Submersible Pump Market Grow At 5.7% CAGR During Forecast 2021 - 2031

Globally, sales in the submersible pumps market 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.

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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 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.

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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By 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
By Application:
• Agriculture
• Industrial
o Oil & Gas
o Firefighting
o Mining
o Construction
o Other Industrial
• Municipal
o Water Supply & Distribution
o Wastewater Management
By Region:
• North America
• Latin America
• Europe
• South Asia & Pacific
• East Asia
• MEA

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Competitive Landscape
Some of the key submersible pumps 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.

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Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights and an aerial view of the competitive framework and future market trends.

This release was published on openPR.