DUBAI, U.A.E, July 13, 2020 /PRNewswire/ -- The global submersible pumps market is estimated to generate nearly US$ 82 Mn in 2020, expanding steadily to reach a valuation of US$ 13 Bn by the end of the forecast period.
A sizeable demand pull from key end-use industries and well-established markets is poised to generate a steady growth curve during the assessment period. Over time, submersible pumps have found extensive applications for industrial de-watering. This has catapulted the demand for continuous-duty motors, having cycles exceeding 20 minutes.
The need to access potable water for municipal purposes has also accelerated submersible pumps demand. By 2025, it is predicted that nearly a quarter of the global population will experience water scarcity, mostly attributed to injudicious usage. Therefore, water management systems incorporating Industry 4.0 have become important to ensure zero wastage. Technologies such as artificial intelligence, big data analytics and the internet of things are being incorporated into submersible pumps to track domestic and commercial water usage.
The coronavirus pandemic has dented short-term growth prospects for the market. As countries reel under the economic downturn induced by the closure of business operations, end-use industries have experienced significant downsizing of their operations. Consequently, there has been a decline in cash inflow, reducing the demand for submersible pumps. However, vendors are exploiting this hiatus to strengthen their existing portfolios by incorporating technological and mechanical advancements and develop better quality pumps.
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"As the global outreach of submersible pumps deepens over time, market players are increasingly resorting to online marketing in order to broaden their customer base. Additionally, vendors are rolling out several incentives in the form of price reduction and after-sales service, heightening growth prospects for the future," infers an FMI analyst.
Key Takeaways from FMI's Submersible Pumps Market Study
- Submersible pumps market shall expand at a 5% CAGR during the 2020-2030 forecast period
- Industrial sector shall account for 3/4th of new submersible pumps demand by 2030
- US, Japan and China collectively account for 30% of submersible pumps sales, attributed to heavy industrialization in these countries
- Smart submersible pumps providing real-time data and predictive maintenance are gaining immense traction
- Borewell submersible pumps shall remain highly preferred, capturing 50% of the revenue share
- Emphasis on wastewater treatment and sustainable sewage infrastructure renders Asia-Pacific a lucrative market for submersible pump manufacturers
Submersible Pumps Market- Key Trends
- Submersible water pumps equipped with sensors and visualization tools are becoming mainstream. These pumps enable engineers to maintain better records of the water systems. This helps reduce wastage, enhances system efficiency and improves quality
- The oil & gas industry is increasingly adopting submersible pumps as they are highly effective in extracting liquids from wells with low bottomhole pressure. The industry is leveraging IoT to increase operational output.
- Heavy usage of corrosive chemicals in the paper pulping and wastewater management segments may not bode well for the pumps used, increasing chances of wear and tear and increase maintenance costs.
- Operations beyond the Best Efficiency Point (BEP) range of 30% can cause significant damage to the pump due to cavitation, thus limiting their uptake in industrial sectors.
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Submersible Pumps Market- Region-wise Analysis
- East Asia shall spearhead the regional landscape of submersible pumps, with China contributing the maximum revenue due to it being a manufacturing hub
- High domestic consumption of industrial and municipal grade submersible pumps is accelerating production in the Chinese market
- Significant investments in waste water treatment plants to address water scarcity characterizes the Chinese market landscape. For instance, the Bailonggang waste water treatment plant is Asia's largest water treatment facility, possessing a catchment area spanning over 270 kilometers
- More than 33% of waste water produced by Shanghai is treated in this plant everyday
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Submersible Pumps Market- Competitive Landscape
The submersible pumps market players are leveraging Industry 4.0 in order to provide technologically advanced submersible pumps to end-users. For instance, Grundfolds has partnered with Telenor Connexion and Ericsson to devise a cutting edge IoT Platform to manage water infrastructures across the world.
Players also resort to offering inexpensive solutions, smart technologies and customized offerings. Examples of this approach are of Hydroo Pump Industries which offers IE-3 certified user-friendly, robust and reliable submersible pumps for irrigation, wastewater treatment, and HVAC & building services. Similarly, Xylem Inc., an American company, offers the Flygt Concertor smart wastewater pumping system to reduce water sanitation and servicing expenses.
Submersible Pumps Market Taxonomy
- Non Clog Submersible Pumps
- Open Well Submersible Pumps
- Bore Well Submersible Pumps
- Below 50 meters
- 50-100 meters
- Above 100 meters
- Oil & Gas
- Water Supply & Distribution
- Wastewater Management
- Rest of Latin America
- Nordic countries
- Rest of Europe
South Asia & the Pacific
- Rest of South Asia & the Pacific
- South Korea
Middle East & Africa
- Southern Africa
- Rest of MEA
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Know more about FMI's Submersible Pumps Market Study
Submersible pumps market, a new study from Future Market Insights, opines on the study of submersible pumps market dynamics from 2015 - 2019 and presents demand projections from 2020 - 2030 bringing to the fore the prominent drivers, restraints and opportunities lying in store for the industry. The market has been segmented in detail, elucidating on the revenue prospects and market share across seven prominent regions.
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