Submersible Pump Market size to grow by USD 6.17 billion from 2022 to 2027 | The increased demand for wastewater treatment to drive growth - Technavio
NEW YORK, Aug. 23, 2023 /PRNewswire/ -- The submersible pump market is estimated to grow at a CAGR of 5.02% between 2022 and 2027 and the size of the market is forecast to increase by USD 6,170.63 million, according to Technavio. Discover some insights on market size historic period (2017 to 2021) and Forecast (2023 to 2027) before buying the full report - Request a sample report
Submersible pump market – Company Analysis
Company Landscape - The submersible pump market is fragmented, with the presence of several global as well as regional companies. A few prominent companies that offer submersible pumps in the market are 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 Management Ltd., The Gorman Rupp Co., The Weir Group Plc, Tsurumi Manufacturing Co. Ltd., Wacker Neuson SE, Xylem Inc., Zhejiang Doyin Technology Co. Ltd., and Atlas Copco AB and others.
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Company Offerings
- Dharani Pumps and Motors - The company offers submersible pumps such as Electric Submersible Dewatering pumps.
EBARA CORP. - The company offers submersible pumps such as R series Model RX33 submersible pumps. - Havells India Ltd. - The company offers submersible pumps such as model BHSE, model BHSP, and model DG.
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Submersible Pump Market - Segmentation Assessment
Segment Overview
Technavio has segmented the market based on type (Electric, Hydraulic, and Air-driven), Application (Borewell and Openwell), and Geography (APAC, Europe, North America, Middle East and Africa, and South America).
- The electric segment will account for a major share of the market's growth during the forecast period. An electric submersible pump is an artificial lifting mechanism that uses a multistage pump powered by an electric motor to extract resources such as oil from a well. Furthermore, widely used in oil and gas exploration and production (E&P) upstream of the oil and gas industry, these pumps have anti-corrosion coatings and are capable of withstanding extreme temperatures. Hence, these factors are expected to drive segment growth during the forecast period.
Geography Overview
By geography, the global submersible pump market is segmented into APAC, Europe, North America, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global submersible pump market.
- APAC is estimated to contribute 42% to the growth by 2027. In the region, demand for submersible pumps comes from key sectors such as construction, chemicals, and industrial manufacturing. Growth is driven by an increasing focus on wastewater treatment infrastructure. In addition, countries like China and India are actively developing water treatment systems and related infrastructure. Hence, these factors are expected to drive market growth in the region during the forecast period.
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Submersible Pump Market – Market Dynamics
Key Driver
The increased demand for wastewater treatment is a key factor driving the market growth. Increased water pollution and global depletion of fresh water are driving the demand for wastewater treatment plants. Stricter regulations on water discharge and declining water quality are also driving the global wastewater industry. At the same time, the demand for clean water in the domestic, commercial, and industrial sectors is driving investment in machinery installation and upgrading of water and wastewater treatment facilities. Hence, these factors are expected to drive market growth during the forecast period.
Major Trend
The development of renewable energy-powered submersible pumps is a major trend in the market.
Significant Challenge
The high ownership and maintenance cost is a significant challenge restricting market growth.
What are the key data covered in this Submersible Pump Market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the submersible pump market between 2023 and 2027
- Precise estimation of the size of the submersible pump market and its contribution to the market with a focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the submersible pump market across APAC, Europe, North America, Middle East and Africa, and South America
- A thorough analysis of the market's competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the growth of submersible pump market companies
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Table of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
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