SUBMERSIBLE PUMPS MARKET ANALYSIS
The global submersible pumps market is estimated to be valued at US$ 12.17 Bn in 2024 and is expected to reach US$ 18.41 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 6.1% from 2024 to 2031. Submersible pumps are widely used in applications such as water and wastewater management, construction, mining, and others. Increasing infrastructure development projects and rising concerns regarding water and wastewater management are expected to drive the demand during the forecast period.
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The global submersible pumps market is expected to witness significant growth driven by rising investments in the agriculture, housing, and industrial sectors. The growing emphasis on water recycling and desalination is also supporting the market growth. Additionally, the increasing adoption of groundwater sources for irrigation and other applications is propelling the demand for submersible pumps. However, high initial installation costs and growing preference for energy-efficient pumps may hamper the market growth to some extent over the forecast period. Technological advancements in materials and pump designs are expected to create new opportunities for industry players.
Rising demand for irrigation purposes
The global demand for submersible pumps is increasing primarily driven by its extensive use in irrigation applications across both developed and developing countries. Reliable irrigation is crucial for the agricultural industry in ensuring higher crop yields through consistent and adequate water supply. Submersible pumps allow for the easy and energy-efficient extraction of water from open water sources like rivers, lakes, and ponds directly to the fields without the need for lengthy delivery pipelines. This makes them highly suitable for both small and large-scale farming activities.
Agriculture accounts for over 70% of total freshwater withdrawals globally and irrigation requirements are projected to rise substantially in the coming years due to factors like expanding cultivable areas, introduction of multiple cropping patterns, and high-value crops. Rapid population growth also implies a growing global food demand that can only be met through improved irrigation infrastructure and technologies. Several governments and international organizations are undertaking major initiatives to modernize irrigation systems with more efficient equipment in major agriculture dependent countries. For example, governments in India and China have allocated large funds towards the widespread installation of submersible pumps as part of their schemes to boost domestic food production and farmers' income levels.
For instance, in March 2022, Flowserve Corporation, a supplier of industrial and environmental machinery such as pumps, valves, end face mechanical seals, automation, and services to the power, oil, gas, chemical and other industries formed a strategic partnership with Gradiant to address the most complex issues in water and wastewater treatment. This collaboration integrates Flowserve's flow control solutions and product expertise with Gradiant's cutting-edge, customized water treatment technology to deliver unparalleled total water treatment solutions to customers.
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Rising demand from construction industry
The construction industry has emerged as a key end-user segment driving the sales of submersible pumps. Megaprojects involving dams, bridges, and tunnels require huge amounts of water for activities like cement mixing, concrete casting, and surface treatment. Submersible pumps help contractors easily extract water from nearby sources and pump it directly to the construction site in large volumes through their high discharge rates and abilities to operate even at deep depths. They also find increasing applications in dewatering of excavated areas and management of ground water during foundation laying works.
Recent years have witnessed massive investments in infrastructure development globally, both from government organizations and private players. Rapid urbanization has necessitated projects involving the expansion of road & rail networks, construction of multi-storied buildings, smart cities and urban redevelopments. Even rural areas are witnessing the growth of infrastructure like irrigation canals, rural roads, and electrification projects. All these lead to higher demand for earth-moving and heavy construction machinery that depend on continuous water supply. The growing construction activities therefore drive the significant consumption of submersible pumps capable of handling large throughputs required at busy project sites.
Key Takeaways from Analyst:
The global submersible pumps market continues to grow steadily driven by factors such as increasing agricultural activities and rising focus on water management. The residential segment is expected to exhibit high demand due to growing infrastructure and rising disposable incomes in developing nations. Additionally, the commercial and industrial segments will show notable growth rates owing to expansion in sectors such as construction, power generation, mining, and wastewater treatment.
However, high initial costs and frequent maintenance requirements could hamper the market growth. Fluctuating raw material prices may also pose challenges. Nonetheless, the development of energy-efficient pumps and growing investments to replace aging infrastructure will create opportunities for market participants. Technological advancements have increased focus on Internet Of Thing (IoT)-enabled and intelligent pumps as well.
North America dominates the global submersible pumps market and will continue its leadership during the forecast period. Growing agricultural production and rising focus on water infrastructure in countries such as India and China are driving the regional market. Government initiatives to boost irrigation will further support market growth. Meanwhile, Asia Pacific will emerge as a major revenue generator owing to strong construction and mining industries.
Market Challenges: High installation and maintenance costs
One of the major factors holding back the growth of the submersible pumps market is the high installation and maintenance costs associated with these pumps. Submersible pumps require experienced technicians and engineers for installation which drives up initial costs. Professional installation is important as any errors can damage the pump or cause leaks. Additionally, submersible pumps need to be installed within protective casing pipes which further adds to the installation expenditure. The installation process itself can take several hours depending on the depth at which the pumps need to be placed. All these factors combined significantly increase the initial capital required for adopting submersible pumping solutions.
Market Opportunities: Technological advancements in submersible pumps
Technological advancements in submersible pumps present a tremendous opportunity for growth in the global submersible pumps market. As energy efficiency and environmental standards continue to rise around the world, the need for more sustainable and intelligent pumping solutions is increasing. Submersible pump manufacturers who invest in the research and development of new technologies stand to gain major market share. Pumps utilizing variables like permanent magnet motors, integrated controls, and advanced materials are able to operate at lower costs while meeting stringent emission targets. This allows end users to reduce pumping costs substantially over the lifetime of the equipment through lower energy usage. At the same time, technologies like integrated sensors and cloud connectivity enable the remote monitoring of pump performance. This adds convenience for operators while reducing downtime through predictive maintenance capabilities.
