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Submersible Pumps Market Size (2024 - 2029)

The submersible pump market is projected to experience significant growth over the forecast period, driven by stringent wastewater treatment regulations, recovery in the oil and gas and mining sectors, and expansion in the construction industry. Despite challenges such as high maintenance costs and oil price volatility, opportunities arise from the need to upgrade aging water treatment infrastructure in developed regions and the development of new water infrastructure in emerging economies. The Asia Pacific region is anticipated to lead the market, fueled by rapid industrialization in countries like China, India, Japan, and South Korea.

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Market Size of Submersible Pumps Industry

Submersible Pumps Market Summary
Study Period 2019- 2029
Market Size (2024) USD 18.83 Billion
Market Size (2029) USD 27.92 Billion
CAGR (2024 - 2029) 8.20 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration Low

Major Players

Submersible Pumps Market Major Players

*Disclaimer: Major Players sorted in no particular order

Submersible Pump Market Analysis

The Submersible Pumps Market size is estimated at USD 18.83 billion in 2024, and is expected to reach USD 27.92 billion by 2029, growing at a CAGR of 8.20% during the forecast period (2024-2029).

  • Over the medium term, the major factors driving the market are the strict regulations for wastewater treatment across industries, recovery in the oil and gas and mining industries, growth in the construction industry, and a surge in industrial infrastructure.
  • On the other hand, this market faces certain challenges, such as high maintenance and operation costs and volatility in oil and gas prices. These factors act as a roadblock to the growth of the market.
  • Nevertheless, wastewater and water treatment facilities in developed regions like North America and Europe are aging and shifting toward the end of their operational lifecycle. High investments are required in reinstalling and upgrading the old infrastructure to overcome this scenario. However, several emerging economies do not have adequate access to drinking water and have just started building new water infrastructure. Such initiatives to upgrade aging infrastructure are likely to create an opportunity for the submersible pumps market.
  • Asia Pacific is expected to dominate the market during the forecast period. Rapid industrialisation is increasing market growth in rising economies such as China, India, Japan, and South Korea, among others. 

Submersible Pump Industry Segmentation

A submersible pump is a type of pump that is an air-tight sealed motor close-coupled to the pump body. The main advantage of a submersible pump is that a problem associated with a high elevation difference between the pump and fluid surface prevents pump cavitation. This type of pump never requires priming because the whole assembly is submerged in the fluid.

The submersible pumps market is segmented by type, drive type, head, end-use and geography. By type, the market is segmented into borewell submersible pump, open-well submersible pump, and non-clog submersible pump. By drive type, the market is segmented into electric, hydraulic, and other drive types. By head, the market is segmented into below 50 m, between 50 m to 100 m, and above 100 m. By end user, the market is segmented into water and wastewater, oil and gas industry, mining and construction industry, and other end users. The report also covers the market size and forecasts for the submersible pumps market across major regions. For each segment, the market sizing and forecasts have been done based on revenue (USD).

Type
Borewell Submersible Pump
Openwell Submersible Pump
Non-clog Submersible Pump
Drive Type
Electric
Hydraulic
Other Drive Types
Head
Below 50 m
Between 50 m to 100 m
Above 100 m
End User
Water and Wastewater
Oil and Gas Industry
Mining and Construction Industry
Other End Users
Geography
North America
United States
Canada
Rest of North America
Europe
Germany
France
United Kingdom
Spain
Nordic Countries
Turkey
Russia
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Malaysia
Thailand
Indonesia
Vietnam
Rest of Asia-Pacific
South America
Brazil
Argentina
Colombia
Rest of South America
Middle-East and Africa
Saudi Arabia
United Arab Emirates
South Africa
Nigeria
Qatar
Egypt
Rest of Middle-East and Africa
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Submersible Pumps Market Size Summary

The submersible pump market is poised for significant growth over the forecast period, driven by stringent regulations for wastewater treatment, recovery in the oil and gas sector, and expansion in the construction industry. The market is also benefiting from increased industrial infrastructure development. However, challenges such as high maintenance costs and fluctuating oil prices pose obstacles to growth. Aging wastewater treatment facilities in developed regions like North America and Europe require substantial investments for upgrades, while emerging economies are beginning to build new water infrastructure. This scenario presents opportunities for the submersible pump market, particularly in Asia Pacific, where rapid industrialization in countries like China, India, Japan, and South Korea is fueling demand.

The oil and gas industry is expected to hold a significant share of the market, with the United States leading in shale reserve exploitation and artificial lift applications. The recovery in crude oil prices and the need for wastewater treatment are driving demand for submersible pumps in this sector. In Asia-Pacific, increasing industrial activities and population growth are boosting the demand for water supply and crude oil refining capacity. Government initiatives, such as India's solar pump programs, further support market growth. The market remains fragmented, with key players like Borets International Ltd, Gorman-Rupp Co, Flowserve Corporation, Grundfos Group, and Sulzer Ltd. actively engaging in partnerships and technological advancements to enhance their offerings.

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Submersible Pumps Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD, till 2029

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

        1. 1.5.1.1 Rapid Recovery in the Oil and Gas and Mining Industries

        2. 1.5.1.2 Surge in the Construction Industry

      2. 1.5.2 Restraints

        1. 1.5.2.1 High Maintenance and Operation Costs of Submersible Pump Restrain the Market

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitute Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Borewell Submersible Pump

      2. 2.1.2 Openwell Submersible Pump

      3. 2.1.3 Non-clog Submersible Pump

    2. 2.2 Drive Type

      1. 2.2.1 Electric

      2. 2.2.2 Hydraulic

      3. 2.2.3 Other Drive Types

    3. 2.3 Head

      1. 2.3.1 Below 50 m

      2. 2.3.2 Between 50 m to 100 m

      3. 2.3.3 Above 100 m

    4. 2.4 End User

      1. 2.4.1 Water and Wastewater

      2. 2.4.2 Oil and Gas Industry

      3. 2.4.3 Mining and Construction Industry

      4. 2.4.4 Other End Users

    5. 2.5 Geography

      1. 2.5.1 North America

        1. 2.5.1.1 United States

        2. 2.5.1.2 Canada

        3. 2.5.1.3 Rest of North America

      2. 2.5.2 Europe

        1. 2.5.2.1 Germany

        2. 2.5.2.2 France

        3. 2.5.2.3 United Kingdom

        4. 2.5.2.4 Spain

        5. 2.5.2.5 Nordic Countries

        6. 2.5.2.6 Turkey

        7. 2.5.2.7 Russia

        8. 2.5.2.8 Rest of Europe

      3. 2.5.3 Asia-Pacific

        1. 2.5.3.1 China

        2. 2.5.3.2 India

        3. 2.5.3.3 Japan

        4. 2.5.3.4 South Korea

        5. 2.5.3.5 Malaysia

        6. 2.5.3.6 Thailand

        7. 2.5.3.7 Indonesia

        8. 2.5.3.8 Vietnam

        9. 2.5.3.9 Rest of Asia-Pacific

      4. 2.5.4 South America

        1. 2.5.4.1 Brazil

        2. 2.5.4.2 Argentina

        3. 2.5.4.3 Colombia

        4. 2.5.4.4 Rest of South America

      5. 2.5.5 Middle-East and Africa

        1. 2.5.5.1 Saudi Arabia

        2. 2.5.5.2 United Arab Emirates

        3. 2.5.5.3 South Africa

        4. 2.5.5.4 Nigeria

        5. 2.5.5.5 Qatar

        6. 2.5.5.6 Egypt

        7. 2.5.5.7 Rest of Middle-East and Africa

Submersible Pumps Market Size FAQs

The Submersible Pumps Market size is expected to reach USD 18.83 billion in 2024 and grow at a CAGR of 8.20% to reach USD 27.92 billion by 2029.

In 2024, the Submersible Pumps Market size is expected to reach USD 18.83 billion.

Submersible Pumps Market Report Snapshots

Submersible Pump Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)