Analysis of Submersible Pump market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global submersible pump market, the market is gaining traction steadily and is expected to ascend at around 4.8% CAGR through 2031, exceeding a valuation of around US$ 9 Bn by 2021.
|Market Size (2021)||US$ 9 Bn|
|Projected Market Forecast Value by 2031||US$ 14.5 Bn|
|Value CAGR (2021-2031)||4.8%|
Demand is expected to emerge especially strong across the water and wastewater treatment industry, creating an absolute opportunity worth US$ 141.7 Mn by 2031.
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As per Fact.MR – a market research and competitive intelligence provider, during the historic period of 2016 to 2020, the market expanded a CAGR of 3%, reaching US$ 9 Bn by the end of the aforementioned timeframe. Analysis concludes that increased spending on wastewater management by governments as well as burgeoning farm mechanization in developing countries are key growth engines for submersible pumps.
Prospects dipped considerably during the COVID-19 pandemic, given massive contractions in the demand-supply dynamics across the oil & gas sector. Global oil demand fell by 16.4 million barrels per day year-on-year in Q2 2020, as lockdowns were imposed to curb further spread of the infection. Consequently, exploration activities came to a grinding halt.
However, as vaccination drives gathered momentum, the global industry exhibited signs of recovery, with exploration and drilling operations resuming across major countries. Considering the aforementioned factors, the market for submersible pumps is projected to touch US$ 14.5 Bn by the end of the forecast period (2021-2031).
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By 2030, demand for water will exceed supply to the tune of 40%, prompting governments to spend US$ 200 billion per annum on upstream water supply, according to a report published by the International Resource Panel in 2016. In order to stave off the looming crisis, it is essential to decouple water use from economic growth.
As per the UN Environment Program, the agricultural sector accounts for 70% of all global freshwater withdrawals. As the population increases, agriculture will exert growing pressure on water resources. Although governments have invested heavily in constructing dams, canal, pipeline and aqueducts, they are inefficient in replenishing water tables, nor are they sustainable.
Based on these aforementioned trends, key end use industries are investing significantly in procuring efficient submersible pumps. For instance, KSB Group offers highly efficient non-clogging impellers and large free passages enabled wastewater pumps, enabling efficient fluid handling and offering energy-saving drives. Likewise, Sulzer offers the AHLSTARTM A Range wastewater and sludge pumps, loop pumping and fresh water pumping solutions respectively.
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Water scarcity is turning out to be a major concern for the nations across the world. According to a report published by UNICEF, four billion people, or almost 2/3rd of the world's population, experience severe water scarcity for at least one month each year. Over two billion people live in countries where water supply is inadequate. The report further states that half of the world's population could be living in areas facing water scarcity by as early as 2025.
This is leading to the increased use of smart water systems that use a combination of IoT, AI and Big Data. Smart water management is being adopted by the manufacturing firms and chemical based companies with the aim to reduce water wastage and cut costs. Moreover, this technology is consistently helping organizations in the identification of network problem along with the enhancement of customer engagement in water conservation.
Heavy duty submersible pumps help in handling solids efficiently during the process drilling oil and gas well. The demand for submersible pumps in India has been increasing due to the production activity in the market along with government investments in the oil and gas sector. The growth of the economy in India is closely related to its energy demand, therefore, the need for oil and gas is projected to grow more, thereby making the sector quite conducive for investment.
According to the India Brand Equity Foundation, the government has allowed 100% Foreign Direct Investment (FDI) in many segments of the sector, including natural gas, petroleum products, and refineries among others. Furthermore, the country’s agricultural sector is flourishing as farmers have been exhibiting high adoption of technology driven equipment including submersible pumps for supplying water into the farm. India is among the 15 leading exporters of agricultural products in the world. Agricultural export from India reached US$ 38.54 billion in FY19 and US$ 35.09 billion in FY20.
Municipal water distribution and waste water treatment are expected to witness impressive growth in the coming years, which in turn is anticipated to support the growth in the global market. Considering the aforementioned factors, the demand for submersible pump is projected to rise in the next ten years with India accounting for nearly 1/3rd of total sales.
According to Fact.MR analysis, the market for submersible pumps across the U.S is projected to exhibit nearly 3% CAGR through 2031. Increasing exploration of shale reserves and oil and gas projects has led to the presence of more than a million production wells in recent years.
