The market for Submersible Pumps Market is expected to reach US$ 11.40 Bn in 2027.
In 2018, the global submersible pumps market was valued at US$ 11.40 billion and was expected to grow at a CAGR of 5.3% during the forecast period from 2019 to 2027. The submersible pumps market is expected to witness robust growth in the near future owing to rising infrastructural development and increasing industrialization worldwide. The increasing number of deep-water exploration activities and the steadily growing water and wastewater management industries are the major growth factors for the submersible pump market. Moreover, a huge resurgence in the industrial sector post-recession and the resultant increase in the influx of investments are the other major growth factor for the submersible pump market. Therefore, we are expecting regulated growth in the submersible pumps market during the forecast period.
The electric segment held the highest market share in the global submersible pump industry, accounting for over 60% of the market revenue in 2018. Owing to the effectiveness of electric submersible pumps in wells with a low gas/oil ratio, low bottom-hole pressure, and low bubble point, their adoption has significantly increased over the years in the oil and gas sector, which accounts for the majority of market value. In addition to the oil and gas sector, electric submersible pumps are also extensively used in other industry verticals, including agriculture, water and wastewater, mining, and construction, among others. Regulated and steady demand from the aforementioned industry verticals is driving the electric submersible pump market. As a result, we expect that the electric segment will continue to grow throughout the forecast period.
Asia Pacific was the leader in the submersible pump market in 2018, accounting for more than 1/3 of the market share in terms of both volume and revenue. Massive investments in infrastructure developments coupled with a steady rise in oil and gas and mining activities are driving demand for submersible pumps, especially in developing countries such as China and India. Furthermore, the extensive use of submersible pumps in commercial and domestic fields for water extraction is also giving the market much-needed impetus in Asia-Pacific. Consequently, we are expecting robust growth in the Asia-Pacific region throughout the forecast period.
Major market companies are focusing on strategies such as product launches to expand their market position. For instance, in 2018, Tsurumi Manufacturing Co. Ltd. launched a new submersible pump in their GSZ series. These pumps deliver a maximum head of 70 m and a capacity of 19 m3/min. The GSZ series pumps are reliable in heavy-duty projects such as mining, construction, tunneling, and quarries. New product launches and mergers and acquisitions are expected to remain key strategies in the market in the years to come.
Some of the prominent players operating in the submersible pumps market include Kirloskar Brothers Ltd., Franklin Electric, Schneider Electric S.E., KSB Aktiengesellschaft, Flowserve Corporation, Caprari, Andritz AG, Tsurumi Manufacturing Co. Ltd., Hitachi Industrial Equipment Systems Co. Ltd., Shakti Pumps India Limited, Petrello SpA, Lubi Pumps, Ingeteam Corporation, S.A., Atlas Copco Group, Kubota Corporation, Ebara Corporation, Grundfos Holding A/S, Schneider Electric S.E., C.G. Power and Industrial Solutions Limited, and Faradyne Motors, among others.
This research report presents the analysis of each segment from 2017 to 2027, considering 2018 as the base year for the research. The compound annual growth rate (CAGR) for each of the respective segments is calculated for the forecast period from 2019 to 2027.
The submersible pumps market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of the global submersible pump market based on product type, drive type, head type, end-user type, and geography.
Key segments covered in the report are as follows:
The market for Submersible Pumps Market is expected to reach US$ 11.40 Bn in 2027.
The Submersible Pumps Market is expected to see significant CAGR growth over the coming years, at
The report is forecasted to 2019-2027.
The base year of this report is 2018
Kubota Corporation,Franklin Electric,KSB Aktiengesellschaft,Schneider Electric SE,Tsurumi Manufacturing Co., Ltd. are some of the major players in the global market.