Submersible Pumps Market is projected to be worth USD 24.78 billion by 2030, registering a CAGR of 7.22% during the forecast period (2022 - 2030), The market was valued at USD 11.81 billion in 2020.
MRFR’s analysis is based on strenuous examination of data gathered from primary and secondary research, based on years of industry-specific expertise. Detailed information about the market’s present and past movement is used to forecast the market’s future growth trajectory. Varying trends in each region and segment are studied to provide a comprehensive view of the global submersible pumps market.
Leading players in the global submersible pumps market include Xylem (U.S.), KSB Group (Germany), Flowserve Corporation (U.S.), EBARA CORPORATION (Japan), Tsurumi Manufacturing Co. Ltd. (Japan), The Gorman-Rupp Company (U.S.), Atlas Copco AB (Sweden), The Weir Group PLC (U.K.), Sulzer Ltd. (Switzerland), and Grundfos (Denmark).
Submersible pumps are used in pumping fluids while being submerged in oil wells. They utilize a series of impellers that push the fluid progressively towards the top. Submersible pumps present a stark contrast to jet pumps, which pull the fluid out rather than pushing it. As a result, they are more efficient than jet pumps.
The increase in mining activities around the world is likely to be a key driver for the global submersible pumps market over the forecast period. The top 40 mining companies declared a cumulative revenue figure of close to USD 600 billion in 2017, demonstrating the scope for growth in the mining sector. The dependence of various high-tech industries such as consumer electronics on rare earth metals is likely to be a major driver for the mining industry in the coming years, as metals such as lanthanum, neodymium, and cerium have taken on a hugely important role in the electronics industry. The steady demand for coal, which remains one of the prime energy resources around the world, is also likely to drive the mining sector in the coming years.
The advantages of submersible pumps over conventional jet pumps are likely to result in increasing adoption of the former over the coming years. The higher efficiency offered by submersible pumps makes a real difference in the mining and oil and gas sectors, where drawing out all the fluid from a cavity is a vital process. Submersible pumps are also highly reliable and require very little maintenance, which is a major benefit for all the end users. For wells that are 50 meters or more in depth, they also present the most economical option, making them highly popular in the oil and gas and mining sectors.
The global submersible pumps market is expected to rise from a 2020 valuation of USD 11.81 billion to a 2030 valuation of USD 24.78 billion at a CAGR of 7.22% over the forecast period (2022-2030), as per the findings of Market Research Future (MRFR)
The report takes a close look at the segmentation of the global submersible pumps market in order to present a clear view of the granular structure of the market. The leading segments in the global submersible pumps market are highlighted with extensive data mining and research. The key players in the global submersible pumps market are also profiled with a view to explaining the market’s competitive structure and competitive dynamics. The major drivers and restraints affecting the global submersible pumps market are elaborated upon in the report with the help of detailed statistics, along with a study of the macroeconomic and microeconomic factors underpinning the submersible pumps market’s growth. The market is thus analyzed in detail in the report in order to provide readers with a clear idea of where the market stands at present and its subsequent developments over the coming years.
The global submersible pumps market is segmented by well type, operation, power rating, end-use industry, and region. By well type, the market is segmented into open well and bore well. By operation, the market is segmented into single-stage and multi-stage. By power rating, the submersible pumps market is segmented into low power, medium power, and high power. By end use, the market is segmented into water and wastewater, agriculture and irrigation, construction, mining, oil and gas, and others. By region, the submersible pumps market is segmented into North America, Europe, Asia Pacific, and the rest of the world.
|Market Size||2030: USD 24.78 billion|
|CAGR||7.22% CAGR (2022-2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Well type, operation, power rating and end-use industry|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Xylem (U.S.), KSB Group (Germany), Flowserve Corporation (U.S.), EBARA CORPORATION (Japan), Tsurumi Manufacturing Co. Ltd. (Japan), The Gorman-Rupp Company (U.S.), Atlas Copco AB (Sweden), The Weir Group PLC (U.K.), Sulzer Ltd. (Switzerland), and Grundfos (Denmark).|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Global submersible pumps market is predicted to grow at a 7.22% CAGR between 2022-2030.