Furthermore, as per the U.S Energy Information Administration, nearly 33.5 trillion cubic feet (91.5 billion cubic feet per day) of dry natural gas was produced in 2020. Total offshore production amounted to 1 trillion cubic feet, with 71% of it from federal waters in the Gulf of Mexico. Hence, various submersible pump manufacturers have found fertile ground across the region.
In 2019, for instance, Xylem Inc. introduced the Flygt N3069 stainless steel submersible pump, designed to solve the toughest pumping challenges across complex industrial applications. These include food & aquaculture, hydrocarbon extraction and wastewater treatment. The pump is specifically manufactured for industrial processes containing high chloride or extreme pH levels, delivering superior corrosion resistance and exceptional pumping performance.
Germany is projected to exhibit substantial growth rate throughout the forecast period. As per Fact.MR’s analysis, the country is poised to generate an absolute $ opportunity of nearly US$ 180 Mn until 2031, capturing 30% of overall revenue.
In recent years, Germany has emerged as the largest wastewater reprocessing and recycling rate across Europe. Over 96% of wastewater from private households or public facilities is discharged into nearby sewage treatment plants for processing. In terms of output, the country experiences more than 5 billion cubic meters of wastewater from private households, industry and trade.
As per the country’s Federal Water Act (WHG), German households and industries are prohibited from discharging wastewater into water bodies, only permissible if the pollution load is kept to the lowest level achievable by treating it with the most advanced purification technology. This is expected to attract a considerable number of submersible pump manufacturers in the long run.
Submersible pumps used in water and wastewater applications account for a significant share in the global submersible pumps market over the years. Sharper focus by governments on development of irrigation infrastructure and better wastewater management has created immense opportunities.
As per the UN Environment Program, nearly half of the global population will suffer severe water stress by 2030, damaging well-being of millions of people. This is largely in response to rapid urbanization and deforestation. Based on the abovementioned trends, submersible pumps used for water and wastewater applications are projected to create an absolute dollar opportunity of US$ 141.7 Mn during the forecast period.
Borewell submersible pumps account for a majority share, exceeding 50% in the global market, and are projected to grow at a CAGR of over 3% during the forecast period. The high adoption of bore wells for extraction of underground water has created myriad opportunities for submersible pumps over the last few years.
These pumps are highly useful in preventing pump cavitation, a problem associated with a high elevation difference between the pump and fluid surface. These type of submersible pumps are expected to gain major traction in India. Recently, in September 2021, Kirloskar Brothers Ltd. introduced the NEO Series-4 borewell submersible pumps for rural, domestic and community water supply markets.
According to Fact.MR’s analysis, submersible pumps with head types above 100 m are projected to generate over 70% revenue in 2021. In a majority of water distribution activities, water is needed to be lifted from above 100 meter of the level.
Demand for this submersible pump category is expected to be especially high in severely water deficient areas, most notably across the Arabian Peninsula. In countries such as Qatar, Libya, Saudi Arabia and Israel, water stress levels are phenomenally high, requiring more bore wells to extract water from appropriate sources.
The competitive landscape of the submersible pump market is shaped by product innovation and strategic mergers & acquisitions. Front Runners are emphasizing capacity enhancements and global footprint expansion to leverage lucrative prospects in developing economies. Some notable developments are as follows:
|Historical Data Available for||2016-2020|
|Market Analysis||Volume (‘000 Units) and Value (US$ Mn)|
|Key Regions Covered||
|Key Countries Covered||
|Key Market Segments Covered||
|Key Companies Profiled||
|Pricing||Available upon Request|
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According to Fact.MR, sales of submersible pumps are expected to reach US$ 9 Bn by 2021-end
As per Fact.MR, submersible pumps demand is expected to surge at a CAGR of 4.8% until 2031
From 2016 to 2020, submersible pumps demand expanded at around 3% CAGR
The global market for submersible pump is envisaged to account for US$ 14.5 Bn by 2031
Increasing water stress levels attributed to an expanding population based is expected to positively influence submersible pumps sales until 2031
India is anticipated to account for 1/3rd of global submersible pumps revenue
Germany is expected to generate 30% of global submersible pumps market revenue
The U.S is slated to exhibit a CAGR of 3% with regard to submersible pumps demand until 2031
Submersible pumps demand is likely to be maximum in water & wastewater treatment, generating an absolute opportunity worth US$ 141.7 Mn
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