by The global Submersible Pumps Market is estimated to be valued at US$ 12308.02 Mn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Submersible pumps are mainly used for pumping water from reservoirs, rivers, lakes or aquifers. They are also used for dewatering purposes. These pumps are installed under the surface of the water in various applications such as irrigation, fountain, sewage transfer applications etc. They eliminate the needs for suction lines and foot valves used in non-submersible pumps. With their ability to operate submerged in liquid, they are ideal for applications requiring deep-well pumping.
Market key trends:
The global submersible pumps market size is expected to witness significant growth due to increasing demand from irrigation sector. Agriculture sector utilizes large amount of water for irrigation purposes. Submersible pumps are preferred for lifting water from reservoirs, lakes and borewells for irrigation. Rapid population growth has increased the food demand globally, driving increased focus on agriculture production which in turn is propelling the demand for submersible pumps market. Another key trend is the adoption of sensor-enabled smart submersible pumps which can assist in monitoring performance and health of pumps remotely through mobile apps. This is helping end users to reduce downtime and maintenance costs.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate due to the high capital requirement for establishing manufacturing units and developing brand awareness.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of numerous manufacturers providing substitutable products.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are numerous component suppliers and raw material suppliers.
Threat of new substitutes: The threat of new substitutes is low as there are no close substitutes for submersible pumps.
Competitive rivalry: Competition is high among the key players operating in the market.
Key Takeaways
The global submersible pumps market is expected to witness high growth, exhibiting CAGR of 6.1% over the forecast period, due to increasing industrialization and urbanization. The market size for 2023 is US$ 12308.02 Mn.
Regional analysis: Asia Pacific dominates the market and is expected to grow at the fastest rate during the forecast period. The growth in Asia Pacific is attributed to factors such as rapid industrialization and urbanization in countries such as China and India.
Key players operating in the submersible pumps market are Ebara Corporation, Flowserve Corporation, GRUNDFOS, Kirloskar Brothers Limited, KSB AG, Ruhrpumpen Group, Sulzer Ltd., The Weir Group plc, WILO SE, and Xylem Inc. Key players are focusing on new product launches and mergers & acquisitions to strengthen their geographic footprint.
