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The global submersible pumps market was valued at USD 11.71 billion in 2022, with a projected compound annual growth rate (CAGR) of 5.25% from 2023 to 2030. The positive outlook for the oil and gas sector, increased investments in exploration and production activities, and technological advancements in pump manufacturing are expected to drive market growth. Submersible pumps are particularly crucial in harsh conditions such as flooding, making them essential in challenging environments.
The U.S. submersible pumps market is influenced by economic growth and stability, impacting construction and industrial activities. Infrastructure development, especially in water supply and wastewater treatment, is closely linked to the demand for submersible pumps. Investments in upgrading water systems, wastewater management, and infrastructure projects contribute to the increasing demand. For example, the House Transportation and Infrastructure Committee's authorization of a USD 50.1 billion investment in wastewater management and infrastructure in 2021 is expected to boost demand further.
The U.S. construction industry's focus on sustainable and energy-efficient buildings, coupled with regulations related to environmental conservation, is anticipated to drive demand for more energy-efficient and environmentally friendly pump solutions.
In terms of product segmentation, borewell submersible pumps led the market in 2022, accounting for 46.5% of the revenue share. Borewell pumps are extensively used in agriculture to extract water from deep wells for irrigation purposes. They play a crucial role in providing a reliable and continuous water supply for various uses, especially in rural and remote areas lacking centralized water supply systems.
The openwell segment is expected to witness the fastest CAGR of 5.75% over the forecast period. Openwell submersible pumps are adaptable to fluctuations in the water table, making them valuable during periods of low rainfall or drought. They are widely used in agriculture to lift water from open wells for irrigation purposes and are essential for addressing the growing water demand in both urban and rural areas.
The electric drive segment dominated the market in 2022, with a revenue share of 72.7%. Electric drive submersible pumps are favored for their energy efficiency, lower emissions, and ease of integration into automated systems. The demand for electric drive pumps is driven by a growing emphasis on sustainable and energy-efficient technologies.
In terms of end-use, the agriculture segment led the market in 2022, with a revenue share of 25.10%. Submersible pumps play a crucial role in providing efficient and reliable water supply for various farming activities, including drip irrigation systems. The construction and building services segment is anticipated to witness a CAGR of 4.8% over the forecast period, driven by the frequent use of submersible pumps for dewatering construction sites.
The Asia Pacific region dominated the market in 2022, with the largest revenue share of 47.3%. Submersible pumps are extensively used for irrigation purposes in agriculture, addressing diverse water management challenges such as water scarcity and flooding.
Key players in the global submersible pumps market include Xylem, Sulzer Ltd., KSB SE & Co. KGaA, Grundfos Holding A/S, Atlas Copco, Flowserve, Wilo SE, Homa Pump Technology, LEO GROUP PUMP(ZHEJIANG)CO., LTD., VANSAN Water Technologies, Grindex, HCP PUMP MANUFACTURER CO., LTD., EBARA International Corporation, Schlumberger Limited, and ITT INC.
The market size is expected to reach USD 17.51 billion by 2030, with a CAGR of 5.25% from 2023 to 2030. The report covers competitive benchmarking, historical data, forecasts, company revenue shares, regional opportunities, latest trends, and dynamics. The regional scope includes North America, Europe, Asia Pacific, Middle East & Africa, and Central & South America. The key companies profiled in the report have adopted strategies such as geographical expansions, product launches, and mergers & acquisitions to enhance market penetration. The report provides detailed segmentation based on product, drive, end-use, and region, along with a comprehensive analysis of industry trends from 2018 to 2030.
The global submersible pumps market was valued at USD 11.71 billion in 2022.
The global market is projected to grow at a CAGR of 5.25% during the forecast period, 2023-2030.
Research on the market is done by industry professionals who provide personalized insights on the industry structure, market segmentation, Type assessment, competitive landscape (CL), along with penetration, and emerging trends. In addition to years of professional experience in their various fields and sectors, their analysis is largely based on primary interview (60%) and secondary research (40%) as well as years of professional experience. In addition, our researchers forecast the market's direction over the following seven years by examining past trends and the market's current position. Additionally, various trends of segments and categories that are geographically portrayed are studied and estimated using primary and secondary research.
The key level executives (VP, CEO, Marketing Directors, and Business Development Managers) of the major industry participants who are active and prominent as well as mid-scale businesses operating in this market were interviewed in-depth for this supply-side report by overall Global Market Research.
Extensive primary research was conducted to gain a deeper grasp of the market and industry. Both primary and secondary research, as well as years of pertinent professional experience, are used to support the analysis. By analyzing past and present market patterns, our experts were able to forecast the market's course over the following seven years. For the geographically offered categories in the list of market tables, it differs per category. In connection with the Global Market research report, we also conducted a number of primary interviews with senior level executives (VP, CEO's, Directors, Marketing Directors, Business Development Managers, CFOs, Technical Consultants, Key Opinion Leaders, Industry Experts, Decision Matrix Authorities, and other crucial individuals) of the key industry players who dominated the Global market.
The primary purpose of secondary research was to gather, identify, and validate the information necessary for the thorough, technical, market-focused, and commercial analysis of the global market. With the use of this study, it was also possible to classify and segment the market in accordance with market trends, geographic markets, and regional considerations linked to market type. Analysts have gathered data in the Distribution Channel for the study of the market from reliable sources including annual reports, journals, white papers, corporate presentations, company websites, international organizations of Energy and Power manufacturers, credible paid databases, and many others to gather reliable intel.
Both top-down and bottom-up methodologies were employed to assess the accuracy of the global market size. The market for as a whole was estimated using these methods for a number of different dependent submarkets. Secondary research was used to address the major industry players, and primary and secondary research was used to calculate their market shares in the various regions. This complete intellectual process includes reading the annual and financial reports of the top market participants and conducting in-depth interviews with top industry executives (VP, CEO, Marketing Directors, and Business Development Managers) to gain important industry insights.
Through reliable secondary sources and validated primary sources, the classification of the global markets and their geographic percentage splits were established. To obtain the final qualitative and quantitative data, all relevant variables that might have an impact on the market under investigation have been taken into consideration, inspected in great depth, verified through primary research, and assessed. This information was collected, added to, and thoroughly examined by professional analysts before being provided in this report. The process used to estimate the overall market size for this study is depicted in the following image as an example.
Report Code :
RL65566
Published on :
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