with these concerns, fostering market growth. Furthermore, supportive government policies such as the Safe Drinking Water Act, Clean Water Act, and Water Prevention and Control of Pollution Act, 1974 related to water conservation, infrastructure development, and agricultural modernization can significantly boost the demand for submersible pumps.
Manufacturers of submersible pumps are looking for product launches, mergers & acquisitions, and expansions to develop new products. For minor duties, Sulzer Ltd. introduced new pumps such as the J4, J7, JS4, and JS8 models, in September 2022. The new J7, JS4, J4, JS7, and JS8 versions, denoted by the letter "J" for drainage and "JS" for sludge, offer flow rates starting at 5.5 l/s with heads as high as 16 m. They are simple to move between sites and set up for work thanks to their lightweight structure and sleek form.
Submersible Pumps Market Report Highlights:
- In terms of product, the borewell segment led the market in 2022 with a revenue share of 46.4%. Borewell submersible pumps are designed to be submerged in water and are commonly used for extracting water from boreholes. They are placed below the water level, allowing them to push water to the surface. These pumps are efficient for deep water extraction and are often used in agricultural, industrial, and domestic applications
- Based on drive, the electric drive segment held the largest revenue share of 72.6% in 2022. Electric submersible pumps are devices designed to be submerged in fluid, typically liquids like water or oil, and are widely used for various applications. Commonly used in oil & gas production for artificial lift, electric drives are also employed in water wells, sewage systems, mining, and other industries where efficient fluid pumping is required
- In terms of end-use, the agriculture segment led the market in 2022 with a revenue share of 25.9%. Submersible pumps play a crucial role in agriculture, providing an efficient and reliable means of water supply for various agricultural activities. Submersible pumps are commonly used for irrigating crops. They can draw water from wells, boreholes, or other water sources, and deliver it directly to the fields through a network of pipes or hoses. This ensures a consistent and controlled water supply, promoting optimal crop growth
- Construction & building services segment held a revenue share of 20.6% in 2022. Submersible pumps play a vital role in construction and building services, offering solutions for various water management tasks. Submersible pumps are commonly employed to remove excess water from construction sites, especially during excavation or in areas prone to flooding. They help maintain a dry and stable work environment
- In terms of region, the Asia Pacific region dominated the market in 2022 with the largest revenue share of 47.2%. Given the significant presence of agriculture in many Asia Pacific countries, submersible pumps are extensively used for irrigation purposes. The demand for these pumps is closely tied to the agricultural sector's water requirements
- Water & wastewater end-use segment is expected to witness a CAGR of 6.1% over the forecast period. Submersible pumps play a critical role in the water and wastewater industry, providing efficient and reliable solutions for various applications. Submersible pumps are commonly used in wells to extract groundwater for drinking water supply
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Research Methodology
- 1.2. Research Scope & Assumption
- 1.3. Information Procurement
- 1.3.1. Purchased Database
- 1.3.2. GVR's Internal Database
- 1.3.3. Secondary Sources
- 1.3.4. Third-Party Perspectives
- 1.3.5. Primary Research
- 1.4. Information Analysis
- 1.4.1. Data Analysis Models
- 1.5. Market Formulation & Data Visualization
- 1.6. Data Validation & Publishing
Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Segmental Outlook
- 2.3. Competitive Insights
Chapter 3. Market Variables, Trends & Scope
- 3.1. Market Segmentation & Scope
- 3.2. Penetration and Growth Prospect Mapping
- 3.3. Industry Value Chain Analysis
- 3.4. Technology Overview
- 3.5. Regulatory Framework
- 3.6. Market Dynamics
- 3.6.1. Market Driver Analysis
- 3.6.2. Market Restraint Analysis
- 3.6.3. Market Opportunity Analysis
- 3.6.4. Market Challenge Analysis
- 3.7. Industry Analysis
- 3.7.1. Porter's analysis
- 3.7.2. Macroeconomic Analysis
- 3.8. Economic Mega Trend
Chapter 4. Submersible Pumps Market: Product Estimates & Trend Analysis
- 4.1. Product Analysis & Market Share, 2022 & 2030
- 4.1.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 4.2. Borewell
- 4.2.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 4.3. Openwell
- 4.3.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 4.4. Non-Clog
- 4.4.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
Chapter 5. Submersible Pumps Market: Drive Estimates & Trend Analysis
- 5.1. Drive Analysis & Market Share, 2022 & 2030
- 5.1.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 5.2. Electric
- 5.2.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 5.3. Hydraulic
- 5.3.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 5.4. Others
- 5.4.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
Chapter 6. Submersible Pumps Market: End-use Estimates & Trend Analysis
- 6.1. End-use Analysis & Market Share, 2022 & 2030
- 6.1.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 6.2. Agriculture
- 6.2.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 6.3. Construction & Building Services
- 6.3.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 6.4. Water & Wastewater
- 6.4.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 6.5. Power Generation
- 6.5.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 6.6. Oil & Gas
- 6.6.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 6.7. Chemical
- 6.7.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 6.8. Others
- 6.8.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
Chapter 7. Submersible Pumps Market: Regional Estimates & Trend Analysis
- 7.1. Regional Market Snapshot
- 7.2. North America
- 7.2.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.2.2. U.S.
- 7.2.2.1. Macroeconomic Outlook
- 7.2.2.2. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.2.3. Canada
- 7.2.3.1. Macroeconomic Outlook
- 7.2.3.2. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.2.4. Mexico
- 7.2.4.1. Macroeconomic Outlook
- 7.2.4.2. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.3. Europe
- 7.3.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.3.2. Germany
- 7.3.2.1. Macroeconomic Outlook
- 7.3.2.2. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.3.3. France
- 7.3.3.1. Macroeconomic Outlook
- 7.3.3.2. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.3.4. Italy
- 7.3.4.1. Macroeconomic Outlook
- 7.3.4.2. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.3.5. Spain
- 7.3.5.1. Macroeconomic Outlook
- 7.3.5.2. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.3.6. UK
- 7.3.6.1. Macroeconomic Outlook
- 7.3.6.2. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.4. Asia Pacific
- 7.4.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.4.2. China
- 7.4.2.1. Macroeconomic Outlook
- 7.4.2.2. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.4.3. Japan
- 7.4.3.1. Macroeconomic Outlook
- 7.4.3.2. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.4.4. Australia
- 7.4.4.1. Macroeconomic Outlook
- 7.4.4.2. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.4.5. India
- 7.4.5.1. Macroeconomic Outlook
- 7.4.5.2. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.4.6. South Korea
- 7.4.6.1. Macroeconomic Outlook
- 7.4.6.2. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.5. Central & South America
- 7.5.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.5.2. Brazil
- 7.5.2.1. Macroeconomic Outlook
- 7.5.2.2. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.5.3. Argentina
- 7.5.3.1. Macroeconomic Outlook
- 7.5.3.2. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.6. Middle East & Africa
- 7.6.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.6.2. Saudi Arabia
- 7.6.2.1. Macroeconomic Outlook
- 7.6.2.2. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.6.3. UAE
- 7.6.3.1. Macroeconomic Outlook
- 7.6.3.2. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.6.4. South Africa
- 7.6.4.1. Macroeconomic Outlook
- 7.6.4.2. Market estimates and forecasts, 2018 - 2030 (USD Billion)
Chapter 8. Competitive Analysis
- 8.1. Recent Developments & Impact Analysis, By Key Market Participants
- 8.2. Company Categorization
- 8.3. Participant's Overview
- 8.4. Financial Overview
- 8.5. Product Benchmarking
- 8.6. Company Market Positioning
- 8.7. Company Market Share Analysis, 2022
- 8.8. Company Heat Map Analysis
- 8.9. Strategy Mapping
Chapter 9. Company Profiles
- 9.1. Xylem
- 9.2. Sulzer Ltd.
- 9.3. KSB SE & Co. KGaA
- 9.4. Grundfos Holding A/S
- 9.5. Atlas Copco
- 9.6. Flowserve
- 9.7. Wilo SE
- 9.8. Homa Pump Technology
- 9.9. LEO GROUP PUMP(ZHEJIANG)CO., LTD.
- 9.10. VANSAN Water Technologies
- 9.11. Grindex
- 9.12. HCP PUMP MANUFACTURER CO., LTD.
- 9.13. EBARA International Corporation
- 9.14. Schlumberger Limited
- 9.15. ITT INC.
List of Tables
- Table 1. Submersible Pumps Market Estimates and Forecasts, By Product, 2018 - 2030 (USD Billion)
- Table 2. Submersible Pumps Market Estimates and Forecasts, By Drive, 2018 - 2030 (USD Billion)
- Table 3. Submersible Pumps Market Estimates and Forecasts, By End-use, 2018 - 2030 (USD Billion)
- Table 4. U.S. Macroeconomic Outlook
- Table 5. Canada Macroeconomic Outlook
- Table 6. Mexico Macroeconomic Outlook
- Table 7. Germany Macroeconomic Outlook
- Table 8. France Macroeconomic Outlook
- Table 9. Italy Macroeconomic Outlook
- Table 10. Spain Macroeconomic Outlook
- Table 11. UK Macroeconomic Outlook
- Table 12. China Macroeconomic Outlook
- Table 13. Japan Macroeconomic Outlook
- Table 14. Australia Macroeconomic Outlook
- Table 15. India Macroeconomic Outlook
- Table 16. South Korea Macroeconomic Outlook
- Table 17. Brazil Macroeconomic Outlook
- Table 18. Argentina Macroeconomic Outlook
- Table 19. Saudi Arabia Macroeconomic Outlook
- Table 20. UAE Macroeconomic Outlook
- Table 21. South Africa Macroeconomic Outlook
- Table 22. Recent Developments & Impact Analysis, By Key Market Participants
- Table 23. Company Market Share, 2022
- Table 24. Company Heat Map Analysis, 2022
- Table 25. Key Companies undergoing expansion
- Table 26. Key Companies involved in mergers & acquisition
List of Figures
- Fig 1. Information Procurement
- Fig 2. Primary Research Pattern
- Fig 3. Primary Research Process
- Fig 4. Market Research Approaches - Bottom Up Approach
- Fig 5. Market Research Approaches - Top Down Approach
- Fig 6. Market Research Approaches - Combined Approach
- Fig 7. Market Outlook
- Fig 8. Segmental Outlook
- Fig 9. Competitive Insights
- Fig 10. Market Segmentation & Scope
- Fig 11. Penetration and Growth Prospect Mapping
- Fig 12. Industry Value Chain Analysis
- Fig 13. Market Driver Analysis
- Fig 14. Market Restraint Analysis
- Fig 15. Submersible Pumps Market: Product Movement Analysis, 2022 & 2030
- Fig 16. Submersible Pumps Market: Drive Movement Analysis, 2022 & 2030
- Fig 17. Submersible Pumps Market: End-use Movement Analysis, 2022 & 2030
- Fig 18. Submersible Pumps Market: Regional Movement Analysis, 2022 & 2030
- Fig 19. Key Company/Competition Categorization
- Fig 20. Competitive Dashboard Analysis
- Fig 21. Market Position Analysis
