February 24, 2024
Submersible Pumps Market

Submersible Pumps Market Is Driven By Increasing Irrigation Activities Across The Globe

Submersible pumps are important devices used for irrigation purposes in agriculture. They are designed to operate underwater and transfer water or effluents from water bodies to the required location. Submersible pumps offer various advantages compared to conventional pumps such as easy and quick installation, ability to operate underwater as deep as required, and low maintenance cost. Growing agricultural activities and the need for efficient irrigation systems to boost crop production has been a major factor augmenting the demand for submersible pumps globally. Submersible pumps are increasingly being used for agricultural irrigation in open fields and greenhouses.

The global Submersible Pumps Market is estimated to be valued at US$ 14178.84 Mn    in 2024 and is expected to exhibit a CAGR of 6.7%  over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends

Use of solar submersible pumps: With growing need for sustainable irrigation solutions, solar submersible pumps are gaining popularity as they offer installation flexibility, are eco-friendly, and reduce dependency on electricity. Key players are focusing on development of solar-powered submersible pumps with advanced features and performance parameters to cater to the rising demand. For instance, Grundfos launched its SQFlex solar water pumping system in 2019 optimized for use in agriculture.

Adoption of sensor-enabled smart submersible pumps: Integration of IoT sensors and cloud connectivity in submersible pumps allows remote monitoring of pump operations and performance. Smart pumps provide insights into operating conditions, faults, maintenance needs through smartphone apps. This helps achieve efficient pump management. Major players have introduced smart submersible pumps with capabilities such as dynamic head adjustment, self-diagnostics, and analytics. For example, KSB offers its Amarex N smart pump range with integrated pump sensor technology.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as the submersible pumps market requires high initial investment.

Bargaining power of buyers: Buyers have moderate bargaining power influenced by the availability of alternative products in the market.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to the availability of alternative suppliers in the global market.

Threat of new substitutes: The threat of new substitutes is low as submersible pumps have few close substitutes available in the market.

Competitive rivalry: The rivalry among existing competitors is high due to the presence of many global and regional players competing on the basis of product quality, distribution network, and pricing.

Key Takeaways

The global Submersible Pumps Market Share is expected to witness high growth. The global submersible pumps market is estimated to be valued at US$ 14178.84 Mn    in 2024 and is expected to exhibit a CAGR of 6.7%  over the forecast period 2024-2031.

Asia Pacific region is expected to dominate the market and witness the highest growth during the forecast period due to growth in construction and water & wastewater industries. Factors such as rapid industrialization, infrastructural developments, and growth in construction and water & wastewater industries are driving the demand for submersible pumps in Asia Pacific. Countries such as China, India, Japan, and South Korea are expected to contribute significantly to the growth of the submersible pumps market in Asia Pacific. Furthermore, supportive government policies and regulations regarding industrial and infrastructural development projects are expected to propel the demand.

Key players operating in the submersible pumps market are Koninklijke DSM NV, KD Pharma Group, The Archer Daniels Midland Company, Corbion NV, Novasep Holding SAS, Neptune Wellness Solutions, BASF SE, Clover Corporation Ltd, Croda International PLC, Novotech Nutraceuticals, and Polaris. The key players are focusing on new product launches and mergers & acquisitions to gain a competitive advantage in the market. For instance, in 2020, Xylem Inc. acquired Pure Technologies, a leading provider of intelligent leak detection and condition assessment solutions, to expand its digital water portfolio and help utilities better manage aging infrastructure.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it