The submersible pumps market is predicted to reach USD 24.78 billion by 2030.
Asia Pacific will lead the global submersible pumps market.
Increase in mining activities and demand for coal are the key factors driving the global submersible pumps market growth.
Key contenders profiled in the global submersible pumps market include Xylem (U.S.), KSB Group (Germany), Flowserve Corporation (U.S.), EBARA CORPORATION (Japan), Tsurumi Manufacturing Co. Ltd. (Japan), The Gorman-Rupp Company (U.S.), Atlas Copco AB (Sweden), The Weir Group PLC (U.K.), Sulzer Ltd. (Switzerland), and Grundfos (Denmark).
Global Submersible Pump Market: Competitive Landscape
Xylem, Inc. (US), KSB Group (Germany), Sulzer AG (Switzerland), Grundfos Group (Denmark) and Ebara Corporation (Japan) are the major five players operating in the global Submersible Pump market. Major region occupied by submersible pump is united nation with CAGR of 5.37%.Xylem, Inc held the largest share among top five players with a revenue of 42% in US region, followed by KSB Group and Sulzer AG with respective revenue of 55.61% and 52% repectively in US. These companies are focused on water challenges issues in ueban as well as rural areas . Companies are competing based on cost, product quality, and reliability and its vital for them to offer cost-effective and superior technology to succeed in the competitive market.
Xylem, Inc is the leading company in the submersible pump market, which include portable and reliable pumps offers water technology in residential, commercial and agricultural service products across the globe. The company focuses on expanding its high value-add solutions and services to regions like US, Europe, Asia Pacific. As, US and Europe countries have witnessed increasing investments in the residential and commercial sector, in the recent years, Company plan is to expand its existing business to increase its productivity and its revenue share through organic and strategic acquisition.
KSB Group (Germany) is primarily engaged in a wide range of products to customers in a variety of industries such as process industry, oil and gas industry, construction and energy segments. It has the capability to bring new technology high-quality products and solutions through research and development in hydraulics, materials development and automation. Moreover, the company also focuses on entering into agreements with other prominent players to constantly develop new products with latest technology. Company primarily focusing on acquiring more contracts/customers from the emerging regions, such as the Middle East and Asia-Pacific.
Sulzer Ltd is one of the leading players that manufactures, distributes, and sells pump and its control monitoring equipment. It provides a wide range of products for engineered, configured, and standard pumping solutions as well as essential auxiliary equipment. The company focuses on production, transport, and processing of crude oil and its derivates, supply, treatment, and transport of water as well as wastewater collection, fossil-fired, nuclear, and renewable power generation. Moreover, company has generated sales of 3 billion in 2017 and the rise in number of contracts and partnerships with the governments and major players, indicates the company is focusing on obtaining a higher number of clients for its business growth.
Grundfos Group is leading player in pump industry which develop, produce, sell and service high quality pump solutions. The company mainly focuses on advance pump solutions which offers turn key solutions for specific requirement. As most of the Asian countries are investing more on power distribution and renewable energy segments, the company is looking for an opportunity for new contracts to cater the Asian countries; China, Japan, and India, in particular.
Ebara Corporation is engineered pump, pump products and related services for the water, wastewater, commercial, municipal, energy and power industries offering reliable product knowledge, application expertise and responsive support including aftermarket replacement parts services. It remains one of the prominent pump company in the world and strives to develop high quality, efficient products and key system components for addressing improvements and solutions in the fields of water supply, energy and environmental issues. Ebara Corporation focuses on increasing profitability by diversifying its business and developing innovative products and solutions to increase its market share. The company focuses on rapid advancements in research and development sector, it is looking for new opportunities in Europe and Middle East region.
The growth of the market vendors is dependent on market conditions, government support, and industry development. Players focus on strengthening their presence worldwide through partnership & collaboration followed by mergers & acquisitions during the forecast period. These strategies are widely adopted to increase their presence and the customer base. The competitive environment in the market is likely to intensify further due to the increase in new product developments and business expansions.