by Submersible pumps are widely used for irrigation purposes in the agriculture sector. They facilitate efficient pumping of water from borewell, wells or other water sources. With the growing population worldwide, demand for food production has increased substantially over the years, propelling growth of the agriculture industry. This has augmented the need for enhanced irrigation facilities and technologies like submersible pumps. 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 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The agriculture sector has been witnessing steady growth over the past few years driven by rising food demand and government initiatives to boost farm output. According to data, the global population is expected to grow by around 2 billion by 2050, increasing the demand for food. In response, governments across countries are promoting sustainable and smart agricultural practices by offering subsidies and developing irrigation infrastructure. Emerging technologies in precision farming such as drip irrigation and use of solar powered pumps are also gaining momentum. Greater focus on agriculture coupled with technology adoption is likely to drive sales of submersible pumps in the coming years.
SWOT Analysis
Strength: Submersible pumps offer efficient pumping from deep or inaccessible wells without piping. They are suitable for wastewater handling and agriculture.
Weakness: Submersible pumps require additional motor protection devices and circuitry to function properly which increases costs. Mechanical failures rates are also relatively high.
Opportunity: Increasing demand for reliable irrigation solutions from the agriculture sector presents an opportunity. Rapid urbanization and industrialization is driving demand for wastewater management infrastructure.
Threats: Technology advancements lead to newer pumping solutions which pose competition. Fluctuations in raw material prices impact manufacturing costs.
Key Takeaways
The Global Submersible Pumps Market Size is expected to witness high growth over the forecast period.
Regional Analysis: The market in the Asia Pacific region is growing at the fastest pace led by countries such as India and China. Rapid industrialization and expanding agriculture are major demand drivers in the region.
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. These companies are focusing on new product launches and facility expansions to cater to the rising demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
