A submersible pump, also known as an electric submersible pump, refers to a pump that can be fully submerged into water and has a hermetically sealed motor close-coupled to the pump body. The submersible pump prevents pump cavitation and is more efficient as compared to the jet pumps. These pumps push water to the surface through the process of converting rotary energy into kinetic energy and then into pressure energy. There are two types of submersible pumps available in the market, including the openwell and borewell submersible pumps.
The key drivers propelling the growth of the global submersible pumps market include the continuous industrial development at the global level, followed by the rising population rate. The growing investments in the oil & gas projects, especially in the GCC region, is creating innumerable growth opportunities in the coming years. The end-users across the world are seeking for advanced pumps with sleek designs and optimal functionality. This factor is encouraging the manufacturers to invest in the R&D activities for product innovation, thereby strengthening the market growth. In addition to this, the rapid increase in the urban population, along with rising incidences of motor failure, will further complement the submersible pumps market globally. The submersible pump offers an energy saving feature and creates lesser noise as compared to the ordinary pumps. On the other hand, the high cost of these submersible pumps is likely to have a negative impact on the growing demand of the market.
Based on the Application, the market is segmented into industrial sector, agricultural sector, and domestic sector. The industrial segment is expected to grow at a higher CAGR over the forecast period due to the increasing adoption of submersible pumps in various verticals such as wastewater, sewage treatment, draining out water from holes in various construction and mining activities. Moreover, the growing number of deepwater exploration activities and subsea operations will further surge the demand for submersible pumps in this segment.
Based on the Industry, the market is segmented into water & wastewater, energy & power, mining & construction, and other industries. The mining & construction segment is anticipated to lead the market during the forecast period owing to the rapid expansion in the construction activities across the globe. Countries such as UAE and Saudi Arabia, are mainly focusing on infrastructural development, including the Smart city project to improve the life quality of their citizen. All these factors are drastically boosting the construction activities, thereby driving the market growth. The submersible pump is mainly used to pump excess water from construction sites.
Based on region, the Asia-Pacific region is expected to grow at a higher CAGR during the forecast period owing to the rapid increase in the rate of population, especially in India, China, and Indonesia. The growth in the agricultural sectors, industrial sector, and the rising spending on infrastructural development in the developing economies will further pay the way for the growth of submersible pumps market in this region.
Various notable players are operating in the global submersible pumps market, including Xylem Inc., Sulzer Ltd., KSB Group, Grundfos Group, Ebara Corporation, Atlas Copco, Flowserve Corporation, General Electric Company, Halliburton and The Gorman-Rupp Company, among others.
- In 2020, Grundfos signed a long-term strategic partnership agreement with Augury, a fast-growing data and analytics company. The two companies have been working together for the past two years and are now taking a major step towards digitizing water and utility infrastructure across the world.
- In 2019, Xylem launched the Flygt N3069 stainless steel submersible pump, which is specially designed to solve the complex industrial challenges.
The global Submersible Pumps market has been segmented on the basis of type, operation, application, power rating, industry and region. Based on type, the market is segmented into openwell and borewell. Based on operation, the market is segmented into single stage and multi stage. Based on application, the market is segmented into agricultural sector, industrial sector and domestic sector. Based on power rating, the market is segmented into low power, medium power and high power. Based on industry, the market is segmented into water & wastewater, energy & power, mining & construction and others.
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