Submersible Pumps Market to Reach $24.4 Billion, Globally, by 2032 at 6.9% CAGR: Allied Market Research

The global submersible pumps market is experiencing growth due to several factors such as an increase in focus on water resource management where submersible pumps are commonly used for groundwater extraction.

WILMINGTON, Del., Nov. 28, 2023 /PRNewswire/ -- The Submersible Pumps Market valued for $12.7 billion in 2022 and is estimated to reach $24.4 billion by 2032, exhibiting a CAGR of 6.9% from 2023 to 2032. Allied Market Research published a report, titled, "Submersible Pumps Market by Type (Electric, Hydraulic, Air-Driven), Capacity (Low, Medium, High), Application (Open Pit, Borewell), and End-Use Industry (Water and Wastewater, Oil and Gas, Mining and Construction, and Others): Global Opportunity Analysis And Industry Forecast, 2023-2032". According to the report, the global submersible pumps market was valued at $12.7 billion in 2022 and is projected to reach $24.4 billion by 2032, growing at a CAGR of 6.9% from 2023 to 2032.

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Prime determinants of growth

The global submersible pumps market is experiencing growth due to several factors such as surge in mining and construction industry where dewatering submersible pumps are designed to remove excess water from construction sites, mines, or any area prone to flooding. However, clogging and abrasion of submersible pumps hinder the market growth. Moreover, smart pumping solutions in submersible pumps offer remunerative opportunities for the expansion of the submersible pumps market.

Report coverage & details:

The air-driven segment is expected to grow faster throughout the forecast period.

Based on type, the electric segment held the highest market share in 2022, accounting for half of the global submersible pumps market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is due to Submersible electric pumps are often installed in wells, boreholes, or cisterns, where they draw water and deliver it to homes. However, the air-driven segment is projected to manifest the highest CAGR of 7.3% from 2023 to 2032, as submersible air-driven pumps are known for their ability to provide precise control over liquid flow rates, making them ideal for applications that require accurate management of liquid movement.

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The medium segment is expected to lead the market by 2032.

By capacity, the medium segment held the highest market share in 2022, accounting for more than one-third of the global submersible pumps market revenue, and is estimated to dominate during the forecast period. This can be attributed to the fact that medium-capacity submersible pumps are extensively used in agriculture and irrigation systems. However, the low-capacity segment is projected to manifest the highest CAGR of 7.3% from 2023 to 2032, as low-capacity submersible pumps are widely used in agricultural irrigation systems. They efficiently deliver water to crops in a controlled manner, helping to maintain soil moisture and promote plant growth.

The borewell segment is expected to grow faster throughout the forecast period.

By application, the open pit segment held the highest market share in 2022, accounting for half of the global submersible pumps market revenue, and is projected to retain its dominance throughout the forecast period. This can be attributed to open-pit submersible pumps being crucial equipment used in various industrial and mining applications. However, the borewell segment is projected to manifest the highest CAGR of 7.0% from 2023 to 2032. The growth is attributed to the fact that borewell submersible pumps play a vital role in ensuring a reliable and uninterrupted water supply for domestic use. In areas where municipal water supply is inadequate or nonexistent, homeowners often rely on borewells to source water. Submersible pumps are installed in these borewells to extract water and deliver it to households.

The water and wastewater segment is expected to lead the trail by 2032

By end-use industry, the water and wastewater segment held the highest market share in 2022, accounting for one-third of the global submersible pumps market revenue and is estimated to dominate during the forecast period. This can be attributed to the fact that submersible pumps are widely used in the grit and wastewater industry. They are often used in pump and lift stations as they are compact and less costly to install than other pumps. However, the oil and gas segment is projected to witness the highest CAGR of 7.5 from 2023 to 2032, as submersible pumps in the oil and gas industry operate according to the Electric Submersible Pumping (ESP) principle, which is a cost-effective method of lifting large volumes of fluids from deep wells.

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Asia-Pacific to maintain its dominance by 2032.

By region, Asia-Pacific held the highest market share and was the fastest growing region in terms of revenue in 2022 with a 7.2% CAGR, accounting for one-third of the global submersible pumps market revenue, and is expected to remain dominant in terms of revenue throughout the forecast timeframe. Many areas in the Asia-Pacific region rely on groundwater as a source of drinking water. Submersible pumps are used for extracting groundwater from wells and boreholes for both domestic and industrial purposes.

Leading Market Players: -

• EBARA CORPORATION
• FRANKLIN ELECTRIC
• GRUNDFOS PUMPS INDIA PRIVATE LTD.
• KIRLOSKAR BROTHERS LIMITED.
• KSB LIMITED
• PENTAIR
• SULZER LTD.
• TSURUMI MANUFACTURING CO., LTD.
• WILO SE
• XYLEM INC.

The report provides a detailed analysis of the key players in the global submersible pumps market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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SOURCE Allied Market Research