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Insights By Product Type - Open well submersible driven by owning to its affordability and versatility
In terms of product type, open well submersible is expected to contribute 45.4% share in 2024 of the market owing to its affordability and versatility. Open well submersible pumps require minimal installation costs as they can be directly lowered and operated in an open water source like wells, ponds, or reservoirs without the need for additional piping infrastructure. This makes them a cost-effective solution for low volume water extraction applications compared to other product types. Their simple design also makes them durable and suitable for handling varying flow rates depending on usage requirements. Farmers, construction projects, and local municipalities extensively use open well submersibles for basic water transfer needs due to their plug-and-play functionality and budget-friendly pricing. Moreover, these pumps are lightweight and portable which helps contractors deploy them temporarily at work sites for dewatering activities. Their easy maintenance further enhances their appeal among price-sensitive end-users.
Insights By Head Type - Above 100 m Head Pumps Driven by Demand from Energy and Industrial Sectors
In terms of head type, above 100 m contributes 40.1% share of the market in 2024 owing to the robust demand from the energy and industrial sectors. Pumps with above 100m head capability are specifically designed to withstand high pressures and discharge water efficiently over long vertical distances. They play a crucial role in pumping large volumes of water and slurries for oil & gas extraction, thermal and hydropower plants located far away from water sources. Mining and other process industries also depend on these high head pumps for complicated pipeline networks within their sprawling facilities. The ability of above 100m pumps to overcome severe pressure challenges within the distribution system makes them ideal for complex industrial applications involving long distance fluid transfer.
Insights By End-use Industry - Construction sector's large-scale projects propel the demand for submersible pumps
In terms of end-use industry, construction & building services contributes 37.5% share of the market in 2024. Mega-scale construction projects such as tunnels, dams, canals, and highway works typically require massive earthwork dewatering activities on a continuous basis. Submersible pumps play a vital role in discharging ground water seepage and surface run-off efficiently from these work sites. Their portable design allows easy mobilization to excavation points whereas the corrosion-resistant and non-clog features ensure clog-free operation. Moreover, building construction also involves regular water supply for activities like concreting and plumbing works. Submersibles help contractors meet the bulk water demand of such projects through temporary piping networks. The growth in infrastructure development and real estate construction across major economies will consistently drive the demand for submersible pumps in the coming years.
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North America has dominated the global submersible pumps market with 34.3% share in 2024 owing to strong industrial presence and well-established pipeline infrastructure in the U.S. and Canada. The region is home to many key oil & gas, mining, and construction companies that rely heavily on submersible pumps for various industrial applications such as dewatering, sewage, and water supply. Several leading global pump manufacturers, such as Sulzer, Goulds Pumps, and Xylem, have sizable operations focused on submersible pumps catering to North American customers. Submersible pumps in North America are known for their high quality standards and technological advancements in areas like material, design, and efficiency. This has helped create brand loyalty among customers and also attract demand from other regions. However, pricing pressures from emerging competitors and shift towards localized manufacturing could impact North America's dominance going forward.
The Asia Pacific region has emerged as the fastest growing market for submersible pumps globally. Countries such as China, India, Indonesia, and Australia are driving this growth on account of accelerating industrialization, rapid urbanization, and extensive investments in water & wastewater infrastructure projects. China, in particular, has witnessed a massive boom in construction activity for water supply networks, drainage systems, and sewer lines across major cities to cope with its expanding urban population. This has boosted demand for submersible pumps significantly. Additionally, several foreign pump companies have set up large scale manufacturing plants in countries like China and India to cater to the Asia Pacific region, benefiting from low costs. The availability of localized products and favorable government policies for infrastructure and made-in-country initiatives have also contributed to the Asia Pacific region's rapid emergence as a global force in submersible pumps market.
Submersible Pumps Market Report Coverage
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2023 | Market Size in 2024: | US$ 12.17 Bn |
| Historical Data for: | 2019 To 2023 | Forecast Period: | 2024 To 2031 |
| Forecast Period 2024 to 2031 CAGR: | 6.1% | 2031 Value Projection: | US$ 18.41 Bn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
Abbott Laboratories, Atlas Copco, B. Braun Melsungen AG, DePuy Synthes, Ebara Corporation, Flowserve Corporation, Franklin Electric Co., Inc., GRUNDFOS, Kirloskar Brothers Limited, KSB AG, Medtronic Inc, Pentair, Ruhrpumpen Group, Sulzer Ltd, and Xylem Inc. |
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| Restraints & Challenges: |
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*Definition: The global submersible pumps market involves the manufacturing and sales of submersible pumps that are used to pump water or other liquids from locations that would otherwise be inaccessible or require pumping above the level of the water source. Submersible pumps are versatile as they can be placed directly in the well, water source, or wet area and pump below the water level. They are ideal for agricultural, industrial, commercial and residential applications including drainage projects, swimming pools, ponds, and borewell.
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About Author
Ramprasad Bhute is a Senior Research Consultant with over 6 years of experience in market research and business consulting. He manages consulting and market research projects centered on go-to-market strategy, opportunity analysis, competitive landscape, and market size estimation and forecasting. He also advises clients on identifying and targeting absolute opportunities to penetrate untapped markets.
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