Submersible Pumps Market Size To Rise USD 19.40 Bn By 2032

adminJanuary 4, 2024

The submersible pumps market size is poised to grow by $ 19.40 billion by 2032 from $ 12.61 billion in 2023, exhibiting a CAGR of 4.90% during the forecast period 2023-2032.

Submersible Pumps Market Size 2023 To 2032

Key Takeaways

Asia-Pacific contributed more than 41% of market share in 2022.
North America is estimated to expand the fastest CAGR between 2023 and 2032.
By product, the borewell segment has held the largest market share of 39% in 2022.
By product, the openwell segment is anticipated to grow at a remarkable CAGR of 5.5% between 2023 and 2032.
By drive, the electric segment generated over 45% of the market share in 2022.
By drive, the hydraulic segment is expected to expand at the fastest CAGR over the projected period.
By end user, the agriculture segment generated over 26% of revenue share in 2022.
By end user, the chemical segment is expected to expand at the fastest CAGR over the projected period.

The Submersible Pumps Market is a dynamic sector within the pumping industry that specializes in equipment designed to operate submerged in various fluids. These pumps find extensive applications across multiple sectors, including agriculture, mining, water treatment, and oil and gas.

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Drivers:

Growing Agricultural Activities: The increasing demand for efficient irrigation systems and the expansion of agricultural activities drive the demand for submersible pumps to ensure reliable water supply.
Rising Water and Wastewater Treatment Needs: As the need for clean water and effective wastewater management rises globally, submersible pumps play a vital role in facilitating these processes, contributing to the market’s growth.
Mining and Construction Industry Expansion: The growth in mining and construction activities worldwide necessitates reliable dewatering solutions, positioning submersible pumps as essential equipment for these industries.
Oil and Gas Exploration: With ongoing exploration and extraction activities in the oil and gas sector, submersible pumps are crucial for handling fluids in challenging environments, boosting their demand in this sector.
Technological Advancements: Continuous advancements in pump technology, including energy-efficient and environmentally friendly designs, propel the market forward as industries seek more sustainable solutions.

Submersible Pumps Market Scope

Report Coverage	Details
Market Size in 2023	USD 12.61 Billion
Market Size by 2032	USD 19.40 Billion
Growth Rate from 2023 to 2032	CAGR of 4.90%
Largest Market	Asia-Pacific
Base Year	2022
Forecast Period	2023 to 2032
Segments Covered	By Product, By Drive, and By End User
Regions Covered	North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

By Product:

Borewell
Openwell
Non-Clog

Submersible pumps are available in various product categories, catering to diverse industrial and domestic needs. One prominent segment includes the Borewell Submersible Pumps. These pumps are specifically designed for extracting water from boreholes and wells, making them essential for agricultural and water supply applications. Additionally, Openwell Submersible Pumps are widely used for domestic water supply and irrigation, offering efficiency and reliability.

By Drive:

Electric
Hydraulic
Others

The drive mechanism is a crucial factor in submersible pumps, influencing their performance and adaptability. A significant segment in this regard is the Electric Submersible Pumps (ESP). These pumps are powered by electricity, making them suitable for a wide range of applications, from municipal water supply to industrial processes. On the other hand, Hydraulic Submersible Pumps utilize hydraulic power, often preferred in challenging environments where electric power sources may be limited or impractical.

By End User:

Agriculture
Construction & Building Services
Water & Wastewater
Power Generation
Oil & Gas
Chemical
Others

The Submersible Pumps Market caters to diverse end-user segments, addressing specific needs across industries. One key category is the Agricultural Sector, where submersible pumps play a vital role in irrigation and water supply for crops. Additionally, the Oil and Gas Industry utilizes submersible pumps for efficient extraction and handling of fluids in challenging subsea environments. Municipalities form another crucial end-user segment, relying on submersible pumps for water treatment, distribution, and wastewater management

Reasons to Purchase this Report:

Comprehensive market segmentation analysis incorporating qualitative and quantitative research, considering the impact of economic and policy factors.
In-depth regional and country-level analysis, examining the demand and supply dynamics that influence market growth.
Market size in USD million and volume in million units provided for each segment and sub-segment.
Detailed competitive landscape, including market share of major players, recent projects, and strategies implemented over the past five years.
Comprehensive company profiles encompassing product offerings, key financial information, recent developments, SWOT analysis, and employed strategies by major market players.

Recent Developments

In May 2023, Curtiss-Wright Corporation revealed a strategic agreement with Shell Plc, outlining plans to test, manufacture, and offer operational support for an electro-submersible pump destined for a Shell offshore platform in the Gulf of Mexico. The initiative aims to showcase Curtiss-Wright’s canned motor technology as a dependable and efficient alternative to existing subsea pump technologies, addressing the evolving needs of offshore applications.
In February 2022, Industrial Flow Solutions announced its acquisition of Dreno Pompe, an Italian company renowned for designing and manufacturing high-quality electrical submersible pumps tailored for wastewater applications. This acquisition positions Industrial Flow Solutions to broaden its product portfolio and strengthen its presence in the wastewater pump market, leveraging Dreno Pompe’s expertise and reputation in the field.