Submersible Pump Market Analysis, Segments, Leading Player, Application by 2031

 The global submersible pump market is expected to reach US$ 14.45 billion by 2031, up from US$ 8.42 billion in 2020, according to FMI's extensive analysis. Submersible pump demand from the construction, mining, and oil and gas industries is driving market growth. As a result, the market is expected to grow at a 5.2% CAGR between 2021 and 2031.

As a result of rapid urbanisation and industrialization, water scarcity has emerged as one of the world's most pressing issues. As a result, increased emphasis on wastewater treatment and demand for new water sources, such as ground water reservoirs, to meet domestic and industrial water needs are driving market demand. As a result, submersible pump sales are expected to rise 4.6% year on year in 2021.

Governments in emerging markets are stepping up efforts to improve rural and urban access to safe drinking water. According to the Department of Drinking Water and Sanitation, the Indian government has launched the "Jal Jeevan Mission" to improve water accessibility across the country. Such initiatives are expected to provide lucrative market expansion opportunities.

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Based on product type, borewell submersible pumps outrank other pumps, accounting for nearly 55.3% of the total sales in the market in 2021. Increasing application in gardening, firefighting systems, and domestic water supply owing to its vertical as well as horizontal installation is driving the growth in the segment.

“Increasing exploration of shale reserves and implementation of stringent wastewater treatment norms to support recovery across the mining and oil & gas industries are expected to augment the growth in the market,” says a FMI analyst.

Key Takeaways from Submersible Pumps Market Study

• The market in the U.S. is estimated to witness the fastest growth in North America, expanding at a CAGR of 3.2% during the forecast period.
• Germany is expected to emerge as a highly remunerative market in Europe, creating an absolute dollar opportunity of US$ 175.6 Mn through 2031.
• China is anticipated to account for the largest share in the East Asia market, exhibiting sales growth at a CAGR of 6.1% between 2021 and 2031.
• India is forecast to hold a considerable revenue share in South Asia, accounting for 1/3rd of the sales in the region by 2031.
• In terms of head type, the above 100m segment is projected to dominate the market, accounting for nearly 71.3% of the demand share in 2021.

Key Drivers

• High degree of water stress and increasing focus on catering to the water requirement of the domestic and industrial sectors across Qatar, Israel, Libya, and Saudi Arabia are propelling the demand for submersible pumps across the Middle East and Africa.
• Increasing demand for effective water pumping and distribution solutions for industrial and domestic use along with growing government investment in wastewater treatment is spurring the sales of submersible pumps across the municipal segment.

Key Restraints

• High troubleshooting and re-installation cost along with the increasing incidence of motor failure are hampering the sales of submersible pumps.
• Implementation of stringent regulations concerning the depletion of groundwater reservoirs is restraining the growth of borewell submersible pumps.

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Competitive Landscape

The top five players operating in the global submersible pumps market are Grundfos, Ebara Corporation, Xylem Inc., KSB SE & Co. KGaA, The Weir Group Plc. These companies are anticipated to account for more than 31% of the overall sales in 2021.

Leading players are emphasizing on launching novel products to expand their product portfolio. Some of the key players are aiming at strategic collaboration, merger, partnership, and acquisition to strengthen their footprint. For instance,

• In May 2021, Atlas Copco, a Swedish multinational industrial company, announced acquisition of operating assets of a U.S.-based company, Medigas Service & Testing Co. Inc. The acquisition will assist the company to expand its production line across medical and laboratory gas equipment and systems.
• In May 2021, the KSB Group, a leading producers of pumps, valves and related systems, announced launched the next generation time-tested submersible grey water pumps named the AmaDrainer 3 type series. The product launch will assist the company to expand its portfolio and consumer base.

Some of the key players operating in the market profiled by FMI are:

• Kubota Corporation
• Wacker Neuson Group
• Atlas Copco AB
• KSB SE & Co. KGaA
• Xylem Inc.
• Ebara Corporation
• Grundfos
• Sulzer AG