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Submersible Pumps Market Report 2024 - Submersible Pumps Market Growth And Forecast
Submersible Pumps Market
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According to The Business Research Company's, The submersible pumps market size has grown strongly in recent years. It will grow from $12.80 billion in 2023 to $13.68 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to increasing use in wastewater treatment, increasing use in the construction of homes, growth in emphasis on sustainable and energy-efficient technologies, increase in industrial activities, and surge in the construction industry.
The submersible pumps market size is expected to see strong growth in the next few years. It will grow to $17.90 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to increasing agricultural and industrial activities, growing demand for electricity, increasing irrigation activities, rising urbanization, and rising measures to treat and reuse discharged wastewater. Major trends in the forecast period include advancements in energy-efficient models, advancements in smart pump technologies, integration of IoT for real-time monitoring, innovative wastewater management solutions, improved corrosion-resistant materials, and adoption of solar-powered submersible pumps.
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Market Drivers and Trends:
The increasing agriculture activities are expected to propel the growth of the submersible pumps market going forward. Agriculture involves growing crops and raising animals for food, fiber, and other essential products. It includes farming, livestock, forestry, and fishing, and is crucial for the global economy. Agricultural activities are increasing due to growing global food demand, technological advancements, and the expansion of arable land. Submersible pumps are used in agriculture to efficiently extract water from wells, rivers, or reservoirs for irrigation and crop management. For instance, in February 2024, according to the data published by the Department for Environment, Food, and Rural Affairs, a UK-based government agency, an estimated agricultural sector saw a 3.4% increase from 2021 to 2022. Therefore, increasing agricultural activities are driving the submersible pumps market going forward.
Major companies operating in the submersible pumps market are focusing on technological developments such as higher-efficiency submersible pumps to gain a competitive edge. Higher-efficiency submersible pumps are advanced pumps designed to maximize energy use while delivering optimal water flow and pressure. For instance, in February 2022, Shakti Pumps India Limited, an India-based submersible pump manufacturing company, launched a 4-inch plug-and-play submersible pump. This innovative feature allows for quick installation without the need for complex wiring or setup. Users can simply connect the pump to the power source and start using it immediately, reducing downtime and labor costs.
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Major Key Players of the Market:
Schlumberger NV, Baker Hughes Company, Atlas Copco, Andritz AG, NOV Inc., Flowserve Corporation, Xylem Inc., Ebara Corporation, Grundfos Holding A/S, Sulzer Ltd., ITT Inc., KSB SE & Co. KGaA, Wacker Neuson, Wilo SE, Franklin Electric Co. Inc., Gorman-Rupp Company, Ruhrpumpen Inc., Zoeller Company, SPP Pumps Ltd., Calpeda S.p.A, DAB Pumps SpA, Tsurumi Manufacturing Co. Ltd ., SAER Elettropompe S.p.A, HCP Pump Manufacturer Co. Ltd., Flacks Group
Submersible Pumps Market 2024 Key Insights:
• The submersible pumps market size is expected to see strong growth in the next few years. It will grow to $17.90 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%.
• Impact Of Rising Agricultural Activities On The Growth Of The Submersible Pump Market
• Technological Advancements Driving Efficiency And Sustainability In The Submersible Pump Market
• Asia-Pacific was the largest region in the submersible pumps market in 2023
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