The submersible pump market size is expected to grow by $5.75 billion between 2024 and 2028. Rapid development in the construction sector to stimulate market growth, Technavio

NEW YORK, June 11, 2024 /PRNewswire/ — The size of the global submersible pump market is expected to increase $5According to Technavio, 0.75 billion in 2024–2028. The market is estimated to grow at a CAGR of over 4.54% during the forecast period. The rapid growth of the construction sector is driving market growth, with a trend towards increasing use of iota in the oil and gas industry. However, high ownership and maintenance costs pose a challenge. The key market players include Atlas Copco AB, Dharani Pumps and Motors, Dover Corp., Ebara Corp., Havells India Ltd., Kirloskar Brothers Ltd., KSB SE and Co. KGaA, Kubota Corp., Oswal Pumps Ltd., Poul Due Jensens Fond, Samudra Pumps India Pvt. Ltd., Shakti Pumps India Ltd., Shimge Pump Industry Group Co. Ltd., Sulzer Ltd., The Gorman Rupp Co., The Weir Group Plc, Tsurumi Manufacturing Co. Ltd., Wacker Neuson SE, Xylem Inc. and Zhejiang Doyin Technology Co. Ltd.

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Key market trends driving growth

The submersible pump market is witnessing growth due to the integration of IoT technology in pumps used in the oil and gas industry. Real-time data collection from IoT-enabled pumps increases production efficiency by monitoring factors such as oil viscosity, pressure and market prices. Key suppliers such as Grundfos, Flowserve and Sulzer provide this technology, enabling remote access and rapid troubleshooting. The trend towards IoT submersible pumps is expected to continue, with energy efficiency being a priority in the oilfield.

The submersible pump market is witnessing significant growth due to the increasing demand for water supply and wastewater management. Pumps characterized by high efficiency and durability are very popular. Materials such as cast iron and stainless steel are commonly used for their strength and corrosion resistance. Urbinatios, i.e. pumps with high lifting height and high efficiency, are becoming more and more popular on the market. The use of energy-saving technologies such as frequency converters is also increasing. The market is competitive, with key players focusing on innovation and cost reduction. The market is expected to continue its upward trend in the coming years.

The story continues

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Market challenges

• The submersible pump market is facing challenges due to high capital costs and expenses related to equipment, spare parts, installation and maintenance. However, rental submersible pumps are growing in popularity, especially in industries such as oil and gas and construction. Renting eliminates the cost of ownership and provides versatility for a variety of applications. While this trend may have a negative impact on manufacturers, it offers end users a safer and cost-effective solution to their temporary pumping needs.

• The submersible pump market faces several challenges. Key components such as impellers, motors and seals require durable materials to ensure long-term performance in harsh environments. The need for energy efficiency and compliance with regulations such as DEWS and LEVEES adds to the complexity. Additionally, the market demands cost-effective solutions for various applications including irrigation, wastewater treatment and mining.

• Slurry pumps and vertical turbine pumps are popular choices due to their ability to handle abrasive materials and high lifting heads, respectively. However, the selection of the appropriate pump type depends on the specific application and operating conditions. The use of advanced materials and technologies, such as ceramic impellers and magnetic drive seals, can meet these challenges and improve overall pump performance.

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Segment overview

1. Type

• 1.1 Electric

• 1.2 Hydraulics

• 1.3 Air-powered

App

Geography

1.1 Electric- The electric submersible pump market is expected to grow in the oil and gas industry amid recovery from the industry’s slowdown in the past. These pumps, which use electric motors to lift resources from wells, are widely used in upstream E and P applications. Thanks to corrosion-resistant coatings, they are suitable for use in extreme temperatures. The number of drilling rigs around the world is increasing, leading to modernization of existing facilities and increased use of pumps. Despite slower growth at the beginning of the forecast period, higher crude oil prices will drive market growth in the second half.

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Research analysis

The submersible pump market, which includes segments such as sanitary pumps, infusion pumps and metering pumps, has grown significantly with urbanization and agricultural expansion. However, a contracting economy and a downturn in mining slowed growth. Global outages and supply chain disruptions have caused order delays, raw material shortages and engine failures, increasing troubleshooting and upgrade costs. Exceeding design limits and aging infrastructure require frequent maintenance. Investments in the water, wastewater and energy sectors remain essential for further market growth.

Market research review

The submersible pump market, spanning irrigation, water supply, wastewater management and mining, is expected to grow significantly due to rising water demand, urbanization and infrastructure development. Innovations such as energy-saving motors and intelligent controls increase pump efficiency. Submersible turbine, centrifugal and drainage pumps are available on the market. Additionally, sanitary pumps, infusion pumps, and metering pumps are an integral part of various applications, driving further market growth due to their precise and reliable water management capabilities.

Contents:

1 Summary
2 Market landscape
3 Market size
4 Historical market size
5 Five Forces Analysis
6 Market segmentation

7 Customer landscape
8 Geographic landscape
9 Factors, challenges and trends
10 Company landscape
11 Company analysis
12 Annex

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