The Global Submersible Pump Market is anticipated to reach 21.52 billion by 2028 from 12.31 billion in 2020, growing at a CAGR of 7.23% from 2021 to 2028. The growth of the market is attributed to The surging investment in the construction industry due to rapid urbanization along with growing demand for submersible pumps by the agricultural sector are some of the key factors fuelling the market growth for submersible pumps market.
- The electric segment held a share of over 19.17% in 2020. The surge in the demand for electric electrical submersible is due to the use of these pumps for both solids & liquids which are used across many sectors to fuel production. The rising use of electrical submersible pumps in the oil & gas industry in order to increase the flow of fluids from wells is expected to propel the market demand for the Submersible Pump Market.
- 5–15 hp held a share of over 18% in 2020. And will have a significant share in the Submersible Pump Market during the forecast time frame. The growth of the market is attributed to the rising application of these pumps in agricultural, industrial, and domestic sectors. 5–15 hp Pumps have higher mechanical and electrical efficiency, which helps in reducing energy consumption and address electric overload efficiently. These pumps are of this range can be used for several applications such as water treatment plants, residential complexes, water supply for industries, commercial buildings, and numerous other industrial applications. All this is anticipated to stimulate growth for the market in the projected timeframe other segments are below 1 hp, 1–5 hp, and above 15 hp.
- North America region held a share exceeding 22.14% in 2020. This is attributed to the increasing exploration of oil and gas reserves in the region. The implementation of strict government norms for wastewater treatment and the use of recycled water to support the mining and oil and gas industry is expected to support the growth of the Submersible Pump Market in the long run.
Major players operating in the global Submersible Pump Market include Xylem, Sulzer, KSB Group, Grundfos, Atlas Copco, Tsurumi Manufacturing, Grindex, Flowserve, Wilo, and Vansan among others.
Asia Pacific region held a share of around 23% in 2020. The growth of submersible pumps in the region is due to rapid economic growth. The availability of raw materials and cheap labor is expected to attract market players to set up their manufacturing facilities in the region. Additionally, investment in research and development is also expected to fuel the market for submersible pumps market in the Asia Pacific region.