Press release
Submersible Pumps Market Poised for 6.9% Growth, Set to Hit $39.57 Billion by 2029
Submersible Pumps
The growth of the submersible pumps market is anticipated to be propelled by escalating agriculture activities. Agriculture, encompassing farming, livestock, forestry, and fishing, aims at cultivating crops and rearing animals to offer food, fiber, and other crucial produce, thereby playing a vital role in the global economy. Factors such as burgeoning food demand worldwide, advancing technology, and expanding arable land contribute to the uptick in agricultural activities. Submersible pumps find their extensive application in agriculture to effectively draw water from sources like wells, rivers, or reservoirs for irrigation and overall crop management. As per the data released by the Department for Environment, Food, and Rural Affairs, a government agency based in the UK in February 2024, there was an estimated rise of 3.4% in the agricultural sector from 2021 to 2022. Consequently, escalating agricultural activities are fostering the growth of the submersible pumps market.
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What is the future CAGR of the submersible pumps market, and how will it impact industry expansion?
In recent times, the submersible pumps market has seen considerable growth. The market size is expected to increase from $13.68 billion in 2024 to $14.65 billion in 2025, with a compound annual growth rate (CAGR) of 7.1%. This growth during the historical period is due to factors such as the rising use in wastewater treatment, an amplified interest in building homes, increased focus on sustainable and energy-efficient technologies, a rise in industrial operations, and a booming construction industry.
The market for submersible pumps is predicted to experience significant expansion in the coming years, reaching a value of $19.1 billion in 2029, with a compound annual growth rate of 6.9%. This projected expansion during the forecast period can be associated with an increased level of agricultural and industrial activities, a heightened demand for electricity, an upsurge in irrigation activities, an escalation in urbanization, and enhanced efforts to treat and recycle waste water. The forecast period is expected to see certain trends such as the development of more energy-efficient models, progress in smart pump technology, the incorporation of IoT for real-time tracking, inventive solutions in wastewater management, better quality corrosion-resistant materials, and the increased use of solar-powered submersible pumps.
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What are the most significant trends transforming the submersible pumps market today?
Prominent enterprises within the submersible pumps industry are prioritizing technological advancements such as high-efficiency submersible pumps to establish a competitive advantage. These high-efficiency submersible pumps are sophisticated devices engineered to optimize energy consumption while providing superior water flow and pressure. For instance, Shakti Pumps India Limited, a submersible pump production company based in India, introduced a 4-inch plug-and-play submersible pump in February 2022. This novel feature permits rapid installation without requiring intricate wiring or setup. Users may simply couple the pump with the power source and begin its immediate usage, thus minimizing downtime and labor expenses.
Which key market segments comprise the submersible pumps market and drive its revenue growth?
The submersible pumpsmarket covered in this report is segmented -
1) By Product Type: Non-Clog Submersible, Open Well Submersible, Bore Well Submersible
2) By Drive Type: Electric, Hydraulic, Other Drive Types
3) By Head Type: Below 50 m, 50m - 100 m, Above 100 m
4) By Industry: Water And Wastewater, Oil And Gas, Construction, Mining, Other Industries
Subsegments:
1) By Non-Clog Submersible: Sewage Pumps, Drainage Pumps, Sludge Pumps
2) By Open Well Submersible: Vertical Open Well Pumps, Horizontal Open Well Pumps
3) By Bore Well Submersible: Single-Phase Bore Well Pumps, Three-Phase Bore Well Pumps
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Which region dominates the submersible pumps market?
Asia-Pacific was the largest region in the submersible pumps market in 2024. The regions covered in the submersible pumps market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the leading players fueling growth in the submersible pumps market?
Major companies operating in the submersible pumps market are 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
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What Is Covered In The Submersible Pumps Global Market Report?
•Market Size Forecast: Examine the submersible pumps market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the submersible pumps market for a structured understanding.
•Key Players Overview: Analyze major players in the submersible pumps market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the submersible pumps market.
•Segment Contributions: Evaluate how different segments drive overall growth in the submersible pumps market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the submersible pumps market.
•Industry Challenges: Identify potential risks and obstacles affecting the submersible pumps market.
•Competitive Landscape: Review strategic developments in the submersible pumps market, including expansions, agreements, and new product launches.
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