Future Market Insights' (FMI's) latest study offers comprehensive insights into the submersible pumps market. The study offers refined growth outlook for the forthcoming decade. It examines scope for the market's expansion across various segments on the basis of product type, head type, and application for the assessment period.
Dubai, UAE, Nov. 24, 2021 /PRNewswire/ -- Future Market Insights (FMI), Dubai: As per an exhaustive analysis by FMI, the global submersible pumps marketis poised to total US$ 14.45 Bn by 2031 in comparison to the US$ 8.42 Bn registered in 2020. Increasing demand for submersible pumps from construction, mining, and oil & gas industries is favoring the growth in the market. Driven by this, the market is expected to expand at a CAGR of 5.2% during the forecast period between 2021 and 2031.
Water stress has emerged as one of the leading concerns across the world due to rapid urbanization and industrialization. Thus rising emphasis on wastewater treatment and demand for new water sources, such as ground water reservoirs, to fulfill the domestic and industrial water needs is fueling the demand in the market. In response to this, the sales of submersible pumps are anticipated to register a year-over-year growth of 4.6% in 2021.
Governments of emerging economies are increasingly adopting efforts to improve access to drinking water in rural and urban areas. According to the Department of Drinking water & Sanitation, the Indian Government has launched an initiative, "Jal Jeevan Mission" to enhance water accessibility across the country. Such initiatives are estimated to provide lucrative opportunities for the expansion of the market.
Based on product type, borewell submersible pumps outrank other pumps, accounting for nearly 55.3% of the total sales in the market in 2021. Increasing application in gardening, firefighting systems, and domestic water supply owing to its vertical as well as horizontal installation is driving the growth in the segment.
"Increasing exploration of shale reserves and implementation of stringent wastewater treatment norms to support recovery across the mining and oil & gas industries are expected to augment the growth in the market," says a FMI analyst.
The market in the U.S. is estimated to witness the fastest growth in North America, expanding at a CAGR of 3.2% during the forecast period.
Germany is expected to emerge as a highly remunerative market in Europe, creating an absolute dollar opportunity of US$ 175.6 Mn through 2031.
China is anticipated to account for the largest share in the East Asia market, exhibiting sales growth at a CAGR of 6.1% between 2021 and 2031.
India is forecast to hold a considerable revenue share in South Asia, accounting for 1/3rd of the sales in the region by 2031.
In terms of head type, the above 100m segment is projected to dominate the market, accounting for nearly 71.3% of the demand share in 2021.
High degree of water stress and increasing focus on catering to the water requirement of the domestic and industrial sectors across Qatar, Israel, Libya, and Saudi Arabia are propelling the demand for submersible pumps across the Middle East and Africa.
Increasing demand for effective water pumping and distribution solutions for industrial and domestic use along with growing government investment in wastewater treatment is spurring the sales of submersible pumps across the municipal segment.
High troubleshooting and re-installation cost along with the increasing incidence of motor failure are hampering the sales of submersible pumps.
Implementation of stringent regulations concerning the depletion of groundwater reservoirs is restraining the growth of borewell submersible pumps.
The top five players operating in the global submersible pumps market are Grundfos, Ebara Corporation, Xylem Inc., KSB SE & Co. KGaA, The Weir Group Plc. These companies are anticipated to account for more than 31% of the overall sales in 2021.
Leading players are emphasizing on launching novel products to expand their product portfolio. Some of the key players are aiming at strategic collaboration, merger, partnership, and acquisition to strengthen their footprint. For instance,
In May 2021, Atlas Copco, a Swedish multinational industrial company, announced acquisition of operating assets of a U.S.-based company, Medigas Service & Testing Co. Inc. The acquisition will assist the company to expand its production line across medical and laboratory gas equipment and systems.
In May 2021, the KSB Group, a leading producers of pumps, valves and related systems, announced launched the next generation time-tested submersible grey water pumps named the AmaDrainer 3 type series. The product launch will assist the company to expand its portfolio and consumer base.
Some of the key players operating in the market profiled by FMI are:
A new report published by FMI offers a detailed analysis of the global submersible pumps market, uncovering vital dynamics accelerating the market growth through 2021 and beyond. The survey also forecast sales projections for submersible pumps market with detailed segmentation:
By Product Type:
Non Clog Submersible
Open Well Submersible
Bore Well Submersible
By Head Type:
Below 50 meter
50 m- 100 m
Above 100 m
o Oil & Gas
o Other Industrial
o Water Supply & Distribution
o Wastewater Management
South Asia & Pacific
Key Questions Covered in the Report
The report offers insight into submersible pumps market demand outlook for the forecast period 2021-2031
The market study also highlights projected sales growth for submersible pumps market between 2021 and 2031
Submersible pumps market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
Submersible pumps market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.