Submersible Pump Market

The global Submersible Pump Market is valued at USD 11.95 Billion in 2022 and is projected to reach a value of USD 12.8 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 7.20% between 2023 and 2030.

Premium Insights

The need for submersible pumps is rising as a result of increased investments and infrastructure development projects in industries including agricultural, water supply, and wastewater management, making them an essential part of the solution to the nation's water management problems. For instance, according to the World Investment Report 2022, India garnered USD 81,973 million in foreign direct investment (FDI) in total during the fiscal year 2020–21, a notable 10% rise over the prior year. Over the course of the forecast period, it is projected that this rise in FDI, along with favorable government regulations and India's varied range of sectors, will propel the market for Submersible Pump in the area.

• When drilling oil and gas wells, a heavy-duty submersible pump is used because it is effective at handling a lot of solids. In order to maximize output after the fall in natural drives, more than 90% of producing wells in the world today employ an artificial lift. For instance, the Organization of the Petroleum Exporting Countries (OPEC) reports that in 2022, the average price of oil in the organization increased significantly from USD 69.89 per barrel in 2022 to USD 100.08 per barrel.
• Asia Pacific generated more than 40.30% of revenue share in 2022
• North America is expected to grow at the quickest rate from 2023 to 2030
• Electrical segment accounted for the largest market growth. It contributed over 40.2% of the total revenue share in 2022
• Open Pit segment revealed the most significant market growth, contributing more than 52.2% of the total revenue share in 2022
• Single-stage segment accounts for largest revenue of 61.5% in 2022
• 5-15 HP segment will dominate the market in 2022 with market share of 27.5%
• Industrial sector will account for largest share of 35.2% for Submersible Pump market in 2022

Economic Insights

The Submersible Pump market has significant economic growth in the next five years. The demand for water management solutions in agriculture, which accounts for around 40% of the market share, is the main driver of this expansion. Additionally, about 30% of the market is contributed by the industrial sector, which includes uses in mining, oil and gas, and water treatment. A 20% reduction in energy usage is projected as a result of technological developments, including the creation of energy-efficient pumps, which will further accelerate market growth.

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Top Market Trends

• Growing Demand for Water Management: The need for submersible pumps is being driven by the growing need for effective water management in the agricultural, municipal water supply, and industrial sectors. These pumps are frequently used to handle sewage and extract groundwater.
• Energy Efficiency: The use of energy-efficient submersible pump systems was becoming more prevalent. Pumps with better motor efficiency and control systems were being developed by manufacturers to use less energy and operate more economically.
• Digitalization and IoT Integration: For remote monitoring and proactive maintenance, the submersible pump industry was beginning to integrate digital technology including the Internet of Things (IoT). As a result, managers were able to monitor pump performance in real-time, identify problems early, and streamline operations.
• Rise of Solar Submersible Pumps: There has been an increase in the use of solar-powered submersible pumps in areas with lots of sunlight. For rural or off-grid settings, these technologies provided a viable and affordable solution.
• Focus on Reliability and Durability: Customers were becoming more and more interested in pumps that offered long-term dependability and endurance, particularly in difficult situations. To meet these expectations, manufacturers made investments in engineering and materials.

Market Segmentation

Submersible Pump The global Submersible Pump market can be categorized into Type, Application, Operation, power-rating, Sector, Region. The Submersible Pump market can be categorized into Electrical, Hydraulic, Air-Driven based on Type. The Submersible Pump market can be categorized into Open Pit, Borewell based on Application. The Submersible Pump market can be categorized into Single-stage, Multi-stage based on Operation. The Submersible Pump market can be categorized into Below 1HP, 1-5 HP, 5-15 HP, Above 15 HP based on power-rating. The Submersible Pump market can be categorized into Industrial, Agricultural, Domestic based on Sector. The Submersible Pump market can be categorized into North America, Europe, Asia Pacific, Latin America, Middle East & Africa based on Region.

