The submersible pumps market is expected to register year-on-year growth at 4.6% in 2021, with an overall valuation totaling US$ 8.80 Bn in 2021. As per a recent analysis by Future Market Insights (FMI), sales of submersible pumps are expected to increase at 5.1% CAGR between 2021 and 2031.
According to the study, the global submersible pump market is expected to exceed US$ 14.45 billion by 2031. Borewell submersible pumps will continue to be in high demand. Meanwhile, sales of open well submersible pumps will increase steadily, growing at a 5.7% CAGR between 2021 and 2031.
The revenue generated by the industrial segment of the submersible pump market will gradually increase through 2021. According to the study, demand for submersible pumps increased by 4.6% between 2020 and 2021, indicating a positive market recovery. Submersible pumps accounted for between 18% and 20% of the total pump market in 2020.
According to the study, the submersible pump market in the United States will grow at a CAGR of 3.2% between 2021 and 2031.
Due to increased exploration of shale reserves and oil and gas projects, the United States is expected to dominate the submersible pump market during the forecast period. The implementation of stringent wastewater treatment policies to support recovery in the oil and gas and mining industries, growth in the construction industry, and overall expansion of industrial infrastructure are driving the market in the United States.
According to Future Market Insights (FMI), China will remain one of the most lucrative markets in East Asia, growing at a 6.1% CAGR over the forecast period.
Because China is one of the world’s leading construction markets, construction and mining projects in China have accelerated since the pandemic. This is expected to boost total submersible pump sales during the forecast period.
The submersible pump market in India is expanding and will account for a significant portion of sales in the South Asia & Pacific submersible pump market. Bore wells are an important segment of the Indian submersible pump market. Increased water treatment and mining applications in India will be led to increase demand for Submersible Pump.
Submersible Pumps Market by Category
By Product Type:
- Non-Clog Submersible
- Open Well Submersible
- Bore Well Submersible
By Head Type:
- Below 50 meter
- 50 m- 100 m
- Above 100 m
- Oil & Gas
- Other Industrial
- Water Supply & Distribution
- Wastewater Management
- North America
- Latin America
- South Asia & Pacific
- East Asia