Market Size of Global Industrial Submersible Pumps Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.76 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Industrial Submersible Pumps Market Analysis
Global Industrial Submersible Pumps market is analyzed to grow at a CAGR of 5.76% during the forecast period 2022-2027. A submersible pump is a centrifugal pump that is powered by an electric motor and runs while immersed in water. A series of impellers are spun by the sealed electric motor. The industrial sector has various uses for pumps, including transporting process chemicals, assisting manufacturing operations, boiler feed, increasing pressure, filtration, and many other operations.
- The oil and gas industry dominates the market, mostly as a due to rising capital expenditure, sustaining or boosting well production, expanding the use of shale deposits, and increasing the creation of a lot of wastewater. The oil and gas industry is predicted to be dominated by North America.
- The demand for industrial submersible pumps in many manufacturing and processing industries has been spurred by the demand for greater production efficiency. Food and beverage applications is analyzed to hold significant share and is analyzed to sustain the position during the forecast period owing to the signficant demand and investments in the sector. The submersible pumps are deployed in food and beverage manufacturing processes for cleaning, sanitizing, filling, brewing and so on.
- In developed regions such as North America and Europe, wastewater and water treatment facilities are ageing and moving toward the end of their operating lifecycles. To avoid this situation, significant investments in reinstalling and upgrading the outdated infrastructure are needed. However, many developing nations lack appropriate access to clean drinking water and are only now developing new water infrastructure. Such efforts to update old infrastructure are certainly going to present a market opportunity for submersible pumps.
- However this market has its share of challenges, including high maintenance and operating expenses and the erratic nature of oil and gas prices. These constraints prevent the market from expanding.
- The COVID-19 pandemic had a detrimental effect on the market for submersible pumps. Economic contractions brought on by a cessation of investments from various end-use industries were the main cause of the slowdown.
Industrial Submersible Pumps Industry Segmentation
Submersible pumps work by using the head of fluid to push it forward rather than pull it up. Global Industrial Submersible Pumps Market is segmented by Drive Type (Electric, Hydraulic), By Application (Water and Wastewater, Mining and Construction, Oil and Gas, Food and Beverage) and Geography.
| By Drive Type | |
| Electric | |
| Hydraulic | |
| Others |
| By End-users | |
| Water & Wastewater | |
| Mining & Construction | |
| Oil and Gas | |
| Food and Beverage | |
| Other End-users |
| Geography | ||||||
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Global Industrial Submersible Pumps Market Size Summary
The global industrial submersible pumps market is poised for significant growth, driven by increasing demand across various sectors. These pumps, essential for operations such as transporting process chemicals and assisting manufacturing processes, are particularly vital in the oil and gas industry, which remains a dominant force in the market. The sector's expansion is fueled by rising capital expenditures and the need to enhance production efficiency. North America is expected to lead in this domain, largely due to its robust oil and gas activities. Additionally, the food and beverage industry is anticipated to maintain a substantial market share, supported by ongoing investments and the need for efficient manufacturing processes. The aging infrastructure in developed regions like North America and Europe presents further opportunities for market growth, as significant investments are required to upgrade outdated water and wastewater treatment facilities.
In the Asia-Pacific region, rapid industrialization and government initiatives such as "Make in India" and "Made in China 2025" are expected to drive the demand for industrial submersible pumps. The region's burgeoning manufacturing sector, coupled with the growing food and beverage industry, is set to create lucrative opportunities for market expansion. Despite challenges such as high maintenance costs and fluctuating oil prices, the market is witnessing strategic investments and developments, including new product launches and expansions by key players like Baker Hughes, Schlumberger, and Halliburton. The competitive landscape is characterized by partnerships, mergers, and acquisitions, as companies strive to navigate market slowdowns and capitalize on emerging opportunities.
Global Industrial Submersible Pumps Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Industry Attractiveness - Porter's Five Forces Analysis
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1.2.1 Bargaining Power of Buyers/Consumers
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1.2.2 Bargaining Power of Suppliers
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1.2.3 Threat of New Entrants
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1.2.4 Threat of Substitute Products
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1.2.5 Intensity of Competitive Rivalry
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1.3 Industry Value Chain Analysis
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1.4 Assessment of the Impact of COVID -19 on the Market
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2. MARKET SEGMENTATION
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2.1 By Drive Type
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2.1.1 Electric
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2.1.2 Hydraulic
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2.1.3 Others
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2.2 By End-users
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2.2.1 Water & Wastewater
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2.2.2 Mining & Construction
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2.2.3 Oil and Gas
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2.2.4 Food and Beverage
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2.2.5 Other End-users
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.2 Europe
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2.3.2.1 United Kingdom
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2.3.2.2 Germany
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2.3.2.3 France
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2.3.2.4 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 India
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2.3.3.3 Japan
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2.3.3.4 Rest of Asia-Pacific
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2.3.4 Rest of the World
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2.3.4.1 Latin America
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2.3.4.2 Middle East and Africa
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Global Industrial Submersible Pumps Market Size FAQs
What is the current Global Industrial Submersible Pumps Market size?
The Global Industrial Submersible Pumps Market is projected to register a CAGR of 5.76% during the forecast period (2024-2029)
Who are the key players in Global Industrial Submersible Pumps Market?
Baker Hughes Co., Schlumberger Limited, Halliburton Co., Weir Group PLC and Borets International Ltd are the major companies operating in the Global Industrial Submersible Pumps Market.
