Submersible Pump Market size is set to grow by USD 5.75 billion from 2024-2028, Rapid growth in the construction sector to boost the market growth, Technavio

NEW YORK, June 11, 2024 /PRNewswire/ -- The global submersible pump market  size is estimated to grow by USD 5.75 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 4.54%  during the forecast period.  Rapid growth in the construction sector is driving market growth, with a trend towards growing adoption of iot in the oil and gas industry. However, high ownership and maintenance cost  poses a challenge. Key market players include Atlas Copco AB, Dharani Pumps and Motors, Dover Corp., Ebara Corp., Havells India Ltd., Kirloskar Brothers Ltd., KSB SE and Co. KGaA, Kubota Corp., Oswal Pumps Ltd., Poul Due Jensens Fond, Samudra Pumps India Pvt. Ltd., Shakti Pumps India Ltd., Shimge Pump Industry Group Co. Ltd., Sulzer Ltd., The Gorman Rupp Co., The Weir Group Plc, Tsurumi Manufacturing Co. Ltd., Wacker Neuson SE, Xylem Inc., and Zhejiang Doyin Technology Co. Ltd..

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Key Market Trends Fueling Growth

The submersible pump market is experiencing growth due to the integration of IoT technology in pumps used in oil and gas industries. Real-time data collection from IoT-enabled pumps enhances production efficiency by monitoring factors like oil viscosity, pressure, and market prices. Key vendors like Grundfos, Flowserve, and Sulzer provide this technology, enabling remote access and quick troubleshooting. The trend of adopting IoT submersible pumps is expected to persist, prioritizing energy efficiency in oilfields. 

The Submersible Pump Market is experiencing significant growth due to the increasing demand for water supply and wastewater management. Pumps with high efficiency and durability are in high demand. Materials like cast iron and stainless steel are commonly used for their strength and resistance to corrosion. Urbinatios, pumps with high heads and large capacities, are gaining popularity in the market. The use of energy-efficient technologies, such as variable frequency drives, is also on the rise. The market is competitive with major players focusing on innovation and cost reduction. The market is expected to continue its upward trend in the coming years. 

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Market Challenges

• The submersible pump market faces challenges due to high capital costs and expenses related to equipment, spares, installation, and maintenance. However, the popularity of rental submersible pumps is increasing, particularly in industries like oil and gas and construction. Renting eliminates ownership costs and provides versatility for diverse applications. While this trend may impact manufacturers negatively, it offers end-users safer and cost-effective solutions for temporary pumping needs.
• The submersible pump market faces several challenges. Key components like impellers, motors, and seals require durable materials for long-lasting performance in harsh environments. The need for energy efficiency and compliance with regulations such as DEWS and LEVEES adds complexity. Additionally, the market demands cost-effective solutions for various applications, including irrigation, wastewater, and mining.
• Slurry pumps and vertical turbine pumps are popular choices due to their ability to handle abrasive materials and high heads, respectively. However, the selection of the appropriate pump type depends on the specific application and operating conditions. The use of advanced materials and technologies, such as ceramic impellers and magnetic drive seals, can address these challenges and improve overall pump performance.

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Segment Overview 

1. Type 
• 1.1 Electric
• 1.2 Hydraulic
• 1.3 Air-driven
2. Application 
• 2.1 Borewell
• 2.2 Openwell
3. Geography 
• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Electric-  The electric submersible pump market is expected to grow in the oil and gas industry due to the recovery from a past industry slowdown. These pumps, which use electric motors to lift resources from wells, are extensively used in upstream E and P applications. Their corrosion-resistant coatings make them suitable for extreme temperature conditions. The global rig count is rising, leading to upgrades of existing facilities and increased pump usage. Despite slower growth at the beginning of the forecast period, increased crude oil prices will drive market growth during the latter half.

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Research Analysis

The Submersible Pumps Market, including segments like Sanitary Pumps, Infusion Pumps, and Metering Pumps, has grown significantly with urbanization and agricultural expansion. Yet, economic contractions and mining downturns have slowed growth. Global shutdowns and supply chain disruptions have caused order delays, raw material shortages, and motor failures, increasing troubleshooting and upgrade costs. Exceeding design limits and aging infrastructure necessitate frequent maintenance. Investment in water & wastewater treatment and power sectors remains vital for continued market growth.

Market Research Overview

The Submersible Pump Market, encompassing irrigation, water supply, wastewater management, and mining, is set for substantial growth due to rising water demand, urbanization, and infrastructure development. Innovations like energy-efficient motors and smart controls are enhancing pump efficiency. The market includes submersible turbine, centrifugal, and dewatering pumps. Additionally, sanitary pumps, infusion pumps, and metering pumps are integral to various applications, further driving market expansion with their precise and reliable water management capabilities.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
• Electric
• Hydraulic
• Air-driven
• Application
• Borewell
• Openwell
• Geography
• APAC
• Europe
• North America
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio