Submersible Pumps Market is anticipated to Reach USD 19.7 billion from USD 11.9 billion in 2029, Expanding at a CAGR of 6.5% | Size, Share & Industry Forecast

Submersible Pumps Market

Submersible Pumps Market touched USD 11.9 billion in 2021 and estimated to reach USD 19.7 billion in 2029, and the market is anticipated to grow at a CAGR of 6.5%.

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The factors driving the growth of Submersible Pumps Market includes rapid growth in the construction industry, emerging need to upgrade water and wastewater treatment facilities, rise in the exploration of shale gas and increase in the number of oil and gas projects around the world. According to the report published by Statista, the shale gas and tight oil production in the United States has risen from 1.77 trillion cubic feet in 2000 to 23 trillion cubic feet in 2020 and the output from these activities is expected to reach 34 trillion cubic feet by the end of 2050, which will boost the Submersible Pumps Market size in the coming years. Moreover, increasing demand for sewage management systems, rise in the mining activities around the world, growing concerns related to water scarcity and Government regulations to curb the mixture of released wastewaters into mainstream water reserves, are some of the additional factors supplementing the Submersible Pumps Market share. In addition, the increasing investments by leading players on research and development, technological advancements in submersible pumps, rising disposable incomes, rapid urbanization, and growing population growth rates, are further contributing to the market growth.

However, the growth of Submersible Pumps Market is hindered due to rising concerns related to motor failure and high troubleshooting costs.

The major players operating in the market are Ebara Corporation, Atlas Copco, Flowserve Corporation, Xylem Inc., Sulzer Ltd., KSB Group, General Electric Company, Grundfos Group, Halliburton, and The Gorman-Rupp Company, among others.

Based on Application, the Industrial Sector segment is predicted to grow at a remarkable CAGR during the forecast period

As per Submersible Pumps Market Research, rise in the number of Deepwater exploration activities and increasing application of submersible pumps in wastewater treatment plants, are some of the factors responsible for segment's growth. 

Based on Industry, the Mining & Construction segment is projected to capture the largest market share over the forecast period

According to the Submersible Pumps Market Trends, rise in the number of smart cities and expansion of smart city projects across the globe, are propelling the growth of the segment.

Based on Region, the Asia-Pacific region is anticipated to expand at a significant CAGR during the forecast period

Rapid growth in the agriculture sector, Government initiatives to promote infrastructure projects, rise in the number of smart cities, increasing disposable incomes, improvements in the living standards and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific.

Key Developments

In 2020, Grundfos entered into partnership with Augury, through this partnership both the companies aim to digitize water and utility infrastructure worldwide.
In 2019, Xylem introduced Flygt N3069 stainless steel submersible pump, which is designed to solve the complex industrial challenges.

Market Segmentation

Segmentation by Type

Openwell
Borewell

Segmentation by Operation

Single Stage
Multi Stage

Segmentation by Application

Agricultural Sector
Industrial Sector
Domestic Sector

Segmentation by Power Rating

Low Power
Medium Power
High Power

Segmentation by Industry

Water& Wastewater
Energy & Power
Mining & Construction
Others

Segmentation by Region

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

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This release was published on openPR.