SUBMERSIBLE PUMPS MARKET ANALYSIS

Submersible Pumps Market Size and Trends

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.