"Increasing Deep-water Exploration Activities to Boost the Submersible Pumps Market"
In 2020, the global submersible pumps market was valued at US$ 11.40 Bn and expected to grow with a CAGR of 5.3% during the forecast period from 2021 to 2029. Submersible pumps market is expected to witness robust growth in the near future owing to rising infrastructural development and increasing industrialization worldwide. Increasing number of deep-water exploration activities and steadily growing water and wastewater management industry are the major growth factors for submersible pumps market. Moreover, huge resurgence in the industrial sector post economic recession and resultant increase in influx of investments is the other major growth factor for submersible pumps market. Therefore, we are expecting regulated growth in the submersible pumps market during the forecast period.
"Revenue from Electric Submersible Pumps to Remain Highest During the Forecast Period"
Electric segment held the highest market share in the global submersible pumps industry, accounting for over 60% of the market revenue in 2020. Owing to effectiveness of electric submersible pumps in wells with low gas/oil ratio, low bottom-hole pressure, and low bubble point, their adoption has significantly increased over the years in oil & gas sector that accounts for majority of market value share. In addition to oil & gas sector, electric submersible pumps are also extensively used in industry verticals including agriculture, water & wastewater, and mining & construction among others. Regulated and steady demand from the aforementioned industry verticals is driving electric submersible pumps market. As a result, we are expecting that electric segment will continue to grow throughout the forecast period.
"Asia Pacific to Remain Highest Revenue Contributor throughout the Forecast Period"
Asia Pacific was the leader in submersible pumps market accounting for more than 1/3rd of the market share in terms of both volume and revenue in 2020. Massive investments in infrastructure developments coupled with steady rise in oil & gas and mining activities is driving demand for submersible pumps, especially in developing countries such as China and India. Furthermore, extensive use of submersible pumps in commercial and domestic field for water extraction is also giving the much-needed impetus to the market in Asia Pacific. Consequently, we are expecting a robust growth in the Asia Pacific region throughout the forecast period.
Major market companies are focusing on strategies such as product launch to expand their market position. For instance, in 2020, Tsurumi Manufacturing Co. Ltd. launched a new submersible pump in their GSZ series. These pumps deliver a maximum head of 70m and capacity of 19m3/min. The GSZ series pumps are reliable in heavy-duty projects such as mining, construction, tunnel and quarries. New product launch and mergers & acquisitions are expected to remain key strategies in the market in years to come.
Some of the prominent players operating in the submersible pumps market include Kirloskar Brothers Ltd., Franklin Electric, Schneider Electric SE, KSB Aktiengesellschaft, Flowserve Corporation, Caprari, Andritz AG, Tsurumi Manufacturing Co. Ltd., Hitachi Industrial Equipment Systems Co. Ltd., Shakti Pumps India Limited, Pedrello SpA, Lubi Pumps, Ingeteam Corporation, S.A., Atlas Copco Group, Kubota Corporation, Ebara Corporation, Grundfos Holding A/S, Schneider Electric SE, CG Power and Industrial Solutions Limited, and Faradyne Motors among others.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Submersible Pumps market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