Based on Type

Electrical holds the largest share

The Submersible Pump market is expected to be dominated by the electrical submersible segment because these pumps are adaptable equipment with a wide range of uses. They are known for their effectiveness and dependability in retrieving water from subsurface sources. The market for electrical submersible pumps is expanding rapidly due to factors like the rising demand for water for irrigation in agriculture, rising industrial adoption, soaring demand in the water treatment industry, ongoing technological advancements enhancing pump capabilities, and a growing focus on energy-efficient solutions across industries.

Based on Application

Open Pit will dominate the market during Forecast Period

The Submersible Pump market is anticipated to be dominated by the open pit application segment due to this technique used mostly for large-scale mining projects like the extraction of coal and copper, entails the excavation of ore from open pits or cast mines. Large submersible pumps created to drain these deep holes are a crucial part of this operation, which has sparked a rise in demand for open pit submersible pumps.

Based on Operation

Single-stage will account for largest market share

In terms of operation, single stage is anticipated to hold the greatest market share for Submersible Pump because single-stage pumps are ideal for applications needing high flow rates and low head pressures because of their simplicity and single impeller. Their versatility is further enhanced by their cost-effectiveness, which is less expensive than multi-stage competitors. Additionally, the rising need for water for agricultural irrigation, their expanding use in industry, the expanding demands for water treatment, and the ongoing development of novel technologies in submersible pump design.

Based on Power Rating

5-15 HP will dominate the market in 2022

The 5-15 HP segment is anticipated to dominate the Submersible Pump market in 2022. Due to their skillful balance of power and performance, these 5–15 HP submersible pumps have become quite popular and are appropriate for a wide range of applications. Their dominance is greatly influenced by their ability to complete the majority of tasks quickly and affordably. Additionally, the market for 5-15 HP submersible pumps is expected to grow strongly due to rising industrial demand, rising industrial adoption, rising water treatment industry requirements, and the ongoing development of novel technologies enhancing submersible pump capabilities.

Based on Sector

Industrial sector will account for significant market share

The industrial sector holds the largest market share in 2022 because submersible pumps are increasingly in demand across a wide range of industrial applications, including water treatment, oil and gas extraction, mining operations, power generation, chemical processing, food and beverage production, and pulp and paper manufacturing. As crucial equipment for dewatering activities in mines and industrial locations, submersible pumps serve a crucial role in these industries by enabling the effective transport of water, chemicals, and other fluids.

Based on Region

Asia Pacific will lead the market

Asia Pacific is expected to dominate the market for Submersible Pump due to increasing demand for submersible pumps in a variety of applications. Additionally, the creation of advanced pump technology strengthens Asia Pacific's dominance. Furthermore, factors including sizable infrastructure investments, government support for water conservation, and advantageous legislative frameworks all considerably contribute to the region's expanding submersible pump market.

Competitive Landscape

The global Submersible Pump market is fragmented, including presence of several key players maintaining their prominence through a combination of extensive product portfolios, global distribution networks, and continuous innovation in pump technologies. Established players often leverage their brand reputation and extensive customer relationships to maintain a strong market presence. However, the market also witnesses the emergence of niche players specializing in customized submersible pump solutions for specific applications.

The players in the global Submersible Pump market include Baker Hughes Co., Schlumberger Limited, Halliburton Co., Weir Group PLC, Sulzer AG, Grundfos Group, The Gorman-Rupp Company, Flowserve Corporation, Atlas Copco AB, Ebara Corporation, Borets International Ltd, ITT Goulds Pumps, Franklin Electric Co. Inc., KSB AG among others.

Recent Market Developments

• May 2023: An electro-submersible pump will be tested, manufactured, and operational support services will be provided by Curtiss-Wright Corporation for a Shell offshore platform in the Gulf of Mexico. The purpose of this program is to promote canned motor technology from Curtiss-Wright as a dependable and efficient replacement for present subsea pump technologies.
• January 2022: Dreno Pompe, an Italian designer and manufacturer of premium electrical submersible pumps for wastewater application, was acquired by Industrial Flow Solutions.

Segmentation of the Global Submersible Pump